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."
