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OPAL offers support for Keydata admin

Third party administrator OPAL says it will offer ongoing support for all structured product portfolios following Keydata being placed into administration.

It has contacted PricewaterhouseCoopers and other major structured product providers to offer support following yesterday’s announcement that Keydata had been placed into administration on the grounds of insolvency.

OPAL currently services over 600,000 financial services contracts.

OPAL managing director Tony Collins says: “The loss of Keydata is obviously very disappointing as it was a respected provider within the industry. However, our primary concern now is to offer our support to the administrators and other providers of structured products. OPAL has the financial strength, staffing capacity and technology to step into the breach within days.”

Other third party administrators including Bank of New York Mellon have also been touted as possible suitors for Keydata’s distressed business.

A spokeswoman for Bank of New York Mellon says the firm will not comment on market rumours.

Lowes Financial Management managing director Ian Lowes says: “I expect that the likes of Bank of New York Mellon or Opal or any of the other third party administration arms with whom Keydata have competed over the years will pay a pound for that business all day and everyday. It shouldn’t be too difficult but it depends on the extent of the cost of maintaining the administration.”

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