SS&C Technologies, a provider of financial services software and software-enabled services, has agreed to acquire Citigroup’s alternative investor services business for $425 million.
Citigroup’s alternative investor services business includes hedge fund services and private equity fund services.
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Bill Stone, chairman and CEO of SS&C Technologies, said: "This acquisition is solidly in line with SS&C’s strategy of combining organic growth with select, high quality acquisitions. Citi Alternative Investor Services clients can be assured of SS&C’s commitment to continue to serve them with world class people, process and technology.
"We are excited about adding these talented employees and look forward to the ideas and passion they will bring to our organization."
Citi started moving to exit its hedge fund and private-equity units several years ago, spurred by both new regulations and poor performance.
SS&C is one of the leading fund administrators for both onshore and offshore hedge funds, fund of funds and private equity funds.
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By GlobalDataThe transaction, which is subject to approvals by relevant regulatory authorities, is expected to close in the first quarter of 2016.
