NZX Wealth Technologies adds another client and expects more

NZX Wealth Technologies has won a competitive tender to put Public Trust on its new platform.

Friday, January 22nd 2021, 6:00AM

Lisa Turnbull

In the latest of a slew of good news for the platform, NZX Wealth Technologies has announced that it has won a competitive tender for the business of Public Trust, endorsing the feature-set and flexibility of its new multi-tenant platform.

NZXWT chief executive Lisa Turnbull says the retention of Public Trust’s business would see work begin in the coming weeks on the migration from its legacy offering to the new platform.

“This is a real vote of confidence in our technology and service proposition and the focus we put on the specific needs of each of our customers.”

The re-signing of Public Trust follows a competitive request for proposal, where Public Trust assessed NZX Wealth Technologies' new platform and those of other providers against their needs.

Public Trust’s head of custody, Mark Lawrence said, “We went through a comprehensive process to ensure that our platform provider can meet the needs of both Public Trust and our clients. We have real confidence in the high level of service NZXWT’s new platform will provide and are delighted to be able to retain the partnership with them.”

The successful tender with Public Trust follows the completion of the migration of Hobson Wealth and Saturn Advice to the new platform in the third quarter last year, joining Craigs Investment Partners and JBWere.

NZXWT was recently lauded in research conducted by Forsyth Barr which showed that funds under administration reached $7.2 billion as of December 31, following the addition of JBWere, Hobson Wealth and Saturn Advice to the platform. It is currently in talks with an additional five prospective clients, three of which it is confident of winning.

The wealth management business has more than 28,000 portfolios being managed through its platform.

Tags: Craigs Investment Partners Forsyth Barr JBWere NZX Public Trust Saturn Wealth Technologies