Abbey National has implemented the Argenesis Wealth Management application in support of Inscape, its newly-launched advisory service for high net worth individuals.
Abbey's Inscape service is targeted at the burgeoning mid- to high-net worth wealth management market - defined by the bank as individuals with in excess of £50,000 to invest - and numbering approximately four million in the UK. The service is delivered through a new network of advice centers where clients receive face-to-face advice from a team of dedicated relationship managers around the country. Clients' portfolios are tailored to meets their individual needs and draw on Inscape's access to leading fund managers.
Argenesis, an operating subsidiary of TenFold Corporation, custom-designed the Wealth Manager product to support Abbey's Inscape business. The system is an integrated e-business application that is designed to provide Inscape customers with a variety of information and services, banking deposits, investment administration, payment processing and investment and banking accounting. It also provides account information updated on a daily basis.
Michele McGovern, president and CEO of Argenesis says the company plans to resell the application to other financial institutions with designs on the mass affluent market.