SS&C will provide IT support for the funds business of the U.K. investment management group.
Marlborough, a U.K. investment management and fund solutions group, has selected SS&C Technologies to provide fund accounting, middle-office, and transfer agency services.
“SS&C has signed a long-term agreement with Investment Fund Services Ltd. (IFS), which is Marlborough’s authorized corporate director (ACD) and authorized fund manager (AFM) business,” according to the announcement. The agreement specifies that SS&C will provide services “for the funds for which IFS acts as ACD or AFM.”
“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,” officials say. “Funds that are open-ended investment companies (OEICs) appoint an ACD, while unit trusts appoint an AFM.”
The transfer agency’s responsibilities “include dealing in the shares or units of a fund when investors place trades,” officials add.
The agreement covers funds that represent more than £16 billion of assets under management (AUM), which includes “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.,” officials say.
“IFS previously provided these fund administration services in-house and will concentrate on its role as ACD or AFM for the funds,” according to the announcement.
The new agreement also includes the transfer of “around 90 IFS staff in Bolton” to SS&C on June 1, 2024. Staff will continue to work in one of Marlborough’s office buildings in Bolton, “which will become a ‘center of excellence’ for fund administration and serve clients of both IFS and SS&C,” officials say.
The IFS team will use SS&C’s technology “to automate processes and increase the efficiency of fund administration operations,” officials say.
Allan Hamer
“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,” says Allan Hamer, CEO of IFS, in a statement.
The collaboration signals SS&C’s plans “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,” says Damien Barry, head of global investor and distribution solutions, EMEA, for SS&C, in a statement.
SS&C offers systems, services, and software for financial services operations.
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