SS&C Technologies has taken on mutual fund administrator ALPS as part of its $5.4 billion takeover of DST Systems.
The deal is one of the largest for SS&C as it seeks to aggressively continue its expansion in financial services and fund administration through mergers and acquisitions.
ALPS, a part of the DST global business, provides administration services for mutual and closed end funds, as well as exchange traded funds.
The acquisition of ALPS will give SS&C Technologies a new foothold in the mutual fund administration market, adding to its hedge fund and private equity fund administration businesses.
“The rate of change, the technology required and the requirements of integrated solutions in the investment and wealth management space are unprecedented. The combination of SS&C and DST is an exciting opportunity and will continue to deliver solutions, globally,” said Bill Stone, chairman and CEO, SS&C Technologies.
“The combination will position us to capitalise on the demand for outsourcing in financial services and better enable our clients to address increasing competitive and regulatory pressures.”
The takeover of DST Systems comes almost four years after it acquired the DST Global Solutions unit, its investment management software and outsourcing business, for $95 million in 2014.
SS&C has made a name for itself in acquiring the fund administration businesses from Citi and Wells Fargo, as well as taking over Advent Software and GlobeOp.