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Generation Life awards tech mandate

Generation Life has awarded technology firm FRS a mandate to provide pricing and reporting for its investment bonds.

Financial Risk Solutions (FRS) will provide an investment administration solution for its new investment-linked lifetime annuity and existing investment bond business.

The software, InvestPro, provides unit pricing, cash allocation and rebalancing, tax accruals, investment accounting and reporting. The package includes a tax-reporting functionality.

Generation Life partnered with Optimum Pensions in January for a five-year exclusive agreement to manufacture, administer and distribute its retirement income product.

Most recently, Evergreen Consultants announced it is using Generation Life tax-effective structure to launch a multi-asset portfolio.

Commenting on the FRS mandate, Generation Life chief executive Grant Hackett said: "In selecting Invest Pro for the investment administration of our investment solutions, we get the most advanced technology today along with the confidence that the software will evolve with our business as we continue to grow. We are excited to get up-and-running with Invest Pro as we expand our range of investment solutions to the Australian market."

FRS chief executive Peter Caslin commented that InvestPro will assist Generation Life in bringing a new investment-linked annuity to market with effective risk controls in the investment administration process.

"We are very proud to partner with them as they continue to grow and scale their business," he said.

Read more: Generation LifeEvergreen ConsultantsFinancial Risk SolutionsGrant HackettOptimum PensionsPeter Caslin