Ascentric joins with back-office provider Bravura

Ascentric and its white-label Independent Funds Direct Ltd has agreed to outsource its back office technology to Bravura Solutions. The deal will see the two firms move to a planning and implementation phase which Ascentric says will take three months to complete.Bravura is a financial software provider for wealth management, life insurance and investment firms.Hugo Thorman, managing director of IFDL, said: "We announced towards the end of last year that we were continuing to build our front office technology in house but were looking at potential back office partners."This move stemmed from a belief that the back office is becoming an increasingly commoditised function where scalability, flexibility and low operational costs driven through new technology are increasingly important. The due diligence we have conducted over the last few months has, if anything reinforced our thinking on this."Tony Klim, chief executive of Bravura, said: "Technology plays an increasingly important role in driving the operational efficiencies that will be critical for success in the UK platform market. We have already developed a strong relationship with the IFDL team and we are pleased that they have chosen us as a strategic partner."Ascentric is part of the Royal London group which also consists of Scottish Life, RLAM and Bright Grey.

Ascentric joins with back-office provider Bravura

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