Award-winning financial services provider Retirement Advantage has appointed Mobius Life Administration Services (Mobius) as investment administrator for its £500m product range. Mobius will administer Retirement Advantage’s innovative ‘The Retirement Account’, which combines the benefits of an annuity with drawdown and its Flexible Income Annuity product range.
Mobius will provide a complete investment administration service, including processing daily dealing instructions, blended fund rebalancing and calculating of daily unit prices. Mobius will also provide detailed daily, monthly and annual reports on the fund range and will support Retirement Advantage to launch new products and services.
Retirement Advantage’s products will be administered using Mobius Life Group’s investment platform technology, which is used by pension schemes, investment managers and life companies to administer over £9bn in assets.
Chris Evans, Group Chief Executive, at Retirement Advantage, said:
“As the market for investment backed retirement income solutions continues to grow, we needed to find a scalable solution to manage the investment admin for the products we offer. Mobius has impressed us with not only their service capability but also importantly their governance processes, reducing our exposure to risk. This relationship will also help us bring developments on our Retirement Account platform to market more efficiently.”
Adrian Swales, Chief Executive Officer, Mobius Life said:
“Retirement Advantage has been a financial services innovator for over 160 years since its origins as a temperance society. I am delighted Retirement Advantage has chosen to continue this record of innovation by trusting Mobius with the investment administration of The Retirement Account and Flexible Income Annuity. We are looking forward to supporting Retirement Advantage with these products and as it develops further new and innovative solutions for UK retirees”.
-ENDS-
For further information, please contact:
Harriet Frank: 020 7847 3322
Mobius Life: [email protected]
Notes to Editors:
Mobius Life Administration Services provides investment administration only services, established in 2006. Mobius Life (http://mobiuslife.co.uk) is a UK life insurance company and institutional investment platform, established in 1996. Both companies are subsidiaries of Mobius Life Group, with combined assets under administration of over £9 billion (as at September 2016). Mobius Life Group aims to deliver made-to-measure investment administration services and life company services to DB and DC pension funds, asset managers and other institutions. We empower our clients and their advisers to implement their investment strategies efficiently and cost effectively.
Retirement Advantage (www.retirementadvantage.com) previously known as MGM Advantage and Stonehaven, the company can trace its roots back to 1852. In 2015, the company changed its name to Retirement Advantage, merging the equity release and retirement income divisions. The company specialises in retirement, with award-winning expertise developing products which can help people make the most of their retirement savings and/or the value in their property.
Products include The Retirement Account, which blends a drawdown pot, cash account and guaranteed annuity in one product under drawdown rules, the Guaranteed Annuity, providing the best possible guaranteed lifetime income for individual circumstances; and equity release products, which allow homeowners the opportunity to release cash from their home without having to move or give up ownership.
Retirement Advantage is the retail brand for a group of companies which manages assets of over £2bn (as at August 2016).
