Chanticleer

Global super giant finds Aussie beachhead at MLC

The tie-up between Insignia Financial and SS&C Technologies is a deal like few others – big on employees and software, light on cash.

Dec 10, 2024 – 5.17pm

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Imagine giving away one-third of your employees – all people who underpin your biggest business unit, biggest money spinner and arguably the riskiest part of the group – for no money in return. What a decision.

Resurgent Insignia Financial is doing it. New CEO Scott Hartley wants to send 1300 employees packing by the middle of next year. They will go to global financial services software group SS&C Technologies, an American company worth $30 billion (or 10 times Insignia), and form the backbone of its new Australian superannuation services arm that can take on market-leader Link.

Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.