SS&C Technologies Holdings has bought Citi’s Alternative Investor Services Business, a provider of hedge fund and private equity fund administration services.
SS&C acquired the business unit from Citi for approximately $321m (€288m).
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 $395bn (€355bn) 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.
Sleightholme and 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.