Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world’s wealthy and mass affluent, is pleased to announce it has won a multi-year contract with a new corporate client, that is one of the UK’s largest wealth managers.
The new contract will see Ten initially launch its services in spring 2022, making concierge and lifestyle services, including Ten’s proprietary digital platform, available to a segment of the client’s wealth management customers in the UK. This initial launch is expected to amount to a Small contract1 this financial year and grow into a Medium contract during its multi-year term.
Ten is also pleased to provide the following recent business developments in the EMEA region:
- Ten has agreed a multi-year deal with St. James’s Place, an existing corporate client and FTSE-100 wealth management business, to further roll-out its digitally-enabled concierge services to its Partners and clients, growing the existing Medium contract following a successful pilot.
- Ten has renewed an existing Large contract with a major UK private bank, continuing the longstanding provision of Ten’s digitally-enabled concierge services to the client’s most valued customers.
- Further to Ten’s announcement on 20 September 2021, Ten’s digitally-enabled concierge services have been added to Barclays’ Travel Plus Pack product, which is now on sale. This is expected to result in the growth of the existing Medium contract.
- Ten has secured Small contracts with two wealth managers in EMEA to provide Content services to support the clients’ customer engagement strategy.
These announcements are incorporated within the Group’s existing growth plan.
Alex Cheatle, CEO of Ten Lifestyle Group, said:
“I am delighted that we have won a significant contract with a new wealth manager in the UK. We hope the success of this programme may lead to the further expansion of the service and the growth of a strong and long-lasting partnership with this new corporate client. Our aim is for our service to support our corporate clients with improved client retention, acquisition and increases in Assets Under Management.”
This is a significant development for Ten in the UK, our most mature market, demonstrating the potential for growth as we prove the impact that we can have on our corporate clients’ commercial success, by delivering outstanding personal service to their valued clients. The win, along with the other recent business developments with wealth managers in the region, may also help provide further proof to other wealth managers, outside the UK, looking to improve their customer metrics.”
1 Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.