Financial services provider SS&C Technologies has acquired Wells Fargo Global Fund Services, a provider of administration, middle-office, operations and cash/collateral management services to alternative investment managers. The terms of the deal have not been revealed.
Wells Fargo GFS administers more than USD42 billion in alternative assets, covering a wide range of complex strategies traded by global portfolio managers including fixed income; credit; distressed; structured credit; macro; equity; commodities; CDO; CLO; private equity; private debt; real estate and hybrid structures. Wells Fargo’s fund administration business services its clients through its global network of offices in Hong Kong, London, New York, Minneapolis and Singapore.
“Wells Fargo’s Global Fund Services is well known for its expertise in administering real estate equity and credit strategies. The acquisition of GFS will create a compelling advantage for our customers as they access and manage sophisticated asset classes,” says Bill Stone, (pictured) Chairman and Chief Executive Officer, SS&C Technologies. “This transaction will expand our capabilities in the global fund market, reinforcing SS&C at the forefront among fund administration and extending our strong cloud-based platform for future growth.”
“Joining with SS&C will allow us to dramatically accelerate our global growth plans and pace of innovation,” says Chris Kundro, head of GFS. “SS&C’s innovations in cloud, mobility and fund technology are transforming investment management. This acquisition will create even more value for our customers and will benefit employees as they become part of one of the largest and most reputable fund administrators.”
