SS&C GlobeOp has been appointed as the fund administrator for Itaú USA Asset Management (IUAM), the US-based hedge fund arm of Brazil’s largest non-government bank.
SS&C will provide fund administration, including full middle- and back-office services, investor services, performance analytics, regulatory compliance assistance and risk-related services for Bank Itaú’s Cayman-domiciled funds.
The mandate will enable IUAM to consolidate its technology stack in favour of a single platform to simplify and streamline operations.
“SS&C is a trusted and proven provider of fund administration and middle-office services,” said Charles Ferraz, CEO of IUAM. “We have been looking to streamline the number of vendors we were using to optimise operations and help us scale. SS&C’s ability to provide all of the services we needed on one platform ensures we can run our business more efficiently.”
As of 30 June, New York-based IUAM recently held over $5.6 billion in assets under management. Itaú stated it selected SS&C for its expertise, its ability to provide global coverage, and its deliverables such as daily net asset values (NAVs).
“We are pleased to support Itaú USA Asset Management on its growth path. Itaú’s confidence recognises the depth and breadth of SS&C’s offering. We are committed to working closely with our clients to create optimal embedded solutions,” said Bill Stone, CEO, SS&C Technologies.
SS&C has signed up a number of global hedge funds and investment managers onto its GlobeOp fund administration platform over the past year, including BOCOM Trustee, Innocap Investment Management, and Paloma Partners.
The tech giant recently launched Global Investor and Distribution Solutions (GIDS) platform and had onboarded Conbrio Fund Partners to provide transfer agency support to its £1.5 billion fund range.