Strengthening Global Footprint
SS&C Technologies Holdings, Inc. has unveiled a significant stride in its mission to solidify its position as a global leader in the financial services sector.
The company announced today that it has entered a definitive agreement to acquire the managed funds administration (MFA) business from Iress, a distinguished Australian financial services technology company.
This strategic move not only amplifies SS&C’s foothold in the industry but also augments its unit registry prowess in Australia.
Elevating Transfer Agency Capabilities
The MFA business stands tall as one of Australia’s premier third-party fund registries, boasting an impressive AUD900 billion in managed assets spread across more than 1,400 funds, four custodians, and 69 fund managers.
The acquisition, poised to conclude in the third quarter of 2023, will significantly expand SS&C’s global influence as the preeminent transfer agent. This strategic expansion is set to revolutionize the company’s offering, positioning it as a top-tier player in the Australian financial landscape.
A Cohesive Collaboration
As part of this transformative deal, SS&C Global Investor & Distribution Solutions, a dedicated entity for transfer, unit, and platform agency and administration, will welcome approximately 150 skilled team members into its fold.
Reporting directly to Euan McLeod, Head of Transfer Agency, APAC, these team members will spearhead the implementation of top-of-the-line unit registry capabilities.
This infusion of expertise from the MFA team will seamlessly complement SS&C’s arsenal, presenting a comprehensive range of outsourced unit registry capabilities tailored to Australian fund managers and custodians.
A Promise of Excellence
The acquisition reverberates with a promise of unparalleled service excellence.
Bill Stone, Chairman, and CEO of SS&C Technologies voiced his enthusiasm, stating,
“We are delighted to welcome the MFA team and their customers to SS&C.”
Stone expressed the company’s commitment to advancing its fund servicing footprint within Australia and globally enhancing its transfer agency capabilities.
The integration with MFA also underscores SS&C’s mission to bring top-tier digital servicing, data solutions, and comprehensive servicing support to asset managers across the investment management lifecycle.
Uniting Strengths
Marcus Price, Group CEO of Iress, confirmed that SS&C naturally aligned with the MFA business.
“They share our strong belief in supporting the financial services community through technology-powered solutions,”
Price emphasized. The transition to SS&C offers a promising avenue for further growth and innovation, promising both Iress’ clients and personnel a future fortified by SS&C’s robust scale and unwavering commitment to excellence.
Background on Iress Managed Funds Administration and the Key Players
Iress, which is listed on the ASX under the symbol IRE.ASX, stands as a technology powerhouse catering specifically to the financial services industry.
With a diverse portfolio of software and services spanning trading, market data, investment management, and more, Iress reigns as the trusted choice for over 10,000 businesses and half a million users worldwide.
On the other hand, SS&C Technologies is a world-renowned service and software provider for the financial services and healthcare sectors.
Founded in 1986, SS&C’s reach spans the globe, with around 20,000 organizations entrusting their operations to its expertise, technology, and scale.
