SunGard reports the expansion of its transfer-agency capabilities with the addition of an “industry utility offering to its managed services suite,” according to a statement, which calls the “key catalyst” for the expansion SunGard’s “acquisition of the U.S. long funds transfer agency business from Citibank, N.A. – a transition of shareholder servicing responsibilities that reflects the evolving landscape of the [fund services] industry.”
Additionally, SunGard is making “a multi-million dollar technology investment in hardware, infrastructure and software upgrades to support future product evolutions and further global expansion of its transfer agency offerings,” the statement notes, specifying that, in the wake of the financial crisis, “sub-accounting and new regulatory requirements have driven a number of top-tier financial institutions to rationalize their transfer agency functions, increasing their focus on, and investments in, such capabilities as fund accounting, administration and custody.”
This extension of SunGard’s current transfer agency capabilities “will help reinforce our position as a leading provider of managed services to financial institutions,” Doug Morgan, president of SunGard’s institutional asset management business, says in the statement. “We continue to invest in new and enhanced technologies while helping to ensure a seamless customer experience, and believe this new business model will result in improved services and features for our current and future customers.”
SunGard characterizes its asset arena transfer agency as the “technology backbone” supporting a “wide range of investments, including alternatives and cash products. Cloud-based, web-accessible servicing options for investors, fund managers and broker-dealers enable automated order processing around the globe.”
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