SS&C has made a move to increase its presence in the global fund administration space, acquiring Citi’s Alternative Investor Services business for $425 million.
The deal includes hedge fund services and private equity fund services, and is still subject to final adjustments, regulatory approval and customary closing conditions. The transaction is expected to be finalised in Q1 2016.
Bill Stone, chairman and CEO of SS&C Technologies, said: "This acquisition is solidly in line with SS&C's strategy of combining organic growth with select, high-quality acquisitions. 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.”
