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garfield smith2005 was a mixed year for outsourcing in the financial services sector. The good news was that the number of deals announced increased from 2004. Most commentators acknowledged that there were more than 20 substantial City deals, with particular growth in the fund managed accounts and property administration sectors. The bad news was that some of the biggest outsourcing providers experienced high-profile problems with their older outsourcing arrangements. The widely publicised termination of Schroders’ outsourcing deal with JP Morgan in July 2005 after five years and the decision by F&C Asset Management and Mellon in November 2005 not to proceed with the extension of F&C’s existing agreement with Mellon were the most notable.

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