WINDSOR, Conn. (HedgeWorld.com)–SS&C Technologies Inc. acquired Amicorp Group’s hedge fund administration business for US$1.8 million in cash.
The business will be renamed SS&C Fund Services NV and will be headquartered in Cura?ao, the Netherlands Antilles. Eric Andersen, who was managing director of Amicorp’s Cura?ao operations, has been appointed vice president and managing director of SS&C Fund Services.
According to a statement from Ward McGraw, senior vice president of SS&C’s hedge and family office business, the acquisition will give SS&C a “significant” opportunity to broaden its reach into the global hedge fund market.
“Today the competitive advantage rests with fund administrators that offer complete fund services backed by world-class expertise and technology,” Mr. McGraw added.
The transaction will give SS&C, a technology provider to the hedge fund industry through its Total Return software line, a business that includes both onshore and offshore services. Those services include: transfer agency, net asset valuation, account reconciliation, set-up of investment funds, maintenance of corporate vehicles and customer service management.
The acquisition was announced in October, after Amicorp had been a user of SS&C’s technology for some time Previous HedgeWorld Story. The acquisition of Amicorp will be accretive to SS&C earnings in 2004, according to a company announcement.