Private sector
Financial services
“Capita Financial Group has provided high quality fund administration services to
7IM for the past 6 years, during which 7IM has expanded significantly with the support
of Capita. During this time we have been pleased to extend the scope of the services
provided by Capita to encompass our Irish and UK fund ranges. I am also pleased
to confirm that we have recently extended our working relationship with Capita for
a further 5 years.”
Charles Sparrow, Chief Financial Officer, 7IM
Market position
Financial services currently accounts for 4% of Group revenues.
Financial services companies continue to face uncertainty, increasing regulation
and some restructuring. Capita has built a strong position in a number of market
segments, particularly trust services, loan administration and fund administration
for both open and closed end structures. Our scale enables us to deliver cost effective
administration solutions across different tax jurisdictions (onshore, nearshore
and offshore) and help to bring products to market swiftly.
The financial markets are gradually recovering from the economic downturn and looking
at ways to address their cost bases and adapt their operating models to compete
effectively. Financial institutions have generally been slow to embrace outsourcing
but there is a growing interest in exploring how it can provide a more cost effective,
quality service offering by providing shared technology, administration processing,
customer service and compliance support.
- Need to adapt operating models to focus on core services
- Need to drive down costs whilst ensuring a quality and compliant service
- Need to meet the challenge of ensuring full compliance and managing the associated
costs in a stricter, regulatory environment, where compliance is monitored ever
more stringently
- Need to ensure the capability to meet constant changes in legislation which may
act as a catalyst for new products, requiring speed of introduction to the market
- Need for leading edge systems to cope with increased competition and legislative
and regulatory change.