GLG transitions transfer agency services to IFDS
Europe‟s leading transfer agency provider completes outsourcing of GLG fund business
International Financial Data Services (IFDS), the international transfer agency joint venture between State Street Corporation and DST Systems, Inc., announced today that it has successfully completed the conversion and outsourcing of the GLG UK regulated fund range.
GLG is a leading global investment manager offering a comprehensive range of alternative, traditional long-only and hybrid investment products. GLG is a division of the Man Group.
Man Group has outsourced the GLG investor record-keeping and transfer agency functions for its UK regulated funds to IFDS on a full-service basis, including servicing of distributors, platforms and financial institutions, along with the investor and adviser call centre for their UK range of funds. “The decision to outsource this book of business falls in line with our overall strategic plan to deliver a robust outsourcing model for all full Man and GLG Product ranges. IFDS will be a great relationship for us to take the business forward given their presence in the UK market. We are very pleased to be working with them on this initiative” said Simon White, Global Head of Product and Client Operations at Man Group.
The IFDS group of companies, along with State Street, provides market-leading transfer agency, wealth management and investor record-keeping solutions for a wide range of institutions, distributors, advisors and investors in Australia, Austria, Canada, Germany, Hong Kong, Ireland, Italy, Luxembourg, Singapore, Switzerland, the UK and the US.
“We are delighted to be working with the Man Group to provide our market leading and award winning transfer agency services on behalf of their GLG fund range. The decision to outsource to IFDS further demonstrates to the market that we are the provider of choice when it comes to institutional and retail transfer agency services in the European market place.” said Simon Hudson-Lund, Chief Executive Officer at IFDS.
IFDS continues to be recognized for innovative solutions and services, most recently being the first transfer agent to win both the Custody Risk and Funds Europe „European Transfer Agent of Year‟ awards. IFDS has continually been recognised as Europe‟s leading provider since 2008.
MHP Communications | Rosa Smith | IFDS Account Manager | T +44 (0) 203 128 8100
Notes to Editors
Man Group / GLG Partners
Man is a world-leading alternative investment management business. It has expertise in a wide range of liquid investment styles including managed futures, equity, credit and convertibles, emerging markets, global macro and multi-manager, combined with powerful product structuring, distribution and client service capabilities. As at 31 December 2011, Man managed $58.4 billion of assets.
The original business was founded in 1783 by James Man. In 1983 Man became a partner with money management firm, Mint, based in the US. Man is listed on the London Stock Exchange and is a member of the FTSE 100 Index with a market capitalisation of approximately £1.8 billion. The original GLG business was founded in 1995 by Noam Gottesman, Pierre Lagrange and Jonathan Green. Man acquired the GLG business in October 2010 and, as part of this acquisition, the UK domestic funds business (currently US$ 5.1 billion) moved under the Man umbrella.
GLG Partners Inc. acquired Société Générale. Asset Management UK in April 2009 bringing in funds associated with the transaction.
International Financial Data Services (“IFDS”):
Is a 50/50 joint venture between affiliates of Boston-based State Street Corporation, the world‟s leading provider of services to institutional investors, and DST Systems Inc., a Kansas City, Missouri-based leading provider of shareholder accounting services and proprietary systems.
IFDS is today recognised as the world‟s leading provider of investor record keeping and transfer agency solutions on a BPO (Business Process Outsourcing) and ASP (Application Service Provision) basis. Our services are provided to a wide range of global collective investment, wealth management and platform clients, supporting over 18.5 million accounts for over 200 organisations, over 8,500 share classes and with over 3,500 experienced staff based in four locations (Canada, Ireland, Luxembourg & United Kingdom). Figures as December 31, 2011.
State Street Corporation:
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $21.8 trillion in assets under custody and administration and $1.9 trillion in assets under management at December 31, 2011, State Street operates in 29 countries and more than 100 geographic markets worldwide.
DST Systems, Inc.:
DST Systems, Inc. provides sophisticated information processing and computer software products and services to support the mutual fund, investment management, insurance and healthcare industries. In addition to technology products and services, DST provides integrated print and electronic statement and billing output solutions through a wholly owned subsidiary. DST‟s world-class data centers provide technology infrastructure support for mutual fund companies, healthcare providers, banks, mortgage bankers and insurance companies around the globe. DST is headquartered in Kansas City, Missouri, and is a publicly traded company on the New York Stock Exchange.