Target Group, the business process outsourcing and operational transformation provider, has today announced it is bringing an enhanced digital service solution to the transfer agency (TA) market for investment firms by partnering with Bravura Solutions.

The partnership will see Target utilise Bravura’s Rufus package solution, including Rufus Messaging and Rufus Digital, as its strategic platform for third party administration services in the UK retail TA market. Target’s proposition will also be supported by additional proprietary software components providing a full end-to-end TA processing platform.

Target has chosen to enter the TA market at a time when there is an increasing expectation of digital solutions. Regulatory pressures, such as MiFID II, are contributing to margin pressures and issues with existing providers or legacy challenges. It currently provides investments and TA services for its clients and has an extensive servicing record in the investment space, providing administration to over 800,000 account holders.

The business has already had a number of discussions with potential clients as firms look for unbundled or more flexible services.

Mike O’Connor, Investment Client Director at Target Group, said: “Recent times have been challenging for transfer agency providers as they respond to much regulatory change. As a result, firms are reviewing their current outsourced relationships and focus will return to service improvements and development.

“Linking up with Bravura to offer this solution will offer the greatest opportunity to provide a stable and consistent end-to-end service for future investment clients.

“With the backing of our parent company, Tech Mahindra, we also have the scale and technical expertise to be able to disrupt a market that has been predominantly dominated by a limited number of providers . Few can match our recent successes in completing migrations for investment clients, and when put together with Bravura’s leading technology we have an innovative and reliable offering.”

Andy Chesterton, Chief Operating Officer at Bravura commented: “Bravura are delighted to have been partnering with Target on the deployment of the Rufus suite of modern, proven solutions for TA admin, STP and digital for the last 2 years. We are excited to be working with them on their future initiatives”.