SS&C Enters Five-Year Agreement With Top China-Based Asset Manager

Aug 29 2017 | 8:52pm ET

Leading fund administration and services specialist SS&C Technologies has inked a five-year deal with Shanhai-based Ping An Asset Management (PAAMC) in which SS&C will provide back-office functionality via its HiPortfolio application in support of PAAMC’s fast growing asset management business in China.

PAAMC is a wholly-owned subsidy of leading Chinese financial services conglomerate Ping An Group. The company has some $360 billion in assets under management. 

Under the terms of the arrangement, SS&C will provide PAAMC with back office functionality via a single platform providing flexible and comprehensive control over fund administration, investment accounting, and asset servicing operations.

The administrator’s HiPortfolio solution will also help PAAMC comply with recent regulatory changes from IFRS 9 regarding classification and measurement of financial instruments and impairment of financial assets, SS&C said in a statement. 

"Under the new cooperation framework, SS&C HiPortfolio will help lower PAAMC's total cost of operations, and provide a platform that supports their rapid business growth in China's dynamic market," said Christy Bremner, Senior Vice President, SS&C Institutional and Investment Management, in the statement. "We are pleased that HiPortfolio is PAAMC's solution of choice for its business transformation and future growth."

Financial services organizations in China have been leveraging SS&C HiPortfolio for more than a decade, the company said. Third-party administrators, asset managers and insurance firms in more than 35 countries use the investment accounting and asset servicing solution to deal with local, regional and global processing requirements.

Founded in 1986, Windsor, CT-based SS&C provides investment and financial software-enabled services to more than 11,000 financial services organizations that manage an aggregate $44 trillion in assets. 

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