M&G and IFDS – the State Street and DST Systems fund administration joint venture – today reached an outsourcing agreement for IFDS to provide M&G with retail administration services.
During this year, M&G conducted a review of its retail IT systems platform and assessed and tested offers from a range of possible providers. The review covered administration and supporting IT systems. As a result of the agreement, all M&G’s administration service functions will be transferred to IFDS and M&G will migrate onto IFDS’ FAST platform by the end of the third quarter, 2003. All areas of customer and intermediary contact services will remain in-house.
Under the new agreement, M&G’s retail administration team will transfer to IFDS under the Transfer of Undertakings Protection of Employment (TUPE) regulations. The new contract secures the sale of two of M&G’s properties, M&G House and Dorset House, both located in Chelmsford. IFDS is already a major employer in Essex and this purchase will further increase its presence in the area.
Gary Shaughnessy, Chief Executive UK Retail of M&G, comments: “We are delighted to have signed contracts with IFDS, the largest and one of the most respected Third Party Administrators in the UK. IFDS recognises the quality and experience of our retail administration staff and this agreement will enable M&G to build on the high quality administration service we currently provide to both customers and intermediaries.”
Charles H Eppinger, Chief Executive Officer of IFDS, comments: “We are excited that we have secured a deal with M&G to provide administration services for its UK-based range of funds. IFDS is committed to providing its partners and customers with the highest quality administrative services and this agreement is testimony that we are the leading provider of services and systems in the UK.”