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EXL - Wealth and Asset Management BPS

Vendor Analysis

by Andy Efstathiou

published on Mar 04, 2016

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Report Overview:

This NelsonHall assessment analyzes EXL’s offerings and capabilities in wealth and asset management services. EXL is one of a number of wealth and asset management services companies analyzed in NelsonHall’s comprehensive industry analysis programs. 

Who is this Report for:

NelsonHall’s Wealth and Asset Management BPS Vendor Assessment for EXL is a comprehensive assessment of EXL’s wealth and asset management BPS offerings and capabilities designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for Wealth and Asset Management BPS RFPs
  • Vendor marketing, sales and business managers looking to benchmark themselves against their peers
  • Financial analysts and investors specializing in the support services sector.

Scope of this Report:

The report provides a comprehensive and objective analysis of EXL’s wealth and asset management BPS offerings, capabilities, and market and financial strength, including:

  • Identification of the company’s strategy, emphases and new developments
  • Analysis of the company’s strengths, weaknesses and outlook
  • Revenue estimates
  • Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
  • Analysis of the company’s offerings and key service components
  • Analysis of the company’s delivery organization including the location of delivery locations.

Key Findings & Highlights:

EXL started in wealth and asset management BPS in 2007, providing BPS services to small wealth management firms in the U.S., including the provision of fund and portfolio accounting services. Over time, EXL has expanded its wealth and asset management services to include a broader range of services (see Key Offerings section) to small wealth managers on a white label basis. EXL has also expanded its range of clients, to include wealth and asset management divisions within top twenty banks, delivering a narrow range of services focused on risk and reporting.

EXL delivers services from five delivery centers:

  • India
    • Gurgaon
    • Bangalore
  • U.S.:
    • New Jersey
    • New York City
  • London.

EXL’s wealth and asset management BPS supports client operations in the U.S., U.K., South Africa, and Asia markets.   

EXL’s primary targets for wealth and asset management BPS are financial institutions headquartered in the U.S. and U.K. Institution types which are being targeted by EXL are:

  • Small and medium size wealth managers: largest current penetration
  • Tier one global banks and investment firms.

EXL supports its clients in their local national markets. Over time, it expects to continue to increase the proportion of its wealth and asset management BPS clients which come from the pool of regional and local wealth managers.

EXL has focused on the U.S. and U.K. markets for offshore delivery based wealth and asset management BPS services, with a focus on delivering:  

  • Comprehensive fund administration services for small and mid-size wealth managers
  • Standalone processes including investment research, analytics, and customer onboarding compliance for global financial institutions’ wealth and asset management divisions.

EXL has created a specific domain competency in:

  • Company screening and equity research
  • Customer onboarding compliance and reduced quality rejection rates
  • GIPS reporting benchmarking
  • Investment fees and servicing cost calculations and review.

It is looking to increase relevance for its clients, as they adapt to changing regulations which are focused on risk management and reduction. In addition, the consulting services which EXL uses to deliver improved analytics capabilities to its clients are gateway services to a broader set of wealth and asset management BPS services.

EXL is aiming to grow its wealth and asset management BPS business by:

  • Pursuing global banks expanding into non-U.S./U.K. markets
  • Pursuing regional and mid-tier wealth managers requiring a broad range of fund administration services
  • Expanding the range of analytics processes delivered in support of risk management, compliance, and sales/marketing management
  • Expanding the use of robotics process automation to increase QA and reduce processing inefficiencies. 

Table of contents:

Table of contents:

  • Background
  • Revenue Summary
  • Key Offerings
  • Delivery Capability and Partnerships
  • Delivery
  • Pricing and Contracts
  • Platforms and Intellectual Property
  • Changes to Operations
  • Target Markets
  • Strategy
  • Strengths and Challenges
  • Strengths
  • Challenges
  • Outlook

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