#USA #Boston #SS&C Technologies #State Street #IFDS

Overview of the Restructuring of IFDS

State Street Corporation and SS&C Technologies have recently announced a major restructuring of their joint venture, International Financial Data Services (IFDS), which operates in Europe through their hubs in Luxembourg and Ireland. This shift marks a significant milestone after nearly two decades of collaboration between the two financial giants.

Key Changes in IFDS

The restructuring aims to facilitate a more streamlined operational model for both companies. The transfer agent services currently provided by IFDS will be transitioned to the respective business sectors of State Street and SS&C. Specifically, State Street will outsource its transfer agent services, while SS&C will rebrand its current agent units in Ireland and Luxembourg and manage them directly under its Global Investor Distribution Solutions division.

Both companies have projected that the restructuring will be finalized by the second half of 2025, subject to the usual regulatory approvals. Donna Milrod, Chief Product Officer at State Street, emphasized that this new approach will simplify operational frameworks and enhance customer experience in the transfer agent services sector.

Maintaining Service Quality

Throughout this transition, both companies have assured their clients that maintaining high service standards during the operational handover remains a top priority. Nick Wright, the Global Head of SSC Global Investor Distribution Solutions, echoed this sentiment, reaffirming the commitment to providing top-tier global transfer agent technology and solutions.

The restructuring is also designed to utilize existing teams, technologies, and processes, which should minimize disruptions for both clients and employees during the transition period. Having robust control mechanisms and a solid process framework in place is anticipated to help ease the process.

Impact on IFDS Canada

It is crucial to note that this restructuring impacts only the European operations of IFDS. The joint venture services provided in the North American market through IFDS Canada will remain unaffected.

About State Street Corporation

State Street Corporation is a leading financial services provider for institutional investors, known for its investment services, asset management, and investment research capabilities. The corporation has an impressive amount of assets under custody, standing at approximately $46.6 trillion, alongside managed assets totaling around $4.7 trillion as of December 31, 2024. State Street operates in over 100 markets globally, employing about 53,000 staff members.

For more information on State Street Corporation, visit www.statestreet.com.

About SS&C Technologies

SS&C Technologies, founded in 1986, is a global provider of services and software for the financial and healthcare sectors. With headquarters in Windsor, Connecticut, SS&C operates worldwide, serving over 22,000 organizations. Its offerings are designed to cater to both large and small enterprises, emphasizing expertise and technological solutions.

For further details about SS&C, check out www.ssctech.com.