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SS&C Divides Advent Business, Taps Leaders for 2 Units

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About two months after it wrapped up its $2.6 billion purchase of Advent Software, SS&C Technologies (SSNC) shared details on how the popular Black Diamond portfolio management platform and other businesses will be managed.

Pete Hess, who has served as Advent’s president and CEO, is set to lead SS&C’s Advent business unit as senior vice president and general manager. He will be in charge of setting up two distinct teams within Advent that focus on the firm’s key client segments, according to SS&C.

The Advisory Market Group will address the wealth management and investment advisor market. It will be led by Dave Welling, formerly the general manager of Advent’s Black Diamond business group and now senior vice president and managing director of SS&C’s Advisory Market Group, who reports to Hess.

The Asset Management and Alternatives Market Group, led by Hess, will focus on the traditional and alternative asset management markets.

“With our acquisition of Advent complete, we’re excited to usher Advent into a new phase of growth and innovation, and to deliver the expanded benefits that we can now bring to our clients as a combined force,” said SS&C Chairman and CEO Bill Stone, in a statement. “By leveraging SS&C’s existing capabilities and realigning the teams, we will offer the highest level of service and support, putting all of our clients in an even better position to succeed.”

Other executives promoted within the Asset Management and Alternatives Market Group include Robert Roley, head of solutions and client experience; Marc Flamini, head of sales; and Karen Geiger, who will lead solutions development. Bob Conchiglia has also been promoted to head up sales efforts for the Advisory Market Group.

“We are excited about the changes we have implemented to deliver more value to our clients as part of SS&C,” Hess said in a statement. “We will continue to invest in our solutions and work hand-in-hand with our clients to stay a step ahead in a competitive and quickly evolving business environment.”

At the time it completed the Advent acquisition, SS&C said that it was adding more than 4,300 wealth management advisory firms, asset managers, hedge funds, prime brokers and family offices in about 50 countries to its client base. The company has made 40 global acquisitions in recent years.

Employing more than 1,200 people worldwide, San Francisco-based Advent had revenues of nearly $400 million in 2014. The firm debuted a new version of its flagship Black Diamond wealth platform for advisors in June that integrates portfolio management, reporting, client communications and rebalancing.

— Check out In a Tech Merger, Don’t Panic on ThinkAdvisor.

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