Skandia and Selestia have announced plans to combine the leading elements of their respective services into one 'best of breed' platform. Managed by Brett Williams, chief executive of Skandia MultiFunds and Selestia, the integration is set to be completed by the summer of 2007. It aims to offer advisers the most comprehensive platform in the market in terms of products and services.
The integration will not only bring both fund ranges together, with additional funds set to be added to meet adviser and client needs but, according to the groups, the range of tax wrappers will be more extensive than on any other platform with access to Isas, Peps, onshore and offshore bonds and personal pensions as well as direct investment into the full range of underlying unit trusts and Oeics.
While the underlying technology for the platform will be based on Selestia's current offering, which has the scalability to support the business growth, the move will see a number of both groups' assets aligned. For example, both groups' planning tools will be upgraded to improve functionality in areas such as risk profiling, asset allocation, fund selection and portfolio construction.
Selestia's pre-sale service, including its customer relationship management system, will be married to Skandia's post-sale administration and portfolio management system with the aim of offering improved post-sale services such as client valuations, portfolio analysis and management, online commission statements and access to major back-office software packages.
Skandia will manage service on the platform, with the current Selestia administrations moving to Skandia's head office in Southampton to help make a seamless transition of administration and servicing.
Until the alignment is concluded, both groups will continue to run their respective platforms in tandem.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress