State Street Corporation and SS&C Technologies on 25 February 2025 their decision to restructure the European component of their International Financial Data Services (IFDS) LP joint venture in Luxembourg and Ireland after nearly two decades of collaboration.

Under the plan, transfer agency services provided by IFDS in both countries would be integrated into the respective operations of each company.

State Street stated that it would insource transfer agency services for its clients, while SS&C confirmed that it would rebrand the existing transfer agency entities in Ireland and Luxembourg. SS&C added that it would operate these entities as a wholly owned business within its global investor & distribution solutions division. Both companies expected the restructuring to be completed in the second half of 2025, subject to regulatory approvals and other conditions.

Donna Milrod, chief product officer of State Street, said the restructuring aimed to simplify each company’s operating model and transfer agency experience for clients. She emphasised that State Street’s priority was to maintain service quality and retain transfer agency employees and expertise throughout the transition.

Nick Wright, global head of SS&C global investor and distribution solutions, stated that SS&C would continue its partnership with State Street on transfer agency and other services. He reiterated SS&C’s commitment to providing clients with global transfer agency technology and solutions.

Both companies confirmed that they would rely on their existing teams, technology, processes and control frameworks to minimise disruptions for clients and employees. They also clarified that the restructuring would not affect IFDS Canada, the joint venture serving the North American market.