In other news, State Street promotes a CTO, CloudMargin hires, and Tier1 Acquires Satuit.
SS&C Cites Cost Containment for Layoffs
Bill Stone
SS&C Technologies Holdings, Inc., a provider of post-trade software-based services and systems, has laid off 2.2 percent of its global work force, according to a presentation of financial results for the first quarter of 2021, and full year, which ended March 31, 2021.
“Earlier this month, we announced a reduction in force of 2.2 percent in our global employee base,” said Bill Stone, chairman and CEO, of SS&C, in his remarks during the April 26 presentation. “These decisions are always difficult, and we have delayed our plans since the first quarter of 2020, and we have and will continue to treat everyone fairly, provide severance and transition assistance.”
Media and company reports put SS&C’s full staff roster between 22,000 and 25,000 positions, and .022 of either figure is approximately 480 to 550 positions. SS&C officials declined to provide any more details about the layoff beyond the presentation.
The demands of the markets that SSC serves and the constant push for innovation appear to be the reasons for the staff reductions.
“The markets we serve, and our customers demand innovation and overall productivity increases. These pressures often dictate cost containment efforts. Our ability to continue to give pay raises, bonuses and other career development opportunities require us to manage our cost carefully and fairly,” Stone said.
The SS&C financial results include revenues of $1.233 billion for the first quarter which is a 5.1 percent increase over revenues of $1.173 billon for the same period last year, officials say. The vendor reported a first quarter profit of $174.9 million.
For all of 2020, SS&C reported total revenues of $4.667 billion.
“As we emerge from this pandemic, our pipelines are building, our salesforce is growing and we continue to deliver client solutions,” Stone said via a prepared statement.
“We have several new technologies in the works, including next generation solutions for transfer agency, institutional and investment management, and insurance,” Stone said. “The lasting effects from the past 12-14 months include increased need for cloud-based solutions, enhancing the digital experience, and simplifying user interfaces. We look forward to capitalizing on these trends.”
State Street Promotes CTO to Global Chief Architect Post
Aman Thind
Custodian State Street Corp. has promoted Aman Thind to executive vice president and global chief architect, overseeing State Street’s technology transformation, interoperable infrastructure, and support for digital assets, officials say.
For his new role, Thind will report to Brian Franz, global chief information officer for State Street.
Thind was previously chief technology officer (CTO) of State Street’s GlobalLink platform, according to the firm. Before his post as CTO, he was co-founder and CTO of BestX, a fintech startup acquired by State Street in 2018.
In addition to State Street, Thind has worked at Morgan Stanley, Lehman Brothers, Fidelity and Adobe, officials add.
The position will require Thind to “play an integral role in advancing the company’s technology innovation including further building capabilities in digital, crypto, and other digitally-led technologies,” officials say. “State Street has been actively engaged in the digital asset space for a number of years and is committed to evolving its broader strategy for the crypto and digital assets environment to meet the growing interest of global clients.”
In fact, State Street was appointed last month as the fund administrator and transfer agent of the VanEck Bitcoin Trust, a bitcoin exchange-traded fund (ETF) waiting approval by the SEC, officials say. State Street has also been appointed as the administrator of a planned bitcoin backed exchange traded note (ETN) initiated by Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH.
“With experience on both the trading floor and in technology strategy, Aman brings a unique perspective to our technology roadmap across multiple dimensions,” Franz says in a prepared statement.
CloudMargin Names DACH Region Sales Director
Martin Heraghty
CloudMargin, a cloud-based collateral and margin management specialist vendor, reports that Martin Heraghty has joined the company as sales director for the DACH region in Europe. The DACH region consists of Germany, Austria, Switzerland, and Central Europe.
Heraghty, who will be based in London, has more than 20 years of relevant experience, including more than 15 years selling trading technology processes and procedures, according to CloudMargin officials.
Heraghty spent “several years at Lombard Risk (now Vermeg), responsible for sales in the European territories of the firm’s collateral management and risk solutions,” per CloudMargin, and also was a business development manager at Misys — now Finastra, which CloudMargin calls a “global strategic partner.”
Heraghty will report to David White, the chief commercial officer for CloudMargin.
Tier1 Acquires Satuit Technologies
Tier1 Financial Solutions, a provider of client relationship management (CRM), anti-money laundering compliance and fraud-prevention procedures and processes, reports that it has acquired Satuit Technologies, Inc., a specialist vendor in asset management CRM software.
The acquisition represents an acceleration of Tier1’s expansion into the buy-side, the company says in a statement. Terms of the transaction were not disclosed.
The current Tier1 organization structure will remain unchanged, the vendor says, with two divisions operating as separate business units under Manish Patel, chief operating officer (COO) of CRM, and Andrew Simpson, COO of compliance, respectively.
Karen Maguire will continue as CEO of Satuit and will report directly to Jiro Okochi, who heads Tier1.
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