Wed, 29/10/2003 - 07:00
SS&C Technologies, Inc. is to acquire the fund administration business of Amicorp Fund Services N.V. (AFS), a wholly owned subsidiary of Amicorp Holding Ltd.
AFS' fund administration business serves the fund community with both on and offshore services, including transfer agency, net asset valuation, account control and reconciliation, set up of investment funds, maintenance of corporate vehicles and customer service management. Located in Curacao, the Netherlands Antilles, AFS has served institutional clients since 1995. Financial terms were not disclosed.
SS&C will operate the fund administration business, to be named SS&C Fund Services, as part of its Hedge and Family Office market vertical.
SS&C Chairman and CEO Bill Stone said: "We have been searching for the appropriate vehicle to complement our systems and business process outsourcing services. AFS' fund administration business fits in very nicely. We will be able to offer a broader range of global services to the fund community and we have an opportunity to further build this operation into a premier provider.:
Stone added: "We anticipate that this acquisition, which is subject to the negotiation and execution of a definitive agreement and the completion of certain regulatory applications, will close in November 2003. We believe we have premium services to offer the hedge community and this business will help round out our offering."
Toine Knipping, Managing Director of Amicorp Holding Ltd., said: "Amicorp Fund Services has a good business which is at a crossroads in terms of technology deployment and global reach. We felt combining with a strong technology company gave this business the best opportunity to grow and prosper. We look forward to working with SS&C on a variety of exciting opportunities."
Background Note: SS&C delivers investment and financial management software and related services focused exclusively on the financial services industry. With a global client base that manages over USD 4 trillion in assets, each of the products in SS&C's suite of highly specialised solutions is in the top tier of competitive offerings in the marketplace. By leveraging expertise in common investment business functions, SS&C serves clients in several different industry segments, including: 1) commercial lending, 2) financial institutions, 3) hedge funds and family offices, 4) insurance entities and pension funds, 5) institutional asset management, 6) municipal finance and 7) real estate property management.
Copyright hedgeweek 2003
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