Infosys, Vangaurd ink partnership; 1,300 employees to be affected

In a major announcement, Indian IT firm Infosys, on July 14, said that it has partnered with investment management company Vanguard. As per the new partnership, Infosys would now manage some of the activities of the American company.

“Through the 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”, Infosys in a statement  said.

Same positions

As per the deal, approximately 1,300 Vanguard employees, who are currently supporting full-service record-keeping, client administration, operations and technology functions would transition to Infosys. According to reports, the staff involved in these duties would be offered a comparatively equal position at Infosys and in close proximity to Vanguard’s offices in Malvern in Pennsylvania, Charlotte in North Carolina and Scottsdale in Arizona. During their 12 months transition period, they would also receive the same salaries as well as meaningful incentive opportunities.

Read: Infosys Q4 Net Up 6.3% At Rs 4,335 Cr, Suspends FY21 Guidance Citing Uncertainty

Read: COVID-19: Infosys To 'Honour Job Offers Made So Far' Amid Slowdown Due To Pandemic

“Infosys is dedicated to this business and the transition offers prospects for long-term career growth and development," the IT giant added in a statement. In addition, Vanguard’s plan sponsors would continue to be served by the company’s relationship management teams, strategic plan design, and communication experts.

Vanguard will oversee all aspects of its investment management and guidance for both sponsors and participants, including the ongoing development of its accessible, holistic, and personal advice services.

Earlier this month, Infosys brought back 200+ employees and families to India who were stranded in the United States amid the Coronavirus pandemic and visa issues. They were flown in from San Francisco via a chartered flight and reached Bengaluru on Monday. The employees were a mix of those working on client sites as well some who had travelled to the US for some meeting or event.

Read: Infosys Brings Back Over 200 Employees & Family Members By Chartered Flight From US

Read: Sensex Rallies Over 329 Pts; Infosys Soars 7 Pc

Image: inventiva,co.in