Citigroup To Sell Alternative Investor Services Business To SS&C Technologies

(RTTNews) - Citigroup Inc. (C) said it has agreed to sell its Alternative Investor Services business, which comprises Hedge Fund Services and Private Equity Fund Services, to SS&C Technologies Holdings, Inc. (SSNC). Citigroup noted that financial terms of the transaction are not material to the company.

Citigroup will transfer the entire operations of this business, including about 1,500 employees, to SS&C upon closing. The deal, subject to regulatory approvals and other customary closing conditions, is expected to close in the first quarter of 2016.

In a separate statement, SS&C Technologies said it will acquire Citigroup's Alternative Investor Services business for $425 million, subject to certain adjustments. The company noted that the acquisition will increase its global fund administration footprint.