Advent CEO Hess Will Remain at Helm Following SS&C Acquisition

SS&C announced Hess will serve as senior vice president and general manager of SS&C's Advent business unit.

Pete Hess, former president and CEO of Advent, will remain on board after the acquisition of his firm by SS&C.

SS&C Technologies announced the Advent Software business unit, which it purchased earlier this year, will be led by Pete Hess, who served as the firm's president and CEO prior to SS&C's acquisition.

Two teams within Advent will be assembled and overseen by Hess to address key client segments.

The Advisory Market Group — focusing on wealth management and the investment advisor market — will be led by Dave Welling, who formerly served as the general manager of Advent's Black Diamond group.

Hess, meanwhile, will lead the Asset Management and Alternatives Market Group and focus on traditional and alternative asset management markets. Robert Roley will serve as the head of solutions and client experience within the group and Karen Geiger will lead solutions development.

SS&C's acquisition of Advent for approximately $2.63 billion was announced in early February, with the deal becoming official on July 8.

Whether or not SS&C would strip down the team that built Advent's Geneva into a favorite with the buy side was a top point of concern among end users when Waters analyzed the deal back in February.

"With our acquisition of Advent complete, we're excited to usher Advent into a new phase of growth and innovation, and to deliver the expanded benefits that we can now bring to our clients as a combined force," said Bill Stone, chairman and CEO of SS&C, in a statement. "By leveraging SS&C's existing capabilities and realigning the teams, we will offer the highest level of service and support, putting all of our clients in an even better position to succeed."

The fate of the next layer of personnel — including senior Advent technologists, developers and support staff — remains an open question.

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