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.
