In through the back office door

Martin Sullivan

The latest entry route to the lucrative wealth management business appears to be via the back office. Fidelity, which has provided technology services through its brokerage business to family offices for more than a decade, is now creating a stand-alone business that will provide family offices in the US with a platform offering technology-based solutions and wealth management services.

Fidelity joins the back-office experts – custodians such as Northern Trust and State Street – which are becoming increasingly aware of the benefits they can offer the ultra-high-net-worth investor or family.