Nearly six years after outsourcing 1,300 technology, recordkeeping and operations jobs, Vanguard is bringing numerous positions back in-house.
Vanguard transitioned the jobs to digital services and consulting firm Infosys in 2020, describing the move as a partnership to provide enhanced services to defined contribution retirement plan participants and sponsors.
Infosys last week informed the Pennsylvania Department of Labor & Industry that its BPM Limited business would be laying off 248 employees from March to September, with most to become employed by Malvern-based Vanguard. The notice appeared to suggest there would be further rounds.
"As part of its ongoing business operations, Infosys BPM Limited … is in the process of transitioning services back to Vanguard, which will result in a mass layoff" at its office in Chesterbrook, Infosys said in the letter.
"The first separation will take place on March 29, 2026, and will continue until September 30, 2026," the letter said. "Please note 96% of the impacted employees are expected to receive offers of employment from Vanguard with no lapse in employment."
A Vanguard spokesperson told ThinkAdvisor by email Wednesday: "As we continue to strengthen our plan sponsor client experience, we are transitioning parts of our client services functions back to Vanguard from Infosys. Vanguard is dedicated to delivering a leading recordkeeping experience that supports the needs of plan sponsors and their participants."
The Philadelphia Business Journal first reported on the move last week.
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