SS&C Signs Definitive Agreement to Acquire Iress' Managed Funds Administration Business

Rhea-AI Summary

SS&C Technologies Holdings, Inc. announces acquisition of Iress' managed funds administration business in Australia, strengthening its position as the world's leading transfer agent.

Positive

• The acquisition significantly expands SS&C's offering in Australia with top-of-the-line unit registry capabilities.
• The MFA business has around AUD900 billion in managed assets across over 1,400 funds, which will enhance SS&C's fund servicing footprint in Australia.
• Around 150 team members will join SS&C Global Investor & Distribution Solutions, reporting to Euan McLeod, Head of Transfer Agency, APAC.

Negative

• None.

Acquisition strengthens SS&C Global Investor & Distribution Solutions offering in Australia

WINDSOR, Conn., Aug. 20, 2023 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced a definitive agreement to acquire the managed funds administration (MFA) business from Iress, a leading Australian financial services technology company. The 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 is expected to close in Q3 2023.

The acquisition bolsters SS&C's position as the world's leading transfer agent, significantly expanding its offering in Australia with top-of-the-line unit registry capabilities. Around 150 team members are expected to join SS&C Global Investor & Distribution Solutions, which focuses on transfer, unit and platform agency and administration. They will report to Euan McLeod, Head of Transfer Agency, APAC.

The MFA team will augment SS&C's capabilities with a full range of outsourced unit registry capabilities for Australian fund managers and custodians. Iress' clients will enjoy the same outstanding service backed by SS&C's size, scale and comprehensive member and investor servicing capabilities.

"We are delighted to welcome the MFA team and their customers to SS&C," said Bill Stone, Chairman and CEO, SS&C Technologies. "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."

"SS&C is a natural home for the MFA business," said Marcus Price, Iress' Group CEO. "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."

About Iress

Iress (IRE.ASX) is a technology company providing software to the financial services industry.

We provide software and services for trading & market data, financial advice, investment management, mortgages, superannuation, life & pensions and data intelligence.

Our software is used by more than 10,000 businesses and 500,000 users globally. We have over 2,000 people based in Asia-Pacific, North America, Africa, the UK and Europe.

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. Some 20,000 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.
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SOURCE SS&C