SS&C Technologies Acquires FPS Trust

Rhea-AI Summary

SS&C Technologies Holdings (Nasdaq: SSNC) has announced the acquisition of FPS Trust Company, a non-depository trust company, from IPX Retirement. Based in Centennial, Colorado, FPS Trust specializes in providing high-volume beneficiary distributions, paying agent services, and tax processing solutions to institutional trustees and retirement plan administrators.

FPS Trust will be integrated into SS&C Innovest, building upon their existing partnership where FPS Trust provided paying agent services through SS&C's InnoPay platform. The acquisition strengthens SS&C's position in providing scalable benefit payment solutions to institutional clients and expands their service offerings, particularly for wealth managers issuing taxable distributions on the SS&C Trust Platform.

Positive

• Strategic expansion of SS&C's institutional payment processing capabilities
• Integration of existing partnership enhances operational efficiency
• Expansion of service offerings for wealth managers
• Strengthening of custodial offerings to institutional trustees

Negative

• None.

The acquisition solidifies SS&C's commitment to proving scalable benefit payment solutions to their institutional clients.

WINDSOR, Conn., Feb. 3, 2025 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced the acquisition of FPS Trust Company, a non-depository trust company, from IPX Retirement. FPS Trust focuses on providing services to banks and institutional retirement plan providers. Financial terms were not disclosed.

Based in Centennial, Colorado, FPS Trust offers high-volume beneficiary distributions, paying agent services and tax processing solutions to institutional trustees and retirement plan administrators. FPS Trust will operate within SS&C Innovest. Previously, SS&C Innovest partnered with FPS Trust to provide paying agent services to their existing clients on the SS&C InnoPay high-volume employee benefit payment processing platform.

"We are excited to welcome the FPS team to SS&C," said Glenn Schmidt, General Manager of SS&C Innovest. "The acquisition allows us to build on an already strong partnership as part of a single organization. Together, we can further enhance the managed services we provide to our institutional customers as we support them in delivering excellent, scalable service to their clients."

"The integration of FPS Trust and SS&C will enable SS&C to extend its range of services, particularly those offered to wealth managers issuing taxable distributions on the SS&C Trust Platform," said Bill Mueller, CEO of IPX Retirement. "SS&C is now well positioned to further expand on the synergies with SS&C Managed Services and optimize their custodial offerings to institutional trustees and bank trust companies."

About IPX Retirement

IPX Retirement is a leading provider of trust, custody, IRA, and recordkeeping services to the retirement plan industry. Our innovative multi-vendor, multi-provider approach delivers superior value for financial advisors, plan sponsors, investment providers, TPAs, and the investors they serve.

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 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

FAQ

What services does FPS Trust bring to SS&C's portfolio after the February 2024 acquisition?

FPS Trust brings high-volume beneficiary distributions, paying agent services, and tax processing solutions for institutional trustees and retirement plan administrators.

How will the FPS Trust acquisition affect SS&C's (SSNC) institutional client services?

The acquisition will enhance SS&C's managed services and enable them to provide more scalable benefit payment solutions to institutional clients.

Which division will FPS Trust operate under within SS&C (SSNC)?

FPS Trust will operate within SS&C Innovest, building on their existing partnership.

What synergies exist between FPS Trust and SS&C's existing operations?

FPS Trust previously partnered with SS&C Innovest to provide paying agent services through the SS&C InnoPay platform, allowing for seamless integration.

How will the acquisition impact SS&C's (SSNC) wealth management services?

The integration will extend SS&C's services, particularly for wealth managers issuing taxable distributions on the SS&C Trust Platform.