In other news, TMX invests in VettaFi, BlackRock fills the top APAC post, and Pico hires from IHS Markit.
USAA to Shift 60 Staff Members to SS&C GlobeOp
SS&C Technologies Holdings, Inc. reports that it has entered into an “outsourced administration arrangement with USAA Real Estate.”
Based in San Antonio, Texas, USAA Real Estate acquires, develops, finances, and manages real estate assets in North America and Europe, and manages approximately $35 billion in net assets under management. “USAA Real Estate provides strategic equity and debt capital, including to capitalize on the accelerating demand for technology-driven real estate assets, to meet the critical need for housing solutions, and for other market and capital structure opportunities exhibiting compelling risk-return characteristics,” USAA officials say.
“USAA Real Estate will outsource fund accounting and reporting functions as well as property accounting of operating and under-development investments to SS&C,” according to a prepared statement from SS&C. “Further, USAA Real Estate will transition around 60 employees to SS&C GlobeOp’s group in both San Antonio and Dallas.”
“As the world’s largest alternatives administrator, we leverage a deep and broad bench of experts to mitigate transition risk and support growth initiatives across private markets,” says Bhagesh Malde, general manager for SS&C GlobeOp. More than 500-plus private markets entities with 2,640 funds under administration rely on SS&C for their private markets administration needs, according to the statement.
“SS&C is focused on partnering with firms like USAA Real Estate to help transform their operating model and provide scale,” says Eamonn Greaves, SS&C’s global co-head of sales.
TMX Group Invests $175M in VettaFi
TMX Group Ltd., the parent company of the Toronto Stock Exchange (TSX), reports that it has made a strategic investment in VettaFi Holdings LLC., which, based in the United States, characterizes itself as a “privately owned data, analytics, indexing, digital distribution, and thought leadership company.”
VettaFi offers a “data-driven platform, built to empower and educate the modern financial advisor, asset manager, and institutional investor,” officials add.
TMX Group has acquired approximately 21 percent of the common equity of VettaFi for US$175 million, or approximately CAD$234 million, according to a TMX statement. The transaction closed on January 9, 2023.
John McKenzie, CEO of the TMX Group, and Jay Rajarathinam, chief operating officer (COO) of the TMX Group, will join the VettaFi board of directors, effective immediately.
Evercore served as the exclusive financial advisor to TMX Group, and WilmerHale LLP acted as the group’s legal counsel.
In addition to TSX, the key companies of TMX Group, headquartered in Toronto, are TSX Venture Exchange, TSX Alpha Exchange, the Canadian Depository for Securities, the Montréal Exchange, Canadian Derivatives Clearing Corp., and Trayport — all of which “provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products, and other services to the global financial community,” officials say.
BlackRock Promotes to Fill APAC Head of Wealth Post
Asset management giant BlackRock reports that it has promoted James Raby to the post of head of wealth for APAC from his position as chief financial officer (CFO) for APAC.
Raby has more than 15 years’ experience at BlackRock “including leadership roles across strategy, corporate development, finance and audit in London, San Francisco, New York and Hong Kong,” officials say.
“Our partnerships with wealth management, retail banking, and private banking clients in the region have grown significantly over the last two years, powered by our sharp focus on whole portfolios to help their end clients achieve greater resilience,” says Rachel Lord, chair and head of BlackRock APAC, in a prepared statement.
Pico Taps IHS Markit for Top APAC Post
Bo Zhou
Pico, a provider of technology services, software, data and analytics for financial markets, has appointed Bo Zhou, Ph.D., as head of APAC. Her mandate includes managing Pico’s “continued growth in the region.”
“Zhou has more than 15 years of financial markets industry experience and was most recently partner and senior managing director for IHS Markit (now S&P Global) where her team was responsible for significant growth throughout the region, including the launch in specific key countries such as China, while managing senior client relationships in all APAC markets,” the vendor says in a statement.
“Prior to working for IHS Markit, she served in various leadership positions at Bloomberg, such as company director and regional business manager for its global fixed income and trading solutions in Hong Kong and New York,” according to Pico.
“Pico continues to increase its global footprint and has expanded into all the major APAC markets including Singapore, Japan, Greater China, South Korea, and Australia,” Zhou says in the statement.
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