SS&C has completed its acquisition of Citi’s alternative investor services business, purchasing the business for approximately $321 billion.
The Citi business is reportedly a top-10 fund administrator, and the acquisition means SS&C will gain around $395 billion in assets under administration.
The group will operate as a separate business within SS&C GlobeOp, with 1,400 staff remaining in their positions, including the group’s leaders.
Mike Sleightholme will continue to the Citi business’s hedge fund services, and Joe Patellaro will remain in charge of private equity services. Both will report to Rahul Kanwar, head of alternative assets at SS&C.
Bill Stone, chairman and CEO of SS&C Technologies, said: "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."
He added: “We intend to extend our lead in globally delivered, technologically advanced fund services.”
