SS&C GIDS will operate the M&G Platform, according to an expansion of an existing agreement.
M&G plc, a global investment manager based in London, is expanding its agreement with SS&C Technologies by letting SS&C Global Investor & Distribution Solutions (GIDS) operate the M&G Platform, a distribution channel for M&G’s PruFund, in a bid to improve service delivery and operational resilience, officials say.
M&G will retain full ownership of the platform and responsibility for “all key strategic, regulatory and commercial decisions,” officials add. The M&G Platform for M&G’s £70 billion PruFund will use SS&C’s “scalable private cloud infrastructure” to help the platform expand along with adviser and client needs.
Officials add that M&G has had a 20-plus year relationship with SS&C, which has been providing services for asset management and life businesses, business process outsourcing (BPO), and policy administration.
“As part of the agreement, around 200 M&G employees will transition to SS&C, subject to a consultation process. This will ensure continuity of expertise and day-to-day operations. Employees joining SS&C will benefit from expanded career development and learning opportunities within a global technology and services organization,” according to the announcement. M&G plc has £371.4 billion of assets under management (AUM) and administration.
“Expanding our relationship with SS&C will help us accelerate our ambitions, strengthen our operations and support the continued growth of our market-leading investment solutions, such as PruFund across the retail advised market. This enables us to focus on innovation and enhancing the adviser and customer experience, while positioning the Platform for long-term success,” says Tom Bischler, CEO of the M&G Platform, in a prepared statement.
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