Infosys rose 3.83% to Rs 813.20 after US-based Vanguard and Infosys announce strategic partnership for digital transformation of Vanguard's defined contribution record keeping business.
US-based investment company Vanguard on Tuesday (14 July) announced it will partner with Infosys as part of its ongoing strategy to enhance and evolve its full-service defined contribution (DC) business. This strategic partnership will deliver a technology-driven approach to plan administration and fundamentally reshape the corporate retirement plan experience for its sponsors and participants.Through the partnership, Infosys will assume day-to-day operations supporting Vanguard's DC record keeping business, including software platforms, administration, and associated processes. Plan sponsors will continue to be served by Vanguard's relationship management teams, strategic plan design, and communication experts. Participant phone calls will be serviced by both Vanguard and Infosys.
Approximately 1,300 Vanguard roles currently supporting the full-service record keeping client administration, operations, and technology functions will transition to Infosys. All Vanguard employees currently performing these roles will be offered comparable positions at Infosys in close proximity to Vanguard's offices in Malvern, PA, Charlotte, NC, and Scottsdale, AZ.
Transitioning employees will receive the same salary, comparable benefits for a transition period of 12 months,plus meaningful incentive opportunities. Infosys is dedicated to this business and the transition offers prospects for long-term career growth and development.
Vanguard is one of the largest DC asset manager in the U.S. and has been recognized by trade organizations and research firms for its retirement services and thought leadership.
Infosys will announce its Q1 June 2020 results after market hours today, 15 July 2020.
Infosys is engaged in consulting, technology, outsourcing and next-generation services.
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