US-based financial software provider SS&C Technologies has secured approval from the Central Bank of Ireland for its new entity, SS&C Wealth Services Europe.
The licence approval was granted under the European Union (EU) Markets in Financial Instruments Directive (MiFID).
The company can now provide a range of wealth management technology and services to financial institutions across the EU from its Dublin base.
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SS&C said the move builds on its existing wealth management operations in the UK and supports its strategy to offer a pan-European platform for wealth management.
SS&C global investor and distribution solutions global head Nick Wright said: “This milestone marks an important step in our European growth strategy.
“The MiFID authorisation gives us the flexibility to bring our proven wealth management capabilities to clients across Ireland and Europe, helping them modernise their operations and meet evolving client and regulatory expectations.”
The new entity, SS&C Wealth Services Europe, aims to help financial institutions in upgrading and expanding their wealth management activities.
The Dublin-based firm will deliver SS&C’s integrated wealth platform, custody, and back-office services.
SS&C employs over 550 staff in Ireland, managing over €95bn in assets across all fund structures and €25bn in Life & Pension products.
The company supports private wealth assets of more than $6.1tn under management for over 3,000 firms across the world.
IDA Ireland is a state agency responsible for attracting and supporting foreign direct investment in the country.
With a network of international offices, the organisation helps global companies seeking to establish or grow their operations in the country.
IDA Ireland CEO Michael Lohan said: “SS&C’s announcement further underscores Ireland’s position as a leading location for global firms in the financial services sector.
“The combination of a talented workforce and a stable pro-business environment continue to attract companies looking to access wider global markets.”
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