London, 11 May 2005 - International Financial Data Services (IFDS), the international transfer agency joint venture between State Street and DST, announced today that they have completed the consolidation and fund merger programme for the open-ended fund transfer agency activities of F&C Asset Management (F&C).
F&C has consolidated its UK open-ended fund range transfer agency servicing with IFDS. The new consolidated business will operate on an outsourced basis with IFDS providing a wide range of investor and distributor services on behalf of F&C to retail and institutional investors, financial advisors and distributors.
Based in the UK, Luxembourg and Canada, IFDS provides market-leading technology and services for investor and distributor servicing for fund management, wrap account and distribution organisations around the world.
Dominic Sheridan, Director Retail Operations, F&C Asset Management said,
"F&C welcomes the opportunity to continue its long-standing relationship with IFDS. IFDS has established itself as the UKâs premier open ended transfer agency service provider and has consistently demonstrated the values F&C expects from a service provider. Its systems and services continue to meet the high standards that F&C wants to provide its Customers and set the benchmark for investment administration processing".
Simon Hudson-Lund, Managing Director of IFDS commented,
"We are delighted that the enlarged F&C group recognises the high levels of service and quality combined with the advanced technology solutions that IFDS provides. We have had a long relationship with the ISIS arm of the business. This agreement is yet further evidence that IFDS are the leading provider of solutions to the transfer agency marketplace. This deal allows F&C, who are now one of the leading asset management organisations in the UK to focus on strategic objectives, knowing that their investors, institutions, advisors and distributors are receiving class-leading levels of service."