ADP Wilco is to offer a new ASP outsourcing service for UK retail and private client stockbroking, custody and fund management operations. The service utilises ADP Wilco’s retail transaction processing platform, Tarot, which is managed centrally from ADP’s data centre in North America.
Two investment firms have already made commitments to use ADP Wilco’s new retail outsourcing service, though ADP Wilso refuses to name them.
The new outsourcing service will support the transaction cycle from order capture through settlement, accounting, cash management, tax reporting and asset servicing. It supports equities, fixed income, collective instruments such as unit trusts, and tax efficient products including UK tax wrappers such as ISAs and PEPs. Tarot also supports corporate actions events.
“We are fully committed to delivering world class standards of service through our outsourcing services, and have made a significant investment in this latest initiative for our Tarot platform,” says Elizabeth Lake, Chief Executive Officer, ADP Wilco. “Our pricing model is based on the volume of transactions processed, making Tarot’s market-leading functionality more accessible to lower volume operations while also, through its proven scalability, being aligned to the outsourcing strategies of firms processing high volumes.”
Tarot is now installed at ADP’s data centre, with communications to user firms available through either proprietary or leased lines.
ADP Wilco’s platform for global securities processing, Gloss, is also supported centrally through the ADP data centre. It was launched as an outsourcing service in 1999 and now supports 12 multi-market operations.