EUROPE - Capita has signed a new £4m deal with Linedata Services for Icon, the provider's back-office fund management and administration solution.
Announcing the agreement, Linedata said Icon would be used originally in Capita PPML’s SIPPS and Life & Pension Investment Administration business in the UK and Ireland to deliver a “centralised solution”.
Steve Parkinson, managing director of Capita Life and Pensions, said: “We have a strong growth strategy and have made a number of successful acquisitions over the past 12 months and in order to streamline our processes and manage future business volumes we have identified Linedata Services’ Icon product as our preferred solution on the basis of its unrivalled functionality and proven long-term viability.”
Paul Roberts, chief operating officer at Linedata Services (UK), commented: “I believe that Icon’s unique, multi-enterprise functionality provides a truly scaleable solution for Capita which is a particularly good fit for their acquisitive business.”
The Icon product is designed to manage and account for securities and currencies in all types of funds for all sizes of institution, Linedata said.
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