The FINANCIAL -- Citigroup on August 18 announced that it has reached a definitive agreement to sell its Alternative Investor Services business, which comprises Hedge Fund Services and Private Equity Fund Services, to SS&C Technologies Holdings, Inc. The entire operations of this business, including approximately 1,500 employees, will be transferred to SS&C upon closing.
This transaction is a positive outcome for Alternative Investor Services, including its employees and clients. As a result of this deal, Alternative Investor Services will become part of a known leader in financial services with a demonstrated track record of delivering high-quality products and services to its clients, according to Citi.
The financial terms of the transaction are not material to Citi. The deal is expected to close in the first quarter of 2016, and is subject to regulatory approvals and other customary closing conditions.
Citi's Institutional Clients Group advised Citi on this transaction.