Genpact acquires OpenWealth platform

Technology firm Genpact has acquired Citibank’s OpenWealth platform, the business that powers both Aviva’s advised platform and Nucleus.

Genpact purchased the US OpenWealth platform from Citibank earlier this year and now adds the UK business.

As part of the deal Genpact will open a “centre of excellence” in Glasgow with a staff of 140.

Genpact senior vice president of banking, financial services and insurance Mohit Thurkral says: “We can now provide end-to-end wealth management servicing operations to two of the largest geographic markets, combining domain expertise, scalable technology, advanced analytics, and global services delivery that will further drive innovation, efficiency, and controllership.”

Bravura provides the technology behind OpenWealth.

Bravura Solutions chief executive Tony Klim says: “Increasingly we are seeing providers not only looking to streamline and improve their business administration, but also adapt quickly to the constantly changing environment.

“With the expertise of the Openwealth administration team combined with Bravura’s next generation Sonata solution, Genpact are well placed to support providers with the full breadth of capability and expertise.”