Aviva and Citi have signed a 10-year agreement for the administration of Aviva’s retail wrap platform in a move that reflects their commitment to a long-term partnership in savings and investment services in the UK.
Under the deal, Citi will continue to provide administration support to Aviva’s wrap platform through its OpenWealth service, core feature of which include account record keeping, investment trading transaction management and reporting in tax efficient structures.
Aviva’s intermediary director, Andy Beswick, comments: “This 10 year contract with Citi gives a clear indication that we are in the platform market to stay.”
He adds: “Citi’s expertise in this market allows us to offer a flexible proposition at a competitive price, while retaining the same robust platform service from them.”
Aviva has also confirmed that it has passed the £1 billion assets under management (AUM) milestone on its platform, having recorded growth of 53% in AUM since the beginning of the year.