- Transfer Agency Services Provided by IFDS in Ireland and Luxembourg to be Assumed by State Street and
SS&C
BOSTON and LONDON, Feb. 25,
2025 /PRNewswire/ -- State Street Corporation
(NYSE: STT) and SS&C Technologies (Nasdaq: SSNC) today
announced their intention to restructure the European component of
their International Financial Data Services (IFDS) LP joint venture
arrangement in Luxembourg and
Ireland, following an almost
20-year collaboration. Under this plan, transfer agency services
delivered by IFDS in Ireland and
IFDS in Luxembourg will transition
into each organization's respective operations.
State Street will insource the transfer agency services
capabilities for its clients. SS&C will rebrand the existing
transfer agency entities in Ireland and Luxembourg and operate those entities as a
wholly-owned SS&C business within its Global Investor &
Distributions Solutions division. Both companies expect the
restructuring to be completed in the second part of 2025, subject
to customary approvals and conditions.
"This decision will help further simplify each company's
operating model and transfer agency experience for our respective
clients," said Donna Milrod, Chief
Product Officer of State Street. "Our priority throughout this
transition is to continue to provide our respective clients with
the excellent service they have come to expect from our
organizations, as well as retention of the transfer agency
employees and expertise."
"We continue to partner closely with State Street on transfer
agency and other services. We remain committed to providing our
clients with excellent full-service global transfer agency
technology and solutions," said Nick
Wright, Global Head of SS&C Global Investor &
Distribution Solutions (SS&C GIDS).
Each organization will use current teams, technology, processes,
and control environments to minimize any disruptions for clients or
employees.
This decision does not impact IFDS Canada, the joint venture
serving the North American market.
About State Street Corporation
State Street
Corporation (NYSE: STT) is one of the world's leading providers of
financial services to institutional investors including investment
servicing, investment management and investment research and
trading. With $46.6 trillion in
assets under custody and/or administration and $4.7 trillion* in assets under management as of
December 31, 2024, State Street
operates globally in more than 100 geographic markets and employs
approximately 53,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of December 31, 2024 includes approximately
$82 billion of assets with respect to
SPDR® products for which State Street Global
Advisors Funds Distributors, LLC (SSGA FD) acts solely as the
marketing agent. SSGA FD and State Street Global Advisors are
affiliated.
About SS&C Technologies
SS&C is a global
provider of services and software for the financial services and
healthcare industries. Founded in 1986, SS&C is headquartered
in Windsor, Connecticut, and has
offices around the world. More than 22,000 financial services and
healthcare organizations, from the world's largest companies to
small and mid-market firms, rely on SS&C for expertise, scale
and technology. Additional information about SS&C (Nasdaq:
SSNC) is available at www.ssctech.com.
© 2025 State Street Corporation
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