Briefly: "Xerox acquires Buck Consultants' parent company" and more news
February 08, 2010 |
Staff
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Xerox has acquired Affiliated Computer Services (ACS), the parent company of Buck Consultants, in a US$5.6 billion deal.
"I'm thrilled to announce that ACS is now a Xerox company," says Cameron McNeill,
president and CEO of Buck Consultants Canada, in a letter to clients. "This announcement launches an exciting new era for Xerox and ACS—one I hope will bring greater value to you and our other clients around the world."
The company will continue to provide its range of HR consulting and technology services under the Buck brand.
According to Ursula Burns, CEO of Xerox Corporation, the company's goal is to combine Xerox's strength in document technology and services with ACS' expertise in managing and automating work processes. With the ACS acquisition, Xerox now has more than 130,000 employees in 160 countries, she explains.
Combined, the companies will have revenue potential of more than $22 billion, 80% of which comes from recurring payments for supplies and long-term service contracts.
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Ontario to bail out Nortel pension plan
The government of Ontario is set to provide a top-up for Nortel's underfunded pension plan through the Pension Benefits Guarantee Fund (PBGF), according to the Globe and Mail.
A government source told the newspaper that Ontario Finance Minister Dwight Duncan is to provide either a grant or a loan to the PBGF after Nortel emerges from creditor protection. The cost to taxpayers is unclear at this time, but Nortel's pension deficit was estimated to be between $2.5 billion and $2.8 billion when it filed for protection from creditors in January, 2009.
Opposition parties see the sudden concern over Nortel pensioners as a political ploy, as an upcoming by-election in the West-Nepean riding of Ottawa is rich in Nortel pensioners.
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State Street wins Wellington West mandate
State Street Corporation and IFDS Canada have been appointed by Wellington West Asset Management Inc. to provide a range of investment services for a group of new funds.
"State Street has established a strong presence and track record of success in Canada and was clearly the top choice to meet our needs," says Kish Kapoor, president of Wellington West Holdings.
State Street will provide fund accounting, fund administration, custody and trustee services for Wellington West, a wealth management firms with approximately $8.8 billion in assets under administration.
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RBC Dexia wins unit registry mandate for Credit Suisse
RBC Dexia Investor Services has been awarded a mandate by Credit Suisse Investments (Australia) Limited (CSIAL) to provide unit registry services.
"Ultimately a unit registry provider needs to provide an enhanced service offering to our clients and, following a competitive selection process, RBC Dexia's registry solution was selected as best meeting these requirements," says Simon Beavis, responsible manager of CSIAL. "We are confident that RBC Dexia's ongoing commitment to us will support us in providing an effective service to clients—it's what makes this relationship so successful."
"This mandate builds on the strength of the existing global relationship we have with Credit Suisse," says David Travers, managing director of RBC Dexia Investor Services in Australia. "We look forward to a future of supporting the holistic solutions-based approach with the market leading registry system."
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