SS&C to buy CACEIS North American fund administration business

The move furthers SS&C's Canadian strategy, following the completed acquisition of Toronto-based CommonWealth Fund Services last year.

By Joe Parsons

SS&C Technologies has made its second major acquisition for the year with the purchase of CACEIS North America.

The agreement to acquire CACEIS North America, the fund administration business of CACEIS based in Toronto and New York, will include the addition of 65 employees, servicing more than $15.8 billion in investment fund assets.

“We believe this move is very positive for the clients and our team, who will now have greater opportunities working with the leader in North American fund administration,” said Jean-Francois Abadie, CEO, CACEIS.

The acquisition is the second in the space of three month for the tech giant, after it agreed to buy DST Systems for $5.4 billion, which included its mutual fund administration business ALPS.

The move also furthers SS&C’s Canadian expansion plans, after it closed its purchase of CommonWealth Fund Services, a Toronto-based fund administrator with $8 billion in assets under administration, in October last year.

“This acquisition further enhances the depth of our teams and our servicing capability in the Toronto and New York markets,” said Bill Stone, chairman and CEO, SS&C Technologies.

Over the years SS&C has made a number of high profile acquisitions in the fund administration space, buying out the business from Citi, Wells Fargo and Conifer