Announcement
W.H. Ireland Group : Execution of Outsourcing Contract
RNS Number : 9958Z
W.H. Ireland Group PLC
02 June 2016
WH Ireland Group Plc
("WHI" or the "Company")
Execution of Outsourcing Contract
The Company confirms today that it has executed a seven year agreement with SEI Investments (Europe) Ltd to outsource its Private Wealth Management back office operations, currently performed out of the Company's Manchester office. As a consequence of this agreement, the Company, in due course, will be moving to a "Model B" arrangement with SEI's Wealth Platform, supported by a new internal middle office function. It is anticipated that the middle office function should be in place by the second quarter of 2017. The Company's Manchester Wealth Management and Wealth Planning presence will be unaffected by this change.
Richard Killingbeck stated "This arrangement is of significant importance to the ongoing process of change at WH Ireland. By partnering with SEI and by moving our clients onto their Wealth Management platform, we will be able to make a quantum leap in client reporting, IT functionality and regulatory robustness. We also believe that this will be of benefit to all of our clients and forms a major aspect of WH Ireland Private Wealth Management's progression to a primarily fee paying business model."
This announcement forms part of the ongoing change process within WH Ireland. The Board of WH Ireland expect this decision to help drive internal efficiencies within the Wealth Management Division, the full impact of which will be felt in the year 2018.
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Richard Killingbeck, Chief Executive Officer +44(0) 20 7220 1666
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SPARK Advisory Partners Limited |
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Mark Brady/Miriam Greenwood |
+44(0) 20 3368 3551 |
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Novella |
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Tim Robertson |
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+44 (0) 20 3151 7008 |
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This information is provided by RNS
The company news service from the London Stock Exchange
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