A new office in GIFT City adds to SS&C’s presence across India.
SS&C Technologies officials report that they have opened an office in the Indian special economic zone Gujarat International Finance Tec-City (GIFT City), which adds to the post-trade systems and services provider’s presence in India.
The International Financial Services Centers Authority (IFSCA), which is the regulatory body for special economic zones, has licensed SS&C GlobeOp “to provide fund administration and compliance services to alternative investment funds (AIFs) and other funds domiciled in the economic opportunity zone,” according to the announcement. “Kedaara Capital and Multiples Alternate Asset Management are among SS&C’s clients with AIFs in GIFT City, with more in the pipeline.”
Arun Baldwa, senior director, will lead the new office in GIFT City, which “complements SS&C’s extensive fund administration business across India,” officials say.
“SS&C first expanded into the country in 2003. Among Indian fund administration clients, SS&C services more than $19 billion in assets under administration. SS&C has 12 offices in India and employs 7,500 staffers servicing clients across fund services, transfer agency, and brokerage,” officials add.
“We look forward to working with SS&C’s team on the ground to support our daily operations,” says a representative for Kedaara Capital, in a prepared statement.
“We are excited to grow our presence in India further with the new GIFT City operating license and on-the-ground presence,” says Bhagesh Malde, head of SS&C GlobeOp, in a prepared statement. “An on-the-ground presence in GIFT City further cements our deep commitment to India.”
“The fund management industry has been growing rapidly in GIFT City, with many domestic and foreign firms taking advantage of the benefits. More than 80 fund managers with commitments of more than US$30 billion have set up in the economic opportunity zone in the last three years,” according to IFSCA.
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