Iress sells managed funds administration business to SS&C
“SS&C is a natural home for the MFA business. They share our strong belief in supporting the financial services community through technology-powered solutions. We are confident SS&C is well placed to invest in the growth of the business for the benefit of both its clients and people.”
SS&C Technologies Holdings, Inc. has agreed to acquire the managed funds administration (MFA) business from Iress, the Australian financial services technology company.
Iress provides software and services for trading and market data, financial advice, investment management, mortgages, superannuation, life and pensions, and data intelligence to more than 10,000 businesses and 500,000 users globally.
Its MFA business is one of Australia’s largest third-party fund registries, with around AUD900 billion in managed assets across over 1,400 funds, four custodians, and 69 fund managers.
The deal between SS&C Technologies Holdings, Inc. and Iress is expected to close in Q3 2023.
“SS&C is a natural home for the MFA business”
Bill Stone, Chairman and CEO, SS&C Technologies, said: “We are delighted to welcome the MFA team and their customers to SS&C. Today’s announcement enables SS&C to further develop its fund servicing footprint in Australia and elevate our global transfer agency capabilities. We are deeply committed to this region and look forward to expanding Australian asset managers’ access to best-in-class digital servicing, data solutions and servicing support across the investment management lifecycle. Our mission is to deliver the same high-quality processing and investor experience to our global clients wherever they conduct their business.”
Marcus Price, Chief Executive Officer of Iress, commented: “SS&C is a natural home for the MFA business. They share our strong belief in supporting the financial services community through technology-powered solutions. We are confident SS&C is well placed to invest in the growth of the business for the benefit of both its clients and people.”
SS&C Global Investor & Distribution Solutions to welcome 150 staff
Established in 1986, SS&C stands as a worldwide provider of services and software catering to the financial services and healthcare sectors, with a clientele encompassing around 20,000 entities.
The acquisition reinforces SS&C’s stature as the foremost global transfer agent, substantially enriching its Australian presence through advanced unit registry capabilities.
Approximately 150 team members are set to join SS&C Global Investor & Distribution Solutions, a sector dedicated to transfer, unit, and platform agency and administration. This group will report to Euan McLeod, Head of Transfer Agency, APAC.
The integration of the MFA team will enhance SS&C’s offerings with a comprehensive suite of outsourced unit registry capabilities tailored for Australian fund managers and custodians. Iress’ clientele will continue to receive exceptional service, fortified by SS&C’s extensive resources, scale, and robust member and investor servicing proficiency.
