State Street (STT) and SS&C Technologies (SSNC) said Tuesday they are restructuring the European component of their International Financial Data Services joint venture in Ireland and Luxembourg.

The joint venture's transfer agency services in the two countries will transition into each company's respective operations, the companies said, adding they expect the restructuring to be completed in H2.

State Source will insource transfer agency capabilities for its clients, while SS&C will rebrand the transfer agency entities in the two countries and operate the entities within its global investor and distributions solutions division.

STT and SSNC shares were 1.2% and 0.4% higher, respectively in recent premarket activity.