SS&C Acquires Wells Fargo's Fund Admin Business
SS&C recently acquired Citi's fund admin business as it looks to expand through acquisition.
Wells Fargo Global Fund Services (GFS) has been acquired by SS&C Technologies Holdings for an undisclosed amount.
GFS, which has $42 billion under administration, provides middle-office, operations and cash/collateral management services to alternative investment managers. GFS's client base includes firms trading in fixed income, credit, distressed, structured credit, macro, equity, commodities, CDO, CLO, private equity, private debt, real estate and hybrid structures. It has offices in Hong Kong, London, New York, Minneapolis and Singapore.
"Wells Fargo's Global Fund Services is well known for its expertise in administering real estate equity and credit strategies," Bill Stone, chairman and CEO of SS&C Technologies, said in a statement. "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."
SS&C currently has more than $1 trillion under administration. Earlier this year, SS&C closed its acquisition of Citi's Alternative Investor Services business.
Chris Kundro, head of GFS, says the merger will allow the firm "to dramatically accelerate our global growth plans and pace of innovation."
The transition is expected to close in Q4 2016.
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