SS&C completes Wells Fargo fund administration deal

SS&C Technologies has completed the acquisition of Wells Fargo’s Global Fund Services (GFS) business administering over $42 billion in alternative assets.

As a result of the acquisition, SS&C will add more than 250 employees and 130 fund relationships in Hong Kong, London, New York, Minneapolis and Singapore.

SS&C initially agreed to purchase the GFS business in September.

The acquired GFS group will fold into SS&C’s Alternative Assets business group and will be managed by Chris Kundro, head of Wells Fargo GFS business.

“We are delighted to have found a good home for our customers and staff and look forward to bringing them even more products, services and value through the SS&C offering,” said Kundro.

“We plan to further accelerate our growth by leveraging SS&C’s technology and global footprint to increase our capabilities and expand our market reach.”

The move is the latest in a string of acquisitions within the hedge fund administration industry which continues to consolidate.

SS&C completed the takeover of Citi’s fund administration business earlier this year, while firms including BNY Mellon, MUFG, and smaller shops such as Custom House, have also been expanding through acquisitions.

“GFS is an exceptional business and we welcome their clients and staff to SS&C,” said Bill Stone, chairman and CEO, SS&C Technologies.

“SS&C continues to enhance its position as the single source for our clients’ entire middle and back office needs, bringing significant new hedge, private equity and real estate capabilities.”