SS&C Technologies Holdings, announced the acquisition of FPS Trust Company, a non-depository trust company, from IPX Retirement. FPS Trust focuses on providing services to banks and institutional retirement plan providers. Financial terms were not disclosed.
Based in Centennial, Colorado, FPS Trust offers high-volume beneficiary distributions, paying agent services and tax processing solutions to institutional trustees and retirement plan administrators. FPS Trust will operate within SS&C Innovest. Previously, SS&C Innovest partnered with FPS Trust to provide paying agent services to their existing clients on the SS&C InnoPay high-volume employee benefit payment processing platform.
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“We are excited to welcome the FPS team to SS&C,” said Glenn Schmidt, General Manager of SS&C Innovest. “The acquisition allows us to build on an already strong partnership as part of a single organization. Together, we can further enhance the managed services we provide to our institutional customers as we support them in delivering excellent, scalable service to their clients.”
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“The integration of FPS Trust and SS&C will enable SS&C to extend its range of services, particularly those offered to wealth managers issuing taxable distributions on the SS&C Trust Platform,” said Bill Mueller, CEO of IPX Retirement. “SS&C is now well positioned to further expand on the synergies with SS&C Managed Services and optimize their custodial offerings to institutional trustees and bank trust companies.”
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Source: prnewswire
