Brooks Macdonald has launched a tech partnership with SS&C Technologies in a tie up that could see approximately 60 roles transfer to the provider.
The partnership, which Brooks say will enable it to provide best-in-class adviser experience, will see the ‘smooth transition’ of operation and technology positions transfer to SS&C.
It added that there would be no redundancies as part of the deal and that employees transferred would remain ‘a core part of the Brooks Macdonald family’.
Brooks, which first announced the deal in its annual results last month, said that the partnership will provide market leading digital experience for its intermediaries and clients, to upgrade operations and drive organic growth in assets under management (AUM).
SS&C Technologies will provide automated onboarding, full adviser and client portal functionality, bespoke reporting, more straight-through-processing and less reliance on offline data maintenance.
It added it will be able to leverage the group’s scale and expertise, making it easier to onboard any future acquisitions.
Caroline Connellan, (pictured) chief executive of Brooks Macdonald, said: ‘I am delighted we have agreed a partnership with SS&C as part of our vision for Brooks Macdonald as the leading investment manager for intermediaries.
‘We are uniquely positioned with our focus on advisers and trustees, with a market-leading proposition and strong investment performance. SS&C has an impressive track record and credentials, and through our discussions I have been impressed by their innovative and customer-focused culture.’
Bill Stone, chairman and chief executive of SS&C Technologies, added: ‘We look forward to the partnership with Brooks Macdonald and to welcoming some of their talented and experienced team into the SS&C family as part of the partnership.’
In its results for the 12 months to June 2020, Profits were up 11% to £23m from £20.7m, on a revenue of £108.6m, up 2.7% compared to 2019. Profit margins rose to 21.2% from 19.6%.
Having completed the £4m cost-efficiency drive she launched in early 2019 and two acquisitions in the past 12 months, chief executive Caroline Connellan told Wealth Manager she was now focused on organic growth.
‘Our vision is to be a leading investment manager for intermediaries,’ she said. ‘There will be a focus on organic growth, service and operation excellence and high-quality mergers and acquisitions.’