Marlborough's Investment Fund Services Ltd Enters Strategic Partnership with SS&C

Rhea-AI Summary

SS&C Technologies Holdings (Nasdaq: SSNC) has announced a strategic partnership with Marlborough's Investment Fund Services (IFS). This arrangement includes SS&C providing fund accounting, middle-office, and transfer agency services for over GBP 16 billion in assets. Approximately 90 IFS staff members will transition to SS&C, continuing to work from Marlborough’s Bolton office, which will be designated as a 'centre of excellence'. This partnership aims to enhance service efficiency and compliance, leveraging SS&C's advanced technology. The collaboration is expected to drive growth and improve investor outcomes.

Positive

• Strategic partnership enhances service efficiency and compliance.
• SS&C will provide services for over GBP 16 billion in assets.
• 90 IFS staff members transition to SS&C, ensuring continuity.
• Designation of Bolton office as a 'centre of excellence'.
• Combines SS&C's technology with Marlborough's expertise.

Negative

• No meaningful negative aspects reported.

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.

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SOURCE SS&C

FAQ

What is the strategic partnership between SS&C and Marlborough's Investment Fund Services ?

SS&C and Marlborough's Investment Fund Services (IFS) have partnered, with SS&C providing fund accounting, middle-office, and transfer agency services for over GBP 16 billion in assets.

When did the transition of IFS staff to SS&C occur?

The transition of approximately 90 IFS staff to SS&C occurred on June 1, 2024.

What services will SS&C provide under the new partnership?

SS&C will provide fund accounting, middle-office, and transfer agency services to Marlborough's funds and other investment management companies.

What is the significance of the Bolton office in the SS&C and Marlborough partnership?

The Bolton office will become a 'centre of excellence' for fund administration and will serve clients of both IFS and SS&C.

How much in assets will SS&C manage through this partnership?

SS&C will manage over GBP 16 billion in assets through this partnership.