SS&C completes acquisition of Citi’s AI services business

SS&C Technologies Holdings has secured the purchase of Citi’s Alternative Investor Service Business in a deal worth approximately $321 million.

This acquisition will create the industry’s second largest hedge fund and private equity administrator and will see SS&C add more than 1,400 staff across 13 offices as well as around $395 billion in assets under administration.

The newly acquired group will operate as a business unit within SS&C GlobeOp and will be led by Mike Sleightholme on hedge fund services and Joe Patellaro on private equity services.

“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 one 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.”