SS&C Technologies, a provider of financial services software and software-enabled services, has closed the acquisition of Citi’s Alternative Investor Services Business for approximately $321m.
Citigroup’s alternative investor services business offers hedge fund services and private equity fund services.
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The deal will add over 1,400 staff across 13 offices, 265 customers, and approximately $395bn in assets under administration to SS&C.
As part of the acquisition, the Alternative Investor Services Business group will operate as a business unit within SS&C GlobeOp and continue to be headed by its current leaders, Mike Sleightholme and Joe Patellaro.
Patellaro, global head of private equity services and Sleightholme, global head of hedge fund services, will report to Rahul Kanwar, head of SS&C alternative assets.
In addition, the pair will be supported by their talented management teams who have many years of industry experience and tenure.
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By GlobalDataSS&C Technologies chairman and CEO Bill Stone 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. We intend to extend our lead in globally delivered, technologically advanced fund services."
