Virgin Money appoints IFDS as its exclusive provider of third party fund administration services
- IFDS first appointed by Virgin Money in 2006
- New ten-year deal agreed to support a broader range of Virgin Money fund
Virgin Money Holdings (UK) plc has today announced a ten-year partnership extension with International Financial Data Services Limited (“IFDS”) for third party administration services in relation to Virgin Money’s Investment and Pensions business.
The extension reflects expectations of growth in Virgin Money’s product offering including a broader range of investment funds to be launched by Virgin Money in 2015.
As part of the new agreement, IFDS will continue to deliver a full service to Virgin Money, providing administrative services to Stocks & Shares ISA, Unit Trust and Stakeholder Pension customers.
Darrell Evans, Commercial Director at Virgin Money said: “I am delighted to announce the ten year extension to our deal with IFDS. We are looking to grow our investment and pension proposition and will be launching a broader range of investment funds in 2015. Our new range will better meet the needs of our existing customers as well as support those customers who lack access to investment advice”.
At 30 June 2014, Virgin Money had a total of £3 billion of funds under management, of which £2 billion were investment ISAs and £1 billion individual personal pensions.
International Financial Data Services is recognised as a world-leading provider of outsourcing and technology solutions to the financial services industry. IFDS services are provided to a wide range of global asset managers, wealth managers, platform providers, insurers, and life companies.
Matthew Brown, Chief Executive Officer of Platforms at IFDS said: “Virgin Money continues to be an important client for IFDS. To be entrusted with a brand as recognisable as Virgin Money is further recognition of our ability to deliver industry-leading investment administration solutions to the market”
Virgin Money Press Office
Tel: 0191 279 4676
Notes to Editors
About Virgin Money
- Virgin Money provides savings, mortgages, credit cards, current accounts, pensions, investment and protection products
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders
- Virgin Money is the official sponsor of the London Marathon, the biggest annual one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion, including funds raised through Virgin Money Giving the not-for-profit online fundraising service, since 2010.
Virgin Money Holdings (UK) plc - Registered in England and Wales (Company No. 03087587). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
International Financial Data Services is recognised as a world-leading provider of outsourcing and technology solutions to the financial services industry. IFDS services are provided to a wide range of global asset managers, wealth managers, platform providers, insurers, and life companies. Supporting more than 47 million investor and policy holder accounts for over 370 financial organisations across Asia-Pacific, Europe, and North America, the IFDS enterprise employs in excess of 7,800 experienced individuals located throughout Canada, Ireland, Luxembourg, the United Kingdom, and the United States of America. IFDS is a 50/50 joint venture between Boston-based State Street Corporation, one of the world’s leading providers of financial services to institutional investors, and Kansas City, Missouri-based DST Systems Inc., a global provider of strategically unified data management, business processing, and customer communications solutions. Figures as June 30, 2014. For more information visit www.ifdsgroup.com.