Williams de Bro, the London-based stockbroking subsidiary of ING Belgium, has signed a seven-year outsourcing agreement with ADP Wilco for the processing of both its institutional and private client operations.
The agreement will make Williams de Bro the first user of ADP Wilco’s outsourcing service for both institutional and retail securities transaction processing, utilising its integrated processing platform from ADP’s industry leading data centre in North America.
ADP Wilco’s bureau service will handle all aspects of international equity and fixed income processing for Williams de Bro’s UK-based institutional brokerage operation, and will support trading in over 20 markets. Processing will include trade capture, confirmation, position management and settlement, including two-way real-time connectivity with Euroclear, CREST, Oasys, TRAX and SWIFT. Proactive workflow management will be provided throughout the transaction lifecycle.
For Williams de Bro’s UK-based international private client operations, the ADP Wilco platform will handle the firm’s nominee services for both advisory and discretionary business lines, providing lifecycle support from trade capture to settlement including cash management, portfolio valuations and corporate action processing.
“We worked closely with ADP Wilco and were able to establish a very strong and compelling business case for outsourcing that includes considerable cost savings, improved STP and a straightforward, inexpensive conversion process,” says David Whistance, Financial Director, Williams de Bro.
“We are extremely proud to announce Williams de Bro as the first customer of our integrated institutional and retail outsourcing services, and look forward to facilitating their operational requirements through our service bureau environment,” adds Elizabeth Lake, CEO, ADP Wilco.