Vertex Financial Services has extended its outsourcing contract with Gartmore creating a new subsidiary Jessop Fund Managers.
The new company will enable Gartmore to hand over their admin and regulation responsibilities of their personal pension unit trust range to Jessop.
Gartmore will retain the management of the investor monies within their funds and the underlying clients will be unaffected.
Vertex life, pensions and distribution managing director David Child says: “This contract is particularly significant as it marks the delivery of a completely new type of service for Vertex. We are confident that this will provide a valuable area of potential growth for our expanding life and pensions business. As evidence of this belief, I am pleased to report that we are already in discussion with a number of other organisations regarding similar opportunities.”
Gartmore chief operating officer Les Aitkenhead says: “We have worked with Vertex Administration for over 15 years in their role as the provider of our investor communications service for the Gartmore PPUT.
“Based on the solid working relationship and mutual success on this product, we invited Vertex to consider taking on the regulatory and compliance responsibilities of the PPUT range. After much hard work from both teams this ultimately led to the launch of Jessop Fund Managers Limited.”