WestLB AG has bought ADP Wilco’s Gloss outsourcing platform for its UK-based international equities operation and for its Asia Pacific debt and equity operations.
This extends WestLB’s use of the Gloss outsourcing service. The German bank first used it in 2002 for its UK-based international fixed income and repo operations. WestLB now processes both its UK-based equity and debt business lines, together with its Asia Pacific operations, on Gloss.
“By outsourcing our UK and Asia Pacific processing onto a common platform, we have improved our operational efficiency,” says Lawrence McLaughlin, Managing Director Back Office for WestLB AG in London. “We are also benefiting from an STP rate in the high 90 percentile which significantly reduces our risk while improving back office efficiency.”
The Gloss outsourcing service captures executed trades, and manages positions and settlement, including connectivity with CREST, Euroclear, SWIFT and TRAX.
“We are extremely proud of our growing relationship with WestLB, and of our ability to deliver real value to their international operations,” says Elizabeth Lake, CEO, ADP Wilco.
WestLB also uses other ADP outsourcing solutions including ICI/ADP’s impact for fixed income processing in North America and ADP’s Brokerage Processing Services (BPS) platform for North American equities. It also uses the ADP Investor Communication Services division to handle its confirmations, statement distribution and prospectus delivery as well as proxy and reorg solutions.