Windsor, Ct - SS&C Technologies Holdings, a provider of financial services software and software-enabled services, has completed the acquisition of 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 $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."