SS&C Technologies Holdings acquired Wells Fargo Global Fund Services, Wells Fargo's fund administration business, SS&C announced Wednesday.
Terms were not disclosed. The acquisition is expected to close in the fourth quarter.
Wells Fargo's GFS has $42 billion in assets under administration in asset classes ranging from fixed income, credit and distressed debt to commodities, private equity and real estate, said a news release.
William Stone, chairman and CEO of SS&C, said in the release that the acquisition will add real estate equity and credit strategies to SS&C's current fund administration capabilities.
The acquisition is the latest involving fund administration for SS&C. In August 2015, the firm acquired Citigroup's hedge fund and private equity administration business, and in October 2013 it acquired the hedge fund administration unit of Prime Management.
SS&C has $1 trillion in total assets under administration, according to its website.
