Schroders has signed an agreement with International Financial Data Services (IFDS), the joint venture between State Street and DST, to outsource its UK-based authorised unit trust administration. IFDS will offer a full outsourced administration service for Schroders’ UK institutional and retail unit trust fund ranges.
The move by Schroders, which follows earlier decisions to outsource IT services to CSC and back office services to JP Morgan, is part three of a long term programme to concentrate on fund management by shifting operations to third parties. The contract, effective from the first half of 2003, will last six years. It includes the redeployment of a number of staff from Schroders to IFDS.
“This agreement with IFDS allows Schroders to increase shareholder value by using a high quality, cost effective, outsourced service,” says Hugh Mullan Chief Operating Officer, Retail, at Schroders. “In addition, it allows us to increase our focus on our core investment management business with our customers enjoying administration and client service delivered by world class specialists. This move is a further demonstration of the overall commitment we have to excellence that has led to us building one of today’s leading UK unit trust businesses.”
“We are extremely pleased to partner with Schroders to provide administration for their UK-based range of funds,” says Charles H Eppinger, Chief Executive Officer of IFDS. “Schroders is one of the most prestigious names in the UK market and we believe our advanced systems and high quality administration will provide them an edge in a very competitive environment. We truly look forward to a long and fruitful relationship with Schroders.”
Hugh Mullan, Chief Operating Officer, Retail of Schroders said: “This agreement with IFDS allows Schroders to increase shareholder value by using a high quality, cost effective, outsourced service. In addition, it allows us to increase our focus on our core investment management business with our customers enjoying administration and client service delivered by world class specialists. “This move is a further demonstration of the overall commitment we have to excellence that has led to us building one of today’s leading UK unit trust businesses.” The contract term is six years and will become effective in the first half of 2003. This will include the redeployment of a number of staff from Schroders to IFDS.
Charles H Eppinger, Chief Executive Officer of IFDS, commented: “We are extremely pleased to partner with Schroders to provide administration for their UK-based range of funds. Schroders is one of the most prestigious names in the UK market and we believe our advanced systems and high quality administration will provide them an edge in a very competitive environment. We truly look forward to a long and fruitful relationship with Schroders.”