Major UK Private Wealth Manager – Case Study

Problem: A major private wealth manager with over 100,000 accounts sought to preserve the autonomy of its investment managers, whilst also evidencing robust suitability and risk monitoring in a cost-effective manor given an AUM of £20bn+ and many branches. In doing this it wanted to keep clients, staff and the regulator content, whilst growing revenue and keeping costs down.

Action: Initially, the compliance department chose to deploy BITA Monitor to understand the risk distribution of their portfolios. They commented: “we have talked to a lot of egg-heads but you understand risk, our business and can explain this to us in terms we understand.” BITA Star was added later to provide risk profiling and mandate management, which together formed a key part of their integrated suitability process between their front and back office, and CRM systems. As the client said: “It was BITA’s ability to make their system integrate with other third party systems, along with our own customisations and process collaboration that were vital to a successful implementation.”

Result: The result was a system that is as intuitive to use as possible. A director said “We’ve ended up with a system that does exactly what we need it to do, the firm’s client managers overwhelmingly see BITA Risk’s technology as a very good tool, not only for servicing existing clients but also winning new ones. The implementation has already started to deliver benefits that go far beyond compliance - being able to demonstrate the highest standards of risk monitoring is already proving to be a real driver of growth, as clients take great comfort in knowing risk is taken care of.”

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