With all the incoming talent over last 12 months, are we becoming a mini BNYM or mini JPM? I’ve worked at both and I’m curious of others views?
2 replies (most recent on top)
I wouldn't call it "talent"
I agree with the commentary that SS&C is a mini BNYM/JPM possibly a mini StateStreet who treat their staff horrendously. Its a small and incestous industry that is third-party funds administration and the key differentiator is that bottom line (servicing) and (innovation) which SS&C (DST-IFDS) aren't great on either front.
The reason they have been successful is in tying down large corporates to long and tortous service contracts, promising the world and delivering t–d - many renewals are not occurring and if they do its down the to pain of attempting to move on or ability for the company to take a hit (Old Mutual).
The only thing SS&C can do is drive down costs and that means bottom-line and the quickest route to victory is slash and burn the workforce (short-term win), outsource to cheaper workers (India/Thailand/China) for long-term failure, and that ladies and gentlemen is what SS&C UK is now going to be if the next two years if the bottom line doesn't improve to the insane amounts Bill Stone requires.