Agreement creates a 'centre of excellence' for fund
administration in the U.K.
WINDSOR, Conn., June 24, 2024 /PRNewswire/ -- SS&C
Technologies Holdings, Inc. (Nasdaq: SSNC) today announced a
strategic partnership with U.K. investment management and fund
solutions group Marlborough.
SS&C has signed a long-term agreement with Investment Fund
Services Limited (IFS), which is Marlborough's authorised corporate director
(ACD) and authorised fund manager (AFM) business*. Under the
agreement, SS&C will provide fund accounting, middle-office and
transfer agency** services for the funds for which IFS acts as ACD
or AFM.
The funds, which have more than GBP16
billion of assets under management, include Marlborough's range of 19 funds and those
operated by more than 20 other investment management companies and
other financial services businesses in the U.K.
IFS previously provided these fund administration services
in-house and will concentrate on its role as ACD or AFM for the
funds. This role includes taking ultimate responsibility for a
fund's compliance with Financial Conduct Authority regulations and
ensuring it is managed in the best interests of its investors.
Under the agreement, around 90 IFS staff in Bolton transferred to SS&C on June 1, 2024. They will continue working in one
of Marlborough's office buildings
in Bolton, which will become a
'centre of excellence' for fund administration and serve clients of
both IFS and SS&C.
The team will use SS&C's cutting-edge technology to automate
processes and increase the efficiency of fund administration
operations while continuing to provide a first-class service for
clients.
Richard Goodall, CEO of
Marlborough, said: "We're
very excited about this strategic partnership with a leading global
player. The collaboration will further enhance the service received
by IFS's clients by combining SS&C's outstanding technology
with our own ACD/AFM expertise and commitment to exceptional
service. We believe this agreement provides considerable long-term
benefits for both the investors in these funds and the companies
operating them.
"We have ambitious growth plans rooted in delivering first-class
outcomes for investors. This partnership will enable us to continue
our growth trajectory, maintaining our independence and ensuring
the top-quality service our clients expect is sustained and
developed over the long term."
Allan Hamer, CEO of
IFS, said: "As a leading Independent ACD and AFM, we take
extremely seriously our responsibility to ensure all the funds
under our care are managed according to the latest best practice,
with the highest standards of service and, crucially, effective
oversight and governance.
"This partnership achieves exactly that. SS&C's global
leadership in fund administration and transfer agency capabilities,
coupled with their cutting-edge technology, will further enhance
efficiency in these all-important areas. At the same time, we at
IFS will focus on providing outstanding service and delivering
strong oversight and governance for the benefit of our end
investors."
Damien Barry, Head of Global
Investor & Distribution Solutions, EMEA, for SS&C,
said: "We're thrilled to be developing our relationship with
Marlborough and IFS through this
strategic partnership. The collaboration signals our intent to
enhance our capabilities in the fund administration space and
allows us to expand our middle-office and fund accounting services,
including our best-in-class transfer agency offering. We are
particularly excited to bring our fund accounting strengths to the
U.K. mutual fund market. We will focus on growing our market share
and providing exceptional service.
We look forward to working alongside these market leaders to set
a new standard of excellence for fund administration in the
U.K."
*The ACD/AFM role includes taking ultimate responsibility for
a fund's compliance with Financial Conduct Authority regulations
and ensuring it is managed in the best interests of its investors.
Funds that are open-ended investment companies (OEICs) appoint an
ACD, while unit trusts appoint an AFM.
**Transfer agency responsibilities include dealing in the
shares or units of a fund when investors place trades.
About Marlborough
Marlborough's companies provide
investment management, authorised corporate director and platform
services. www.marlboroughgroup.com.
About Investment Fund Services Limited
Investment Fund Services Limited (IFS) is a leading provider of
authorised corporate director (ACD) and authorised fund manager
(AFM) services, providing all the support, guidance, expert
oversight and governance that advisers and investment managers need
to launch and operate their own funds. Find out more at
www.ifslfunds.com
About SS&C
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. Some 20,000
financial services and healthcare organisations, 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.
Follow SS&C on Twitter, LinkedIn and Facebook.
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