The Group was created in 2010 by bringing together the Xafinity pension administration, software and consulting business with the outsourcing and share registration provider Equiniti. Its forward strategy is to develop its Business Process Services (BPS) offering under the Equiniti Group brand with a focus on larger scale complex administration and financial processing contracts. The Group’s market-focused divisions are: Pensions Solutions, Shareholder Solutions and Commercial Solutions.
The sale of Xafinity Consulting is consistent with this strategy to refine the Group’s core focus. Xafinity Consulting, comprising Actuarial, Pensions, Healthcare and Employee Benefit Consulting and administration as well as, Self Invested Pensions and Independent Trusteeship, will continue to operate under the Xafinity brand. Paymaster and Claybrook remain within the Equiniti Group.
The pension market continues to be central to the Equiniti Group’s BPS strategy. It currently administers the pension benefits of nearly three million scheme members, pays over 30% of UK pensioners and supports over 10 million pension scheme members with its software applications.
In April 2012 the Equiniti Group’s Paymaster business became the private sector partner for the mutual joint venture, MyCSP, administering pensions for 1.5 million Civil Service Pension Scheme members.
The Equiniti Group is committed to further invest in opportunities to extend and enhance its service range. Recent acquisitions included peterevans - leading provider of technology solutions for the financial services industry - and the Corporate and Employee Services from NatWest Stockbrokers.
Wayne Story, Equiniti Group Chief Executive said: “Our strategy is to develop the Equiniti Group as a market leading specialist Business Process Services provider. Having considered the strategic alternatives, we believe that separating the Xafinity Consulting business now is the right course of action for both Xafinity Consulting and the wider Equiniti Group, enabling each to a have a clear focus. We fully expect both businesses to continue to work in close partnership in key areas of mutual interest in the pensions market.”
Robert Birmingham, Managing Director of Xafinity Consulting said: “Xafinity Consulting will continue to concentrate on its existing markets within which we have significant ambitions to develop and expand our range of services and products. The expertise, funding and supportive approach of our new owners will set us up well to achieve these ambitions to the benefit of our clients and our business.”