Wealth management platform provider GBST and fintech Wipro have partnered to launch an end-to-end administration service for firms transitioning from legacy IT systems.

GBST’s Composer wealth management administration platform will be brought together with Wipro’s outsourced administration and contact centre services to deliver a single offering.

The new offering will cover technology, cyber, risk and business operations.

According to GBST, the new collaboration addresses a critical need within the industry, where organisations often face challenges in managing legacy IT systems and multiple service providers simultaneously.

Robert DeDominicis, global CEO of GBST, said he believes the partnership marks a significant milestone for the wealth management industry.

He said: “We see the global market looking for alternative fully outsourced solutions. Under this partnership arrangement, clients can benefit from a modern, best-of-breed, SaaS-based, scalable wealth management administration platform, with IT and back-office services supported by a proven digital transformation partner in Wipro.”

Last year GBST relaunched its Composer wealth platform and rebranded to signal a new direction for the business following an aborted attempt to take over the company by rival FNZ.

GBST was sold by rival FNZ at the end of 2021 to a private equity firm after the Competition and Markets Authority (CMA) blocked FNZ’s acquisition of GBST.

The CMA ordered FNZ to sell off GBST's platform arm after concluding that the £150m merger of FNZ and GBST risked reducing competition in the UK platform market.

Although FNZ sold GBST’s platform division it was allowed to reacquire GBST’s capital markets division. GBST, based in Sydney and London, describes itself now as a global ‘wealth tech’ company.