State Street and SS&C Technologies Announce Joint Venture Restructuring in Europe
State Street and SS&C Technologies to Restructure Joint Venture in Europe
In a significant move, State Street Corporation (NYSE: STT) and SS&C Technologies (Nasdaq: SSNC) have announced their plans to restructure their joint European venture known as the International Financial Data Services (IFDS). This restructuring affects operations in Luxembourg and Ireland, marking a new chapter in the 20-year collaboration between the two financial service giants.
As per the announcement made on February 25, 2025, the agency transfer services currently managed by IFDS in Ireland and Luxembourg will be transitioned to the respective operations of State Street and SS&C. This step is expected to streamline operations and enhance service delivery for their clients across Europe.
Operational Changes
The restructuring will see State Street outsource its transfer agency service capabilities to improve client support. Meanwhile, SS&C Technologies will rebrand the existing transfer agency entities in both regions, operating them under the Global Investor Distribution Solutions division of SS&C. The completion of this restructuring is anticipated in the latter half of 2025 and will depend on the usual regulatory approvals and conditions.
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