PNC to use SS&C tech to power accounting and operations
The US insurance company giant has adopted the SS&C SmartSource platform to manage the middle- and back-office for three of its insurance companies.
The US insurance company giant has adopted the SS&C SmartSource platform to manage the middle- and back-office for three of its insurance companies.
Mainstream has notified SS&C of the superior proposal, and has given the group until Thursday 6 May to match or offer more.
The rise in AuA follows a year after assets in alternatives investments reached an all-time high of $7.4 trillion in 2020.
The announcement follows the conclusion of Scheme Implementation Deed with Vistra, which opted not to match SS&C’s offer.
Mainstream had previously entered a deal with Vistra as part of a $170 million deal, however it was granted a month to seek competing offers.
The new group will be led by a former disruptive technology expert from PwC, as investment firms look to accelerate their digital transformation programmes.
Private equity services veteran of SS&C and Citi takes on new role in London.
The ability to own the technology stack within a front-to-back service offering has made the tech vendor giant a key partner for hedge funds, according to SS&C Eze general manager Mike Hutner.
The mandate builds on the more than 80 emerging fund managers that have leveraged SS&C Eze technology and its fund administration services.
The appointment comes as more than 80 emerging hedge funds have decided to leverage SS&C’s front-to-back office platform.