SS&C has acquired Wells Fargo Global Fund Services (GFS) for an undisclosed sum.
Wells Fargo GFS has more than $42 billion in alternative assets under administration, and more than 130 fund relationships in the US, the UK, Singapore and Hong Kong.
According to SS&C, the move will combine Wells Fargo GFS’s customisable solutions and customer service reputation with SS&C’s capabilities in serving complex fund strategies. This is intended to create a comprehensive and flexible platform for managing funds’ back- and middle-office operations.
As part of the acquisition, 250 Wells Fargo GFS employees will also join SS&C.
Bill Stone, chair and CEO of SS&C Technologies, said: “The acquisition of Wells Fargo GFS will create a compelling advantage for our customers as they access and manage sophisticated asset classes.”
He added: “This transaction will expand our capabilities in the global fund market, reinforcing SS&C at the forefront among fund administration and extending our strong cloud-based platform for future growth.”
Chris Kundro, head of Wells Fargo GFS, suggested that joining SS&C will accelerate its global growth while improving the pace of innovation.
He said: “SS&C’s innovations in cloud, mobility and fund technology are transforming investment management. This acquisition will create even more value for our customers and will benefit employees as they become part of one of the largest and most reputable fund administrators.”
Transaction is subject to approvals by the relevant regulatory authorities and other customary closing conditions, and is expected to be complete in Q4 2016.
