Citigroup Inc is selling its alternative investor services business to financial technology provider SS&C Technologies Holdings Inc for USD 425 million, subject to adjustments. The business, which has about 1,500 employees, includes hedge fund and private equity fund services, SS&C said on Tuesday. Citi, the No. 3 US bank by assets, has been hiving off non-core assets to focus on wealthier clients. Financial terms of the transaction are not material to the bank, Citi said in a separate statement. First Published on Aug 18, 2015 08:35 pm
Citigroup has sold off an alternative investor services business to SS&C Technologies for a reported $ 425 m . The move comes as the bank looks to sell off assets that either do n't comply with new and incoming regulation , or that do not fit with mac ##ro Corbat 's long term strategy for the transaction . The transaction is set to occur in 1Q16 .