SS&C Acquires Iress' Managed Funds Administration Business For Undisclosed Sum

SS&C Technologies Holdings Inc SSNC has entered into a definitive agreement to acquire the managed funds administration (MFA) business from Iress, an Australian financial services technology company.

The MFA business is one of Australia's largest third-party fund registries, with around A$900 billion in managed assets across over 1,400 funds, four custodians and 69 fund managers.

The deal is expected to boost SS&C's position as a transfer agent, significantly expanding its offering in Australia with top-of-the-line unit registry capabilities. 

Around 150 team members are expected to join SS&C Global Investor & Distribution Solutions, which focuses on transfer, unit and platform agency and administration. They will report to Euan McLeod, Head of Transfer Agency, APAC.

The transaction is expected to close in the third-quarter 2023. SS&C held $439.7 million in cash and equivalents as of June 30, 2023.

"We are deeply committed to this region and look forward to expanding Australian asset managers' access to best-in-class digital servicing, data solutions and servicing support across the investment management lifecycle," said Chairman and CEO Bill Stone.

Price Action: SSNC shares closed higher by 0.73% at $55.05 on Friday.