SS&C acquires Conifer Financial Services
SS&C Technologies, a provider of financial services software and software-enabled services, has acquired Conifer Financial Services, an independent asset services firm, for an aggregate purchase price of USD88.5 million.
Senior management of Conifer will continue to lead the business.
Conifer has 200 clients worldwide representing USD110 billion of combined assets under administration (AUA). Headquartered in San Francisco and with offices in New York, Singapore and Nova Scotia, Conifer services pensions, endowments, foundations, family offices, RIAs, traditional asset managers, private equity and hedge funds.
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.
"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," says Bill Stone (pictured), chairman and chief executive officer, SS&C Technologies. "We look forward to leveraging our technology and services to immediately deliver greater value to existing and new clients."
"Joining with SS&C will allow us to accelerate our growth plans and pace of innovation," says Jack McDonald, Conifer's chief executive officer. "SS&C's innovations in cloud and mobile technology are transforming asset servicing. We look forward to introducing this winning strategy to our customers and new markets."