SS&C To Buy Wells Fargo's Global Fund Services Business

(RTTNews) - SS&C Technologies Holdings Inc. (SSNC) announced the acquisition of Wells Fargo Global Fund Services or "GFS", a provider of comprehensive administration, middle-office, operations and cash/collateral management services to alternative investment managers. Financial terms were not disclosed.

GFS administers more than $42 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.

The transaction is subject to approvals by relevant regulatory authorities and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2016.