SS&C Technologies has been selected by $5.3 billion opportunistic strategy investment manager, RiverNorth Capital Management, to provide a full front-to-back solution for its registered funds, private funds and institutional SMAs portfolios.
The deal marks an extension of RiverNorth’s relationship with SS&C where it currently uses the technology provider as its fund administrator for its ’40 Act and private fund portfolios.
SS&C’s front-to-back solution has been gathering momentum among its clients with the administrator claiming at one point it was signing up ‘two clients a week’ to the service.
Following the acquisition of Eze Software back in 2018, SS&C combined the front-office capabilities with its middle- and back-office functions including administration, corporate actions, reconciliations, portfolio accounting and valuations, and the delivery of a fully reconciled Investment Book of Record (IBOR).
RiverNorth will also leverage CORE Sightline for performance measurement and data management.
“We were looking for a solution to simplify and streamline operations and reporting, and SS&C delivered,” said Jon Mohrhardt, president and chief operating officer, RiverNorth Capital Management.
“With SS&C’s front-to-back solution, we have access to a single source of reconciled data across our enterprise, leading to better transparency.”
In April, SS&C said it had restored client mandate interest to prior COVID-19 levels as it achieved a new milestone of $2 trillion in assets under administration (AuA).
The RiverNorth mandate marks the second front-to-back deal this month for SS&C after US hedge fund Hurricane Capital Advisors launched its operations after adopting the fund service provider’s front-to-back-office infrastructure.