IFDS signs contract extension and expands range of outsourced services with M&G

London - 5 August 2008

International Financial Data Services (IFDS), the international transfer agency joint venture between State Street Corporation and DST Systems, Inc., announced today that it has reached agreement with M&G to extend its contract for retail administration services to 2016. At the same time M&G is proposing to transfer its customer contact functions to IFDS, subject to employee consultation.

William Nott, Chief Executive, M&G Securities, commented:

"M&G has had a very successful relationship with IFDS over the past five years and today's proposals strengthen this further. These proposals with IFDS effectively retain the same Customer Relations team to service M&G's customers, but under a more cost efficient structure, and ensure the same high quality service is maintained."

Simon Hudson-Lund, Chief Executive Officer, commented:

”We are extremely pleased that M&G wishes to not only extend our successful relationship but to expand the scope as well. The combined skills of the M&G and IFDS contact centres will further reinforce the high quality customer service and experience we consistently provide to our clients.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development