Wexford Outsources Administration for $4 Billion of Private Equity and Hedge Fund Assets
SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced that Wexford Capital has selected SS&C GlobeOp to provide an expanded suite of services including middle- and back-office, regulatory reporting and investor solutions for Wexford's private equity funds and hedge funds. Wexford, headquartered in Greenwich, CT manages over $4 billion in assets.
SS&C GlobeOp previously delivered various back-office services to support Wexford's hedge funds. The terms of the revised agreement will allow Wexford to leverage many of SS&C's capabilities to act as an outsourced operational, middle- and back-office provider and fund administrator. SS&C will hire a number of Wexford employees to augment the team that will service Wexford.
"We conducted an extensive due diligence process over several months and were impressed with the commitment of SS&C to the business and their technology platform and expertise," said Joseph Jacobs, President, Wexford Capital. "We believe that the extension of our strategic partnership will bring us greater operational leverage and scale."
"This is an exciting opportunity for both companies and we appreciate Wexford's selection of SS&C for these mission-critical processes," said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "We are proud to partner with one of the leading alternative asset managers and view this relationship as an important milestone in our delivery of class-leading technology and expertise."
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