SS&C Technologies has partnered with FLX Distribution, a social technology platform that matches asset managers with distribution professionals.
The fund administration and technology giant plans to integrate the platform with SS&C ALPS to give asset managers access to tools for their fund servicing needs and distribution opportunities in one place, as part of its ambition to provide an end-to-end solution.
“Joining forces allows us to deliver greater access, flexibility and scalability in every aspect of service and distribution,” said Brad Swenson, head of registered fund services, SS&C ALPS. “With this offering, asset managers can focus on what they do best – investing.”
Asset managers can access their job functions across a comprehensive distribution organisation, reaching more than 300,000 financial advisors and 13,000 RIAs.
The move follows a swathe of similar plays by SS&C Technologies, which has seen the firm partner, launch of acquire in recent weeks. In the last two weeks alone, SS&C has launched a new service aimed at standardising custodial data files for its hedge fund and investment manager clients, and acquired Innovest Systems, a technology provider which builds platforms for trust accounting, payments and asset servicing for $120 million.
SS&C released its quarterly earnings earlier this week, reporting a 8% growth within its fund administration business. Despite news of several high-profile hedge fund closures, SS&C’s CEO and chairman, Bill Stone, said the firm saw very little of its clients shutting its doors.
“We had 8% growth in the fund administration business, and I don’t think you think that most of the major banks or most of the major insurance companies or mutual fund complexes are going to fold,” said Stone. “You’re really looking at the alternative space, and we’ve seen really no change in private equity. And our hedge fund business has shown remarkable strength, and I think it will continue.”