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Rating:Can SunGard Reinvent Mutual Fund Transfer Agency? Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, April 13, 2015

Can SunGard Reinvent Mutual Fund Transfer Agency?

Reported by Neil Anderson, Managing Editor

The SunGard team is trying to reinvent the mutual fund transfer agency business. And they're still on the hunt for deals.

On March 31, the software giant closed on a transaction to bring the Citi U.S. mutual fund transfer agency business into the SunGard fold. Doug Morgan, president of Sungard's institutional asset management business, tells MFWire that this is the software company's entry into being a transfer agent itself, and he describes what SunGard is building "fundamentally unique" in the space.

"We believe that the viability of this model will be attractive to others," Morgan says. "We would envision other transactions like this going forward."

SunGard has offered software services related to transfer agency for some time, and now they're building what Morgan describes as an "industry utility."

"We see an opportunity that leverages some of our underlying core technology" and wraps other services around that, Morgan says. "The mutual fund shareholder space in particular is one that really requires scale to do it in an effective manner."

Morgan declined to comment on the number of clients or staff involved in the deal, or on the pricing or terms. He described the deal as "an important strategic move" for SunGard and "a good example of collaboration with a key client," Citi.

"The Citi team that has supported these customers from a transfer agency perspective has transitioned to SunGard," Morgan says, calling that team "highly effective and well-known in the industry."

"All of the key managers for this business transitioned to SunGard," Morgan adds. "They'll be reporting to Fred Naddaff [managing director of SunGard's transfer agency business]." 

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