By Madeline Dickson
On Friday, SS&C Technologies completed the $321 million acquisition of Citi’s Alternative Investor Services Business, a leading provider of hedge fund and private equity fund administration services. Citi’s Alternative Investor Services is one of the top 10 fund administrators, and the acquisition creates the industry’s 2nd largest alternatives fund administrator in the world.
The acquisition will add more than 1,400 staff across 13 offices, 265 customers, and approximately $395 billion in assets under administration. The acquired Alternative Investor Services Business group will operate as a business unit within SS&C GlobeOp and continue to be led by its current leaders, Mike Sleightholme on hedge fund services and Joe Patellaro on private equity services, reporting to Rahul Kanwar, Head of SS&C Alternative Assets.
“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,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “We intend to extend our lead in globally delivered, technologically advanced fund services.”
For more information, view the recent press release.