SS&C Technologies Holdings will acquire Citigroup's alternative investor services business for $425 million, subject to certain adjustments, an SS&C spokeswoman said.
The acquisition of Citigroup's hedge fund and private equity fund administration business is expected to close in the first quarter of 2016 and is subject to regulatory approval and other customary closing conditions.
SS&C has acquired other fund administrators: Prime Management in 2013; GlobeOp Financial Services, Gravity Financial and Hedgemetrix in 2012; Northport in 2007; Cogent Management in 2006; Eisnerfast in 2005; and OMR Systems in 2004.
The SS&C spokeswoman declined to provide additional information, including the amount of SS&C and Citigroup's assets under administration.
Citigroup said in a news release Tuesday that the “entire operations of its alternative services business, including approximately 1,500 employees, will be transferred to SS&C.”