Capita in £1.5bn Canada Life admin deal

Capita's deal to administer £1.5bn of unit trusts on behalf of Canada Life is the largest contract t...

Capita's deal to administer £1.5bn of unit trusts on behalf of Canada Life is the largest contract the company has won thus far. Capita will be paid £13m over seven years to administer the insurer's book of business. The migration of Canada Life's assets to Capita's purpose-built funds administration platform is expected to be relatively straightforward because Capita has migrated business from a back-office system of the same type before. Canada Life no longer actively markets its open-ended investment funds, although the insurer does continue to promote its life and pensions businesses.