SS&C secures approval for new wealth management service in Ireland

Core Insights - SS&C Technologies has received approval from the Central Bank of Ireland for its new entity, SS&C Wealth Services Europe, allowing it to provide wealth management technology and services across the EU from Dublin [1][2] - The approval is under the EU Markets in Financial Instruments Directive (MiFID), which supports SS&C's strategy to enhance its wealth management operations in Europe [1][2][3] Company Developments - The new entity aims to assist financial institutions in modernizing and expanding their wealth management activities, delivering integrated wealth platforms, custody, and back-office services [3] - SS&C currently employs over 550 staff in Ireland and manages over €95 billion in assets across various fund structures, along with €25 billion in Life & Pension products [4] Market Position - SS&C supports private wealth assets exceeding $6.1 trillion for over 3,000 firms globally, indicating a strong market presence [4] - The establishment of SS&C Wealth Services Europe is seen as a significant milestone in the company's European growth strategy, enhancing its ability to meet evolving client and regulatory expectations [2][3] Industry Context - IDA Ireland highlights the importance of SS&C's announcement in reinforcing Ireland's status as a key location for global financial services firms, emphasizing the combination of a skilled workforce and a stable business environment [5]