SS&C Technologies has made a number of senior management changes, including promoting the head of its fund administration business to its second-highest role.
Rahul Kanwar, who has led the build-out of its fund administration business over a 12-year period to become the largest hedge fund and private equity administrator globally, has been named president and chief operating officer.
Kanwar replaces Normand Boluanger, who will take on the role of vice-chairman and be responsible for revenue management and technology innovation.
“Rahul joined SS&C in 2005 through our acquisition of EisnerFast fund administration. And has grown our fund services business to the $1 billion business it is today with over 5,000 employees,” said Bill Stone, chairman and CEO, SS&C Technologies.
SS&C has also hired Anthony Caiafa as its new chief technology officer. He joins from Bloomberg where he was a senior technology executive and led the development of its security infrastructure.
The management shake-up follows a string of acquisitions over the past six months that has given SS&C’s fund administration business a fresh new look.
The completion of the DST System acquisition, which includes the ALPS business, has given it a new mutual fund administration business. Furthermore, the addition of CACEIS North American fund administration business and Commonwealth Fund Services has bolstered its private equity and real estate capabilities.
However, the announcement of its deal to buy front-office trading platform Eze Software will transform how the vendor deals with buy-side clients.
“We have now for the Eze business a natural upgrade path through to Geneva (SS&C’S portfolio management and accounting platform) to be able to handle increasingly complex and difficult-to-handle multi-strat funds and private equity funds and a whole series of other structures that has not been Eze’s particular strength on the middle and back-office,” added Stone on SS&C’S quarterly earnings call.
SS&C’s global assets under administration increased to $1.66 trillion during the second quarter, an increase of $80 billion over the previous quarter, and net revenues more than doubled over the year for the technology group to $908.5 million.