INFOSYS PARTNERS WITH TOP US INVESTMENT FIRM TO RESHAPE CORPORATE PLAN; WILL IT BENEFIT EMPLOYEES? - REPORT! 

IT major Infosys announced that it has partnered with American investment management company Vanguard to digitally transform the company’s operations. The firm also said that they will manage certain activities of the US firm.

Looking at the advantages through this partnership, Infosys will assume day-to-day operations supporting Vanguard's DC (type of retirement plan) recordkeeping business, including software platforms, administration, and associated processes. 

As per a statement from the company, this partnership will see approximately 1,300 Vanguard employees who are currently supporting the full-service recordkeeping client administration, operations, and technology functions will soon be transitioning to Infosys. "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," the statement read. 

Meanwhile, all Vanguard staff, who are currently doing these roles will be offered comparable positions at Infosys near to Vanguard's offices in Malvern in Pennsylvania, Charlotte in North Carolina, and Scottsdale in Arizona.

Looking into other aspects of work, Vanguard will oversee its investment management and guidance for both sponsors and participants. Even, participant phone calls will be serviced by both Vanguard and Infosys. With this joint effort, both the companies will provide a cloud-based recordkeeping platform that would enable greater insights and personalisation to help deliver better outcomes for participants and sponsors.

"For decades, Vanguard has propelled best practices and innovation within our DC business and across the industry to steward the financial futures of millions of Americans saving for retirement. Our partnership with Infosys will embolden these efforts, enabling a groundbreaking approach to plan administration," Martha King, managing director of Vanguard Institutional Investor Group, said. He is currently the head of Vanguard Institutional Investor Group. 

As per Business Standard report, Vanguard is one of the world's largest investment management companies, who have their headquarters in Valley Forge, Pennsylvania. 

"Infosys is excited to partner with Vanguard in the digital transformation of its defined contribution business. Our platform will create a new standard for the industry as we seek to drastically improve the retirement savings experience for plan participants and sponsors through the use of cutting-edge digital technologies," King and Infosys President Mohit Joshi. 

Recently, Infosys said it currently serves half of the top 20 retirement service firms in the US, that help clients to manage risk, improve participant experience, and deliver better retirement plan outcomes.