Active accounts on Composer increased by 8% to reach 3.2m.
Composer is an administration technology platform which powers investment platforms, managed funds and pensions.
Assets within pension wrappers on Composer, covering both accumulation and retirement propositions, grew by 16% in 2020. They now represent 65% of all assets on the platform. According to theLangCat this compares to an average of 47% across all advised platforms.
In 2020 GBST also started a technology upgrade, moving the Composer platform onto cloud-based technology, as well as offering increased integration options.
The fintech said the “transformation is progressing on schedule”. So far, two major technology releases have been deployed on the new architecture.
David Simpson, head of EMEA at GBST, said as part of the update the platform is also “exploring exciting opportunities around robotics and artificial intelligence which we’ll be piloting throughout 2021.”
GBST was the target of a takeover by rival platform engine provider FNZ, but the Competition and Markets Authority (CMA) ordered FNZ to sell its rival in November over fears that millions of UK pension savers investors could face worse service and higher prices.
FNZ and GBST are two of the leading suppliers in the sector, powering the majority of UK investment platforms.
FNZ said earlier this month that it will appeal against the CMA’s order to sell off GBST and has submitted a Notice of Application to challenge the CMA’s final decision to the Competition Appeal Tribunal (CAT).
Following receipt of the appeal, the CMA says it has identified “certain potential errors” in its market share calculations. It said this was as a result of the provision of inconsistent information during the CMA’s investigation. The CMA will now ask the tribunal to send the case back to the CMA to reconsider. It is not yet known how long the appeal will take to be heard.