SS&C to administer $7.5bn wealth manager’s private equity fund of funds

Mandate win follows a string of fund services agreements SS&C has won in recent months as it hit the $2trn in assets under administration mark. 

By Jonathan Watkins

SS&C Technologies has been appointed as the fund administrator by $7.5 billion wealth management firm Diversified Trust for its private equity fund of funds platform. 

The fund services giant will provide private equity administration, portfolio look-through reporting, tax services, treasury support services and investor AML/KYC compliance.  

Diversified Trust also uses SS&C Black Diamond within its wealth management business and SS&C Intralinks for its investor portal.  

“Diversified Trust sought a partner with expertise in fund-of-fund structures with integrated technology solutions including document management and client reporting and offered visibility into the data,” said Doug Turner, principal and director of operations for Diversified Trust.  

“SS&C’s comprehensive offering vastly improves fund accounting and reporting exceeding our clients’ information and communications requirements on a single easy-to-use platform, so we can focus on helping our clients make decisions.” 

Over the past six months, SS&C has won two mandates in the private equity space – in India and Canada – however in March, it also lost its head of private equity fund services for Europe, Middle East and Africa, who departed after five years. 

Outside of the private equity space, the fund administrator has also racked up the mandate wins in recent months, with two occurring in the past week. The run has seen SS&C restore client mandate interest to prior COVID-19 levels, the fund services provider said in its Q1 earnings call, as it achieved a new milestone of $2 trillion in assets under administration (AuA).  

“We are very pleased to expand SS&C’s relationship with Diversified Trust to now include the administration of their private equity fund of funds focused on retailed investors,” said Joe Patellaromanaging director,  SS&C Private Equity Fund Services.  

“Our extensive experience in servicing the private equity segment, fund of funds and the retail investor space in particular has allowed us to develop a service model that is specifically responsive to this growing segment of the private equity market.”