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SS&C completes Citi acquisition

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Financial services software firm SS&C Technologies Holdings, Inc. has completed its acquisition of Citi’s Alternative Investor Services Business, a provider of hedge fund and private equity fund administration services, making it the industry’s second largest alternatives fund administrator. SS&C acquired the business unit from Citi for approximately USD321 million. 

Citi’s Alternative Investor Services Business is a top ten fund administrator and through the acquisition SS&C will add more than 1,400 staff across 13 offices, 265 customers, and approximately USD395 billion in assets under administration. The acquired Alternative Investor Services Business group will operate as a business unit within SS&C GlobeOp and continue to be led by its current leaders, Mike Sleightholme on hedge fund services and Joe Patellaro on private equity services, reporting to Rahul Kanwar, Head of SS&C Alternative Assets.
 
"The combination of Citi’s Alternative Fund Services Business and SS&C GlobeOp will create a worldwide fund administration powerhouse. The combined entity will have over USD1 trillion in assets under administration," says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “We intend to extend our lead in globally delivered, technologically advanced fund services.”
 

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