SS&C has acquired independent asset services firm Conifer Financial Services for an aggregate purchase price of $88.5 million.
The deal, which is still subject to customary adjustments, will see senior management of Conifer continue to lead the business.
Headquartered in San Francisco and with offices in New York, Singapore and Nova Scotia, Conifer currently has 200 clients representing $110 billion of combined assets under administration (AUA).
The acquisition adds to SS&C’s market position on the West Coast and aims to increase services provided to its customer base in foundations and endowments, pensions, and outsourced CIO portfolios.
“Joining with SS&C will allow us to accelerate our growth plans and pace of innovation,” said Jack McDonald, CEO at Conifer.
“SS&C’s innovations in cloud and mobile technology are transforming asset servicing. We look forward to introducing this winning strategy to our customers and new markets.”
The move is the latest development for SS&C following its acquisition of Wells Fargo’s Global Fund Services (GFS) business earlier this month, administering over $42 billion in alternative assets.
“Conifer shares SS&C’s vision on delivering high quality services to solve real customer problems. We are delighted to add its talented team to our roster,” said Bill Stone, chairman and CEO at SS&C.
“We look forward to leveraging our technology and services to immediately deliver greater value to existing and new clients.”