Acquisition creates industry's 2nd largest alternatives fund administrator
WINDSOR, Conn., March 11, 2016 /CNW/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced it has completed the acquisition of Citi's Alternative Investor Services Business, a leading provider of hedge fund and private equity fund administration services. SS&C acquired the business unit from Citi for approximately $321 million.
Citi's Alternative Investor Services Business is a top 10 fund administrator and through the acquisition SS&C will add more than 1,400 staff across 13 offices, 265 customers, and approximately $395 billion in assets under administration. The acquired Alternative Investor Services Business group will operate as a business unit within SS&C GlobeOp and continue to be led by its current leaders, Mike Sleightholme on hedge fund services and Joe Patellaro on private equity services, reporting to Rahul Kanwar, Head of SS&C Alternative Assets. Mr. Sleightholme and Mr. Patellaro will be supported by their talented management teams who have many years of industry experience and tenure.
"The combination of Citi's Alternative Fund Services Business and SS&C GlobeOp will create a worldwide fund administration powerhouse. The combined entity will have over 1 trillion in assets under administration," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "We intend to extend our lead in globally delivered, technologically advanced fund services."
This acquisition furthers SS&C's mission of being a global leader in fund administration. By adding Citi's leading hedge and private equity divisions to SS&C's leading industry expertise and technology, the combination will create the industry's 2nd largest hedge fund and private equity fund administrator.
SS&C will host a conference call and webcast with the financial community Monday, March 14th at 9:00 a.m. Eastern Time. Dial (877) 312-8798 (US and Canada) or 253-237-1193 (International), and request the "SS&C Technologies conference call on Citi's Alternative Investor Services acquisition"; conference ID# 71263644. Alternatively a live audio webcast with slides can be accessed via http://investor.ssctech.com. A replay of the conference call will be available two hours after the conference call until noon on March 21st, 2016. The dial-in number is 855-859-2056 (US and Canada) or (404) 537-3406 (International); access code# 71263644.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 10,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients manage an aggregate of over $44 trillion in assets.
For further information: Patrick Pedonti, Chief Financial Officer, +1-860-298-4738, [email protected]; Justine Stone, Investor Relations, +1- 212-367-4705, [email protected]; Sarah Mason, Metia (UK), +44 (0)20 3100 3613, ss&[email protected]; Megan Griffin, BackBay Communications (US), +1-617-391-0795, ss&[email protected], http://www.ssctech.com