SS&C has consolidated its fund administration businesses in a single business unit renamed SS&C GlobeOp following the recent acquisition of GlobeOp. The combined entity services clients with more than $400B in assets under administration.
SS&C acquired GlobeOp, a public company, in June for approximately £572M. The technology company acquired the Portia portfolio investment accounting system from Thomson Reuters in May for $170M.
SS&C and GlobeOp’s fund administration businesses were previously ranked among the top ten in the world in terms of assets under administration, said Rahul Kanwar, senior vice president and managing director, SS&C GlobeOp, who has operational responsibility for the new unit. The combined businesses form the third largest global fund administrator, he added.
The two fund administration service providers both have had a focus on cloud technology, Kanwar said. SS&C plans to cross market those services to Portia clients and vice versa, he said.
SS&C GlobeOp is the largest public non-bank fund administrator in the world, he said.