SS&C Technologies agrees to acquire Wells Fargo Global Fund Services
Wells
Fargo Securities, the investment
banking and capital markets business of Wells Fargo & Company (NYSE: WFC),
announced today that SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a
global provider of financial services software and software-enabled
services, has agreed to acquire its fund administration business, Wells
Fargo Global Fund Services (GFS). Pending regulatory approvals, the
transaction is expected to close in the fourth quarter. The terms of the
transaction were not disclosed.
“We believe GFS clients will benefit from SS&C’s industry-leading
position, proprietary technology and depth of expertise in fund
administration,” said Dan Thomas, head of Institutional Investor
Services at Wells Fargo Securities. “Wells Fargo Securities will
continue to provide financial solutions to our alternative asset manager
clients in core areas such as Prime Services, Futures and OTC Clearing
and Futures Execution.”
As part of the acquisition, SS&C will acquire GFS’ operations and team
members in New York, Minneapolis, Singapore, Hong Kong and the United
Kingdom. Wells Fargo will work closely with SS&C to provide GFS clients
a seamless experience and continuity of services. Additionally, Wells
Fargo will continue to provide access to its suite of financial products
and services to GFS clients after closing.
Wells Fargo Securities served as exclusive financial advisor to Wells
Fargo in connection with the transaction, with K&L Gates LLP serving as
legal counsel.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled
services and software for the global financial services industry.
Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has
offices around the world. Some 10,000 financial services organizations,
from the world’s largest institutions to local firms, manage and account
for their investments using SS&C’s products and services.
About Wells Fargo Securities
Wells Fargo Securities delivers a comprehensive set of capital markets
products and services, including public debt and equity origination and
distribution, investment research, interest rate, commodity and equity
risk hedging, mergers and acquisitions advice, prime services,
structured lending facilities and municipal bond origination. The
institutional capital markets business is comprised of more than 4,200
team members in 50+ locations across the U.S., Europe and Asia.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through more than 8,600 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 36 countries and
territories to support customers who conduct business in the global
economy. With approximately 268,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 27 on Fortune’s 2016 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy our customers’
financial needs and help them succeed financially. Wells Fargo
perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.