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Insignia Financial Ltd (ASX: IFL) has entered into an Initial Agreement with global technology and fund administration leader, SS&C Technologies (SS&C) which is intended to simplify and transform its Master Trust business, and result in an improved customer experience and cost efficiencies.
Upon signing the final agreement, the two companies will enter into a partnership, with SS&C proposed to provide administration and technology services for Insignia Financial’s Master Trust business. A final binding agreement is expected to be completed during the first quarter of 2025.
The outcome follows a detailed review of Insignia Financial’s Master Trust strategy, during which a range of various options were considered to simplify the multiple technology platforms and administration operating models into a single platform and operating model.
Once finalised, Insignia Financial intends to subcontract a range of administration and technology functions for Master Trust to SS&C. This will include the transition of more than 1,000 people, as well as technology from Insignia Financial to SS&C, to ensure a continuity of service, operations and product knowledge for our members. Insignia Financial will continue to provide servicing and administration functions, including claims and complaints. Subject to signing the final binding agreement, it is intended that Insignia Financial will transition these functions to SS&C mid-2025, and once in their environment the two organisations will work closely together to transform Insignia Financial’s multiple technology platforms and operating models to one, with SS&C’s registry solution Bluedoor at its core.