Genpact has launched Genpact OpenWealth, an end-to-end wealth management service for banks, brokers, insurers and asset managers, having acquired the OpenWealth platform in the US from Citibank, NA earlier this year.
Genpact OpenWealth provides an end-to-end managed account platform that supports portfolio management and customisation, investor suitability, householding, rebalancing, tax optimisation, trading, performance, reporting, and compliance management – with integrated administration services.
Genpact OpenWealth is currently operational in North America. The UK-based business is expected to become operational later this year following the closing of the acquisition by Genpact of the UK business from Citibank, which will establish the company’s presence in wrap and direct to consumer (D2C) administration in the European market. The platform includes state-of-the-art technology and operations administration services in the wealth management market, adding specialized domain expertise to Genpact’s Banking, Financial Services and Insurance business.
The managed account market continues to experience strong growth fuelled by regulatory changes, the demand for transparency, and the alignment of interest between investors and advisors. In addition, ageing technologies have put pressures on sponsors’ profitability. GenpactOpenWealth allows financial organisations to capitalise on these trends by providing a flexible business process as a service (BPaaS) platform, which leverages innovative cloud-based technology to drive advanced operations while keeping costs down through scalable solutions. The service also provides enhanced risk management and automated compliance oversight through pre- and post-trade compliance capabilities.
Genpact OpenWealth helps wealth management firms that offer fee-based managed accounts to grow their business at a fast pace. The service allows wealth managers and financial advisors to focus on their core competencies, including raising and managing investor assets, and frees them up to invest more time in improving customer service instead of overseeing administrative processing.
“The addition of OpenWealth significantly expands Genpact’s capabilities for the financial services industry, especially wealth management administration, which is a very dynamic space and a strategic investment and growth area for us globally,” says Mohit Thukral, senior vice president and business leader, Banking, Financial Services and Insurance at Genpact. “We apply our scale, process excellence, analytical insights, and technology to these industrialised operations, with the ambition and opportunity of making them truly intelligent – able to sense, react, and learn from their actions over time.”
“OpenWealth and Genpact are a perfect match, combining OpenWealth’s market-leading solutions and strong growth momentum in the wealth management servicing space with Genpact’s heritage of operations excellence, client service culture, and brand recognition as the administrator of choice for leading financial institutions worldwide,” says Boaz Lahovitsky, senior vice president, Wealth Management, Genpact.