SS&C axes jobs, shifts roles offshore

US software services giant SS&C Technologies has slashed 170 Australian roles in the operations, technology and delivery teams.

Last year, Insignia Financial struck a deal with SS&C to outsource about 1300 staff who worked in its master trust business to the fund administrator as part of its cost-cutting drive. Insignia's staff working in administration, technology and digital teams officially moved to SS&C in July 2025.

While SS&C began the major restructure to integrate the workforces of the two businesses, Finance Sector Union (FSU) had secured a 12-month firing freeze of the roles.

FSU said, however, as soon as the moratorium on the job losses lifted, SS&C has made a portion of the staff redundant. The union noted all the jobs in the initial round of redundancies will be performed at SS&C Technologies' Thai and Indian operations.

"The remaining Australian staff will undergo a selection process to determine who stays and who will be in line for future redundancies," FSU said.

Insignia Financial's Shadforth and Bridges financial advice business will also axe 59 staff with their jobs also going to the Philippines.

FSU has lodged a dispute with SS&C and Insignia Financial and said it will escalate the matter to the Fair Work Commission if needed.

"Offshoring is a cancer that continues to spread across the entire Australian finance sector," FSU national president Wendy Streets said.

"It puzzling to think that SS&C Technologies bought half off Insignia Financial last year to get a toehold on Australian finance and now, less than a year later, they are abandoning this country in favour of Asian countries known for their poor pay and conditions."

Streets added the FSU will not relent until the companies are held to account for treating Australian workers like "pawns in a fruitless global chess game".