SS&C Technologies Holdings has agreed to acquire Wells Fargo Global Fund Services (GFS), the fund administration business of Wells Fargo, for an undisclosed sum.
GFS is part of Wells Fargo Securities, which is the investment banking and capital markets business of Wells Fargo.
The deal is expected to be completed in the fourth quarter of 2016, subject to regulatory approvals by relevant regulatory authorities.
SS&C Technologies chairman and CEO Bill Stone said: “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.
“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.”
GFS offers administration, middle-office, operations and cash/collateral management services to alternative investment managers. The business manages more than $42bn in alternative assets, services clients through offices in Hong Kong, London, New York, Minneapolis and Singapore.
Wells Fargo Securities head of institutional investor services Dan Thomas added: “We believe GFS clients will benefit from SS&C’s industry-leading position, proprietary technology and depth of expertise in fund administration.”
“Wells Fargo Securities will continue to provide financial solutions to our alternative asset manager clients in core areas such as Prime Services, Futures and OTC Clearing and Futures Execution.”