A MiFID license in Ireland helps SS&C to offer wealth management technology and services across the E.U.
SS&C Technologies has launched “a significant expansion” of its European wealth management business via SS&C Wealth Services Europe Ltd., a business that has been authorized according to the guidelines of the Markets in Financial Instruments Directive (MiFID).
The new business will be based in Dublin and “will focus on helping financial institutions modernize and scale their wealth operations through SS&C’s integrated wealth platform, custody, and back-office services,” officials say. “SS&C employs more than 550 professionals in Ireland, servicing over EUR 95 billion in assets across all fund structures and EUR 25 billion in life and pension products.”
The license is intended to strengthen SS&C’s ability “to serve the European Union’s wealth management sector. The company can now deliver its full suite of technology-enabled wealth management solutions directly from Ireland,” according to the announcement. The new operation is an expansion of SS&C’s U.K. wealth management business to a pan-European platform.
“This milestone marks an important step in our European growth strategy,” says Nick Wright, global head of SS&C Global Investor and Distribution solutions, in a prepared statement. “The MiFID authorization gives us the flexibility to bring our proven wealth management capabilities to clients across Ireland and Europe, helping them modernize their operations and meet evolving client and regulatory expectations.”
“SS&C’s long history in the country has seen the firm become an important player in Ireland’s financial services space, and we look forward to our continued partnership,” says Michael Lohan, CEO of IDA Ireland, in a statement. IDA Ireland is an “inward investment promotion agency,” dedicated to attracting and developing foreign investment in Ireland.
SS&C supports more than US$6.1 trillion in private wealth assets under management at more than 3,000 firms worldwide, officials say.
SS&C Technologies provides services and software for financial services operations and for the healthcare industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices worldwide. More than 23,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.
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