State Street(STT) Prnewswire·2025-02-25 21:49Group 1 - State Street Corporation and SS&C Technologies announced a restructuring of their European joint venture, International Financial Data Services (IFDS), in Ireland and Luxembourg, transitioning transfer agent services to their respective business units [1][2] - State Street will outsource transfer agent services for its clients, while SS&C will rebrand existing agent units in Ireland and Luxembourg as wholly-owned SS&C companies within its Global Investor & Distribution Solutions division [2][3] - The restructuring is expected to be completed in the second half of 2025, pending usual approvals and conditions [2] Group 2 - The decision aims to simplify the operational model of each company and enhance the transfer agent experience for clients [3] - Both companies will utilize current teams, technologies, processes, and control environments to minimize disruptions for clients and employees during the transition [4] - The restructuring will not affect IFDS Canada, which serves the North American market [4] Group 3 - State Street Corporation is a leading provider of financial services for institutional investors, with assets under custody and/or administration of 4.7 trillion as of December 31, 2024 [5][6] - SS&C Technologies, founded in 1986, is a global provider of services and software for the financial services and healthcare industries, serving over 22,000 organizations worldwide [7]