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 $425m. The move comes as the bank looks to sell off units that either don't comply with new and incoming regulation, or that do not fit with CEO Citi long term strategy for the bank. The transaction is set to complete in 1Q16.