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In a bid to increase its global fund administration footprint, SS&C Technologies, a provider of FinTech software and software-enabled services, has acquired Citigroup’s Alternative Investor Services business, which includes hedge fund and private equity fund services, officials say.
SS&C will pay $425 million for the Citi business, subject to certain adjustments, officials add. The transaction is subject to approvals by relevant regulatory authorities and other customary closing conditions.
“Citi Alternative Investor Services clients can be assured of SS&C’s commitment to continue to serve them with world class people, process and technology,” says Bill Stone, chairman and CEO for SS&C Technologies, in a prepared statement. “We are excited about adding these talented employees and look forward to the ideas and passion they will bring to our organization,” Stone adds.
SS&C, which is based in Windsor, Conn., offers fund administration services for onshore and offshore hedge funds, fund of funds and private equity funds, officials say.
SS&C officials declined to comment further about the transaction, which is expected to close in the first quarter of 2016.
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