CAPITA SIGNS CONTRACT WITH CANADA LIFE

Following a competitive tender, Capita Financial Group, announces a contract with UK wealth management, group insurance and investment provider, Canada Life. Capita will operate Canada Life’s unit trusts, Personal Equity Plans and Individual Savings Accounts currently valued at £1.5bn; the partnership makes provision for this transition. Investment management will remain with Canada Life.

The deal is estimated to be worth £13m over seven years.

The partnership means that the total cumulative funds under administration by Capita Financial Group increases to approximately £9bn. As one of the fastest growing fund management business process outsourcing solutions businesses in the UK, Capita Financial Group, is now recognised as a significant player in the UK market.

Robert Coyle, for Capita Financial Group, said, “We are delighted to have entered into this important contract. With our efficient administration platform and commitment to delivering high levels of customer service, we are positioned well for continued growth in this expanding marketplace.”

Simon Thomas, for Canada Life comments, “We have been impressed by Capita’s operational and managerial plans together with their commitment to ensure a high quality fund management administration service to clients. Service delivery is paramount and we will be working closely with Capita as they develop their fund management administration business.”