A World Class Partnership
In 1973 DST and State Street began a joint venture in
Boston, USA, to provide third party shareholder record keeping and administration systems. BFDS now employs 3,500 staff, providing administration to 16 million shareholder accounts for over 130 clients.
In 1995 DST and State Street Bank replicated this formula in the UK by acquiring existing business TAPL, renaming it European Financial Data Services (EFDS, changed to IFDS in 2001). Since then the company’s market share has grown tenfold, as business opportunities have arisen.
In addition to the UK operation IFDS has operations in Canada and Luxembourg.
IFDS (UK) is a joint venture between State Street Bank and DST Systems; both parents are 50% shareholders. Both are leaders in their respective fields with the resources required to support and develop a major growing UK business.
IFDS UK Credentials
· 28 clients representing 5 million unit holdings or approximately 30% of the UK market
· In excess of 1,400 employees in the UK of which 400 are in software development, IT production and support
· Proven contemporary collective investment record keeping platform, FAST, which includes fully integrated image and workflow management software, AWD.
· IFDS and DST continue to invest in technology - over £100 million per annum including approximately £10 million per annum by IFDS in the UK.
· Invested over £20 million in a new 110,000 sq ft headquarters in Basildon and also acquired 80,000 sq ft facility in Chelmsford.
· Substantial investment in Cofunds and technology – distributor of over 680 3rd Party Funds from 50 management groups. Holds 18% market share of the ISA market and 20% of the PEP transfer market.
IFDS is the world’s leading provider of systems and service solutions for the collective investment industry.
By combining their vast industry expertise with the most technologically advanced software systems available (most of which have been developed in-house), IFDS (UK) provides third party administration systems and servicing to the UK collective investment industry. Put simply they administer Unit Trusts, Investment Trusts, ISAs, PEPs and OEICs for an ever-growing portfolio of well known clients.
In 1995 EFDS employed 86 staff, administered 286,000 accounts and had 4 clients, representing 2% of the UK market. In June 2001 their name changed to IFDS (UK) to enable all sites outside the USA to operate under a single global name and to encompass our other partnerships. In total they now provide systems and administration services for over 5 million accounts, or approximately 30% of the UK market, making them the market leader. They employ around 1400 staff at their sites in Essex.
The UK HQ is IFDS House, a large, state of the art office building in Pipps Hill, on the outskirts of Basildon. This has easy access to the A13, A127 and M25 and has parking on site. |
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