Invesco Perpetual has confirmed delays to its fund administration outsourcing agreement with IFDS, with the move now expected to take place within the next three months.
The delay comes just over a year after the company first announced plans to outsource its fund administration functions from its contact call center in Henley-on-Thames. The deal was originally due to come into effect on June 6 2012.
The exact cause of the delay, which was first brought to light in a letter to clients, is unknown.
Over the past few months weve been doing extensive checking. During this time, some considerations were highlighted which have led to us taking the decision to delay the move to IFDS, the letter said.
We want to make sure that when the transition to IFDS happens its as seamless as possible.
Invesco Perpetual spokesperson told Global Custodian there are a few things they want to spend more time on to be completely sure all is in good order before the transition takes place.
The client letter said that Invescos current in-house team would remain in place until the outsourcing occurs. When it announced the deal it said it was likely to cut up to 100 jobs in its Henley-on-Thames head office. It advised clients to continue to use their existing account details while the group works towards a new completion date.
It is also expected to outsource its back office technology towards the end of the year.
Jupiter announced a similar delay in the four quarter of 2011. The asset manager closed its Kent office in preparation for the outsourcing.
(JDC)