SS&C Technologies Strengthens Market Position with FPS Trust Acquisition

SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) has made a strategic move in the financial services sector by acquiring FPS Trust Company from IPX Retirement. The acquisition, announced on February 3, 2025, marks a significant step for SS&C as it aims to fortify its offerings tailored for institutional clients.

Based in Centennial, Colorado, FPS Trust Company specializes in non-depository trust services, providing a range of solutions to banks and institutional retirement plan providers. Their services include high-volume beneficiary distributions, paying agent services, and tax processing solutions specifically designed for institutional trustees and retirement plan administrators. This acquisition will allow FPS Trust to operate as part of SS&C Innovest.

Prior to the full acquisition, SS&C Innovest and FPS Trust collaborated to enhance paying agent services on SS&C's InnoPay platform. With the integration of FPS Trust into SS&C, both entities anticipate expanded services that can significantly benefit their existing customer base. Glenn Schmidt, General Manager of SS&C Innovest, expressed enthusiasm about the merger, stating, "We are excited to welcome the FPS team to SSC. The acquisition allows us to build on an already strong partnership as part of a single organization. Together, we can further enhance the managed services we provide to our institutional customers as we support them in delivering excellent, scalable service to their clients."

This acquisition is expected to empower SS&C by allowing it to broaden its suite of services, particularly for wealth managers who are responsible for issuing taxable distributions on the SSC Trust Platform. Bill Mueller, CEO of IPX Retirement, noted that the merger enhances SSC's position within the market, facilitating the optimization of custodial services offered to institutional trustees and bank trust companies.

As a prominent player in the financial services and healthcare industries, SS&C's global reach has been exemplified since its inception in 1986. With its headquarters in Windsor, Connecticut, SS&C has grown to support over 20,000 financial services and healthcare organizations around the world. The integration of FPS Trust promises to augment these capabilities further, streamlining how wealth management services are delivered amid a rapidly evolving economic landscape.

IPX Retirement, known for its innovative multi-vendor approach in the retirement plan sector, has positioned itself as a leading provider of trust, custody, IRA, and recordkeeping services. This acquisition reflects SS&C's commitment to providing its clients with enhanced technology and comprehensive service offerings.

In conclusion, the acquisition of FPS Trust Company not only signifies a deepening of SS&C's portfolio but also illustrates their dedication to improving the scalability and efficiency of benefit payment solutions for their institutional clients. As they forge ahead from this acquisition, SS&C looks to redefine service standards within the financial and healthcare sectors, prioritizing seamless integrations and enhanced customer experiences.