Morgan Stanley appoints Target to manage significant investment portfolio
Morgan Stanley has appointed financial outsourcer and software
solutions company Target Group to provide administration services
for one of its UK retail structured investment products
portfolios.
Target is now providing administration
services for all aspects of the investment portfolio following an
efficient transfer period. The new contract involves Target taking
control of account administration and customer servicing as well as
handling redemptions on maturity and processing early
surrenders.
The contract will see the administration of Morgan Stanley's
structured products from Target's modern servicing operation in
Newport, South Wales.
Target specialises in business process outsourcing (BPO) for
banks, financial services providers, loans, savings and
investment portfolio owners. This contract will support
Target's strategic direction to add savings and investment product
administration outsourcing and software solutions to its offering.
Morgan Stanley joins Target's established list of blue-chip clients
which include at least 25% of the world's top 20 banks.
Commenting on this new contract win, James Snow, CEO of Target
Group said: "Target has demonstrated its ability to manage a
significant investment portfolio for Morgan Stanley. We now service
loans, savings and investments products - with specialist teams,
all on our single core technology platform."
Published: 28 September 2010