Marlborough and SS&C create fund administration “centre of excellence”

by | Jun 24, 2024

• Agreement creates a ‘centre of excellence’ for fund administration in the UK

Investment management and fund solutions group Marlborough has announced a strategic partnership with US company SS&C Technologies Holdings, Inc., a global provider of software and services for the financial services industry. 

Investment Fund Services Limited (IFS), which is Marlborough’s authorised corporate director (ACD) and authorised fund manager (AFM) business*, has signed a long-term agreement with SS&C. Under the agreement, SS&C will provide fund accounting, middle-office and transfer agency** services for the funds for which IFS acts as ACD or AFM.

The funds, which have more than £16 billion of assets under management, include Marlborough’s own range of 19 funds and those operated by more than 20 other investment management companies and other financial services businesses in the UK.

IFS, which previously provided these fund administration services in-house, will concentrate on its role as ACD or AFM for the funds. This 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.

Under the agreement, around 90 IFS staff in Bolton transferred to SS&C on 1st June 2024. They will continue to work in one of Marlborough’s office buildings in Bolton, which will become a ‘centre of excellence’ for fund administration and will serve clients of both IFS and SS&C.

The team will use SS&C’s cutting-edge technology to automate processes and increase the efficiency of fund administration operations, while continuing to provide a first-class service for clients.   

Richard Goodall, CEO of Marlborough, said: “We’re very excited about this strategic partnership with a leading global player. The collaboration will further enhance the service received by IFS’s clients by combining SS&C’s outstanding technology with our own ACD/AFM expertise and commitment to exceptional service. We believe this agreement provides considerable long-term benefits both for the investors in these funds and for the companies operating them. 

“We have ambitious plans for growth, which are rooted in delivering first-class outcomes for investors. This partnership will enable us to continue our growth trajectory, maintaining our independence and ensuring the top-quality service our clients expect is sustained and developed over the long term.”

Allan Hamer, CEO of IFS, said: “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 latest best practice, with the highest standards of service and, crucially, effective oversight and governance. 

“This partnership achieves exactly that. SS&C’s global leadership in fund administration and transfer agency capabilities, coupled with their cutting-edge technology, will further enhance efficiency in these all-important areas. At the same time, we at IFS will focus on providing outstanding service and delivering strong oversight and governance for the benefit of our end investors.”

Damien Barry, Head of Global Investor & Distribution Solutions, EMEA, for SS&C, said: “We’re thrilled to be developing our relationship with Marlborough and IFS through this strategic partnership. The collaboration signals our intent in enhancing 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. We are particularly excited to bring our fund accounting strengths to the UK mutual fund market and will be focused on growing our market share as well as providing exceptional service.

“We’re looking forward to working alongside these market leaders to set a new standard of excellence for fund administration in the UK”

Marlborough is a leading independently owned investment management specialist and a provider of expert fund governance services to enable financial advisers and investment managers to launch their own funds or unitise existing portfolios. The group also includes an investment platform business, the Marlborough Select Platform, which combines digital-first technology with a commitment to exceptional service. The group manages assets in excess of £19 billion.

*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. Funds that are open-ended investment companies (OEICs) appoint an ACD, while unit trusts appoint an AFM.

*Transfer agency responsibilities include dealing in the shares or units of a fund when investors place trades.

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