SS&C Technologies, Inc. has announced its acquisition of Amicorp Group’s fund administration line of business for $1.8 million in cash and the assumption of certain liabilities. The fund administration business, to be named SS&C Fund Services N.V., will be headquartered in Curacao, the Netherlands Antilles. SS&C Fund Services will serve the fund community with both on and offshore services, including transfer agency, net asset valuation, account control and reconciliation, set up of investment funds, maintenance of corporate vehicles and customer service management.
SS&C Chairman and CEO Bill Stone commented, “We are excited about the opportunities this acquisition provides. We have strengthened our expertise in administration and added it to our strong technology. This is a powerful combination and positions us to become a premier provider to the global fund community. We expect this acquisition to be accretive in 2004.”
Ward McGraw, Senior Vice President of SS&C’s Hedge and Family Office market vertical stated, “We are pleased to announce the appointment of Eric Andersen as Vice President and Managing Director of SS&C Fund Services. We also expect the Amicorp fund administration (AFS) staff will be joining SS&C. The acquisition of the AFS business and staff has provided us with a significant opportunity to broaden our reach into the global hedge fund market. Today, the competitive advantage rests with fund administrators that offer complete fund services, backed by world-class expertise and technology. SS&C Fund Services now has this complete solution, and we are eager to start introducing it to the entire fund community.”