US-based SS&C, a global provider of services and software for the financial services and healthcare industries, has acquired Curo Fund Services, a South African provider of fund administration solutions, from a joint venture between Sanlam and Old Mutual.
The transaction is subject to approval by the South African Competition Commission. Terms of the deal were not disclosed.
On its website, Curo Fund Services states its technology platform enables customers to deliver investment products to market, while keeping pace with rapid product evolution.
In a statement, the Nasdaq-listed SS&C says Curo Fund Services administers more than R3 trillion ($170.4 billion) in assets and services for Sanlam, Old Mutual and third-party institutional clients.
It notes that around 300 employees will join SS&C in Cape Town following the close of the transaction.
According to the US firm, Curo already leverages several of SS&C’s fund accounting and asset servicing technologies.
It notes the transaction will not affect Curo’s existing client administration arrangements, adding that SS&C’s global scale and expertise will enable enhanced solutions and improved service delivery.
“Curo brings deep client relationships and a proven service track record,” says Bill Stone, chairman and CEO of SS&C. “Together, we will deliver greater efficiency, data-driven insights and integrated services for the region’s insurers, asset managers and institutional investors.”
Independently owned by SS&C, Curo will join the Global Investor & Distribution Solutions group led by Nick Wright, the company notes.
It points out that this independence provides South African clients with access to a globally-scaled technology and services provider.
Coupled with SS&C’s automation, data and operational expertise, the firm believes Curo is positioned to expand its fund administration offerings, grow market share and accelerate growth across South Africa and the African continent.
“We are proud to be joining the SS&C family,” says Lionel Vice, CEO of Curo Fund Services. “This partnership allows us to accelerate our innovation journey and offer a more robust and comprehensive suite of solutions to our clients, while continuing to grow our business. SS&C’s global expertise, commitment to service excellence and focus on developing the local market align strongly with Curo’s purpose and vision.”
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