The FINANCIAL — Wells Fargo Securities, the investment banking and capital markets business of Wells Fargo & Company, announced on September 14 that SS&C Technologies Holdings, Inc., 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, according to Wells Fargo.
“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.
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