- Transfer Agency Services Provided by IFDS in Ireland and Luxembourg to be Assumed by State Street and SS&C
BOSTON and LONDON, Feb. 25, 2025 /PRNewswire/ -- 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.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.6 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of December 31, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2024 includes approximately $82 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
About SS&C Technologies
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. More than 22,000 financial services and healthcare organizations, 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.
© 2025 State Street Corporation
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