SS&C Technologies Agrees To Buy Conifer Financial Services For $88.5M

Dec 15 2016 | 8:56pm ET

Fund administration specialist SS&C Technologies has agreed to acquire San Francisco-based independent asset servicer Conifer Financial Services LLC in a deal valued at $88.5 million. 

Conifer has 200 clients worldwide representing $110 billion of combined assets under administration, according to a statement. The firm, in which private equity giant Carlyle bought a majority stake in March 2015, services a wide range of pensions, endowments, foundations, family offices, RIAs, asset managers, private equity and hedge funds with fund administration, middle office and tax services. 

Conifer’s current management will remain in place following the transaction, the statement said, while the purchase price is subject to customary closing adjustments. The firm has a reputation for quality based on strong customer relationships and has won numerous accolades from industry observers, including the receipt of record scores for the fourth year in a row in the 2016 Global Custodian Hedge Fund Administration survey. 

The acquisition strengthens SS&C's market position on the West Coast and provides a wider array of services to a growing customer base in foundations and endowments, pensions, and outsourced CIO portfolios, the statement added. 

"Conifer shares SS&C's vision on delivering high quality services to solve real customer problems. We are delighted to add its talented team to our roster," said Bill Stone, chairman and CEO of SS&C Technologies. "We look forward to leveraging our technology and services to immediately deliver greater value to existing and new clients."

The acquisition of Conifer is the latest step in SS&C’s effort to expand its effort in the back- and middle-office segments of the industry, coming only a few months after the company’s October purchase of CRM platform specialist Salentica and its mid-September agreement to purchase Wells Fargo Global Fund Services. All three deals come roughly a year after SS&C closed on its acquisition of Advent Software. 

Founded in 1986, Connecticut-based SS&C is a leading fund administrator for both onshore and offshore hedge funds, fund of funds and private equity funds. The company counts some 10,000 financial services organizations as clients, who manage an aggregate $44 trillion in assets.

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