SS&C glad as a comparatively silent associate | Australian Markets
If one company has been comparatively quietly growing its presence within the Australian superannuation sector it has been SS&C.
The company has been working in Australia for many years partnering with and servicing superannuation funds, however the altering face of the sector notably with respect to member administration has introduced the US-based company to the fore.
SS&C has been notably within the news as a result of of the December announcement that Insignia Monetary had entered into an settlement with the company to largely outsource the underpinnings of the Insignia Grasp Belief business.
That transaction sees the switch of close to 1400 Insignia personnel to SS&C however, most significantly, it can see SS&C drive a a consolidation of the a number of working platforms which had developed within Insignia’s Grasp Belief business.
Visiting Australia final week, on removed from his first go to, SS&C founder and chairman, Invoice Stone signalled that the Insignia deal was indicative of and had validated his company’s prolonged involvement within the Australian financial companies sector.
He mentioned that the Australian superannuation system is the envy of the world and because the system had grown so had the market for SS&C’s companies, notably as funds had sought to outsource.
“When places get bigger and bigger you get cost build up and sometimes the cost is more than the value of the services,” he mentioned. “It is very difficult for organisations to pivot to changes in processes in a way that would enable them to grow and really manage their costs.”
Stone continues to see Australia as a growth market for SS&C, noting that the company had began off with a very small presence within the kind of its hi-portfolio offering.
“When we first came we had a very small presence – HiPortfolio – gave us a nice footprint here but that was all asset management,” he mentioned, noting that the company’s presence within the superannuation space had broadened, one thing which was bolstered by its acquisition of DST in 2018.
Stone says the target has all the time been for SS&C to be a bedrock for its purchasers when they’re pursuing business processing outsourcing.
“It can be very complex and tedious in some ways so you want to have efficient technologies and the ability to deliver what we’ve been asked to do,” he mentioned.
“What SS&C wants is to be expert in what we do and set a standard that would be very difficult to emulate,” Stone mentioned, noting that the firm spends US$500 million a yr on technology.
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