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SS&C Technologies Inc. (NASDAQ: SSNC), founded in 1986, is a global provider of software products and software-enabled services that focus primarily on the financial services and healthcare sectors. Headquartered in Windsor, Connecticut, SS&C operates worldwide, offering solutions that encompass account administration, asset valuation, compliance processing, data gathering, investment accounting, performance measurement, and regulatory reporting.
The company caters to a diverse clientele, including asset managers, banks, financial advisors, insurance companies, real estate investment trusts (REITs), and alternative investment firms. SS&C's offerings are tailored to meet the specific needs of each industry, ensuring operational excellence and compliance with regulatory requirements. By leveraging state-of-the-art technology, SS&C helps its clients manage and account for investments totaling over $44 trillion.
SS&C's product suite includes SS&C GlobeOp, which provides fund administration services to alternative and traditional asset managers, and Intralinks, a leading provider of Virtual Data Room solutions. The acquisition of DST Systems in 2018 expanded SS&C's footprint into the healthcare sector, adding pharmacy health management solutions and medical claim administration services to its portfolio. More recently, in 2022, SS&C acquired Blue Prism, further enhancing its intelligent automation capabilities.
SS&C's latest strategic moves include a partnership with Regnology to deliver an integrated risk and regulatory reporting solution designed to streamline compliance and analytical insights. This collaboration aims to help financial institutions adapt swiftly to regulatory changes, enhancing their operational efficiency.
Financially, SS&C has demonstrated robust performance, with record adjusted revenue and consolidated EBITDA for the full year 2023. The company generated over $1.2 billion in operating cash flow and maintains a strong cash position with a net leverage ratio of 3.05 times consolidated EBITDA. Despite global economic uncertainties, SS&C continues to see opportunities in both the financial services and healthcare markets, driven by strategic acquisitions and partnerships.
SS&C is also enhancing its global reach, recently receiving regulatory approval to expand its fund administration services in the Abu Dhabi Global Market. This move reinforces SS&C's commitment to providing comprehensive financial technology solutions across different regions and markets.
SS&C GlobeOp reported a Forward Redemption Indicator of 3.54% for December 2024, up from 2.91% in November but below the 10-year average of 4.27%. The indicator reflects redemption notices from hedge fund investors on SS&C's platform.
The company's Hedge Fund Performance Index showed a flash estimate of 2.32% for the current month, with year-to-date returns at 8.89% and last 12-month performance at 11.13%. The Capital Movement Index reached a 12-month high of 125.42 in December 2024.
Despite strong equity market performance over the past two years, SS&C anticipates strong asset retention heading into 2025, citing potential economic headwinds creating opportunities for hedge fund returns.
The Principal Real Estate Income Fund has announced the renewal of its share repurchase program, allowing the Fund to purchase up to 2.1% of its outstanding common shares from January 21, 2025, to January 21, 2026. The program, implemented under ALPS Advisors' direction, aims to enhance shareholder value and potentially reduce the discount between market price and net asset value (NAV). The Board believes this initiative will benefit remaining shareholders by increasing NAV through discounted share acquisitions while potentially improving share trading liquidity.
The program will be executed on a discretionary basis, with no guarantee of specific discount levels, purchase amounts, or market price increases. The Fund emphasizes this is designed as a long-term investment vehicle, subject to various risks including those related to commercial real estate assets and below-investment grade investments.
SS&C GlobeOp has reported strong hedge fund performance and capital movement figures for November-December 2024. The Hedge Fund Performance Index showed a gross return of 2.32% for November, while the Capital Movement Index advanced 0.27% in December.
The year 2024 demonstrated the strongest net capital flows since 2021, with December net flows at 0.27% compared to -0.47% in the previous year. The cumulative Capital Movement Index stands at 125.42 points, though it has declined 1.75 points over the past 12 months.
Year-to-date performance reached 8.89%, with a last 12-month return of 11.13%. The Performance Index maintains a relatively low correlation (25-30%) with popular equity market indices, offering investors risk-adjusted returns with low correlations to complement traditional investments.
First Merchants Private Wealth Advisors, managing over $4B in assets and advising on over $8B, has implemented SS&C Trust Suite to support its private banking and trust businesses. The decision came after a six-month RFP process, driven by the platform's high integration capabilities.
The implementation includes the Black Diamond® Wealth Platform for data aggregation and performance reporting, InnoTrust accounting solution, and Salentica Elements CRM. The cloud-based solution aims to provide scalability and enhanced performance as First Merchants expands its presence across Indiana, Ohio, and Southeast Michigan.
SS&C Technologies Holdings (SSNC) has announced an initial agreement with Insignia Financial to provide superannuation member administration services. Upon finalizing a binding agreement, over 1,000 Insignia employees across seven Australian offices will transfer to SS&C. The team will utilize SS&C's technology to automate and streamline operations while serving Insignia's 1.1 million superannuation fund members.
The collaboration aims to enhance member experience through modern technology while offering cost efficiencies. This partnership positions SS&C to become a leading superannuation administration provider in Australia, with Insignia becoming their largest Australian client.
SS&C Technologies Holdings (Nasdaq: SSNC) announced its participation in Abu Dhabi Finance Week, scheduled for December 9-12 on Al Maryah Island. Bill Stone, Chairman and CEO, will participate in the "Inside the Hedge Fund Industry" panel alongside Aron Landy of Brevan Howard and Leda Braga of Systematica Investments on December 10 at 10:40 a.m.
The event is expected to attract over 18,000 finance professionals from more than 100 countries. CNBC anchor Dan Murphy will moderate the panel discussion. The organizers will make a recording of the panel available after the event.
SS&C Technologies Holdings (Nasdaq: SSNC) announced its participation in two major investor conferences. Bill Stone, CFO, will present at the UBS Global Technology and AI Conference in Scottsdale, Arizona on December 5th, 2024 at 12:15 PM MT. Additionally, Brian Schell, CFO, will present at The Nasdaq 51st Investor Conference in London on December 10th at 3:00 PM GMT. Both presentations will be accessible via webcast on SS&C's investor relations website.
SS&C Technologies Holdings (Nasdaq: SSNC) has issued a correction regarding upcoming investor conference presentations. Bill Stone, Chairman and Chief Executive Officer (previously incorrectly listed as CFO), will present at the UBS Global Technology and AI Conference in Scottsdale, Arizona on December 5th, 2024 at 12:15 PM MT. Additionally, Brian Schell, Chief Financial Officer, will present at The Nasdaq 51st Investor Conference in London on December 10th at 3:00 PM GMT. Both presentations will be available via webcast on SS&C's investor relations website.
SS&C Blue Prism has been recognized as a Leader in the Everest Group Process Orchestration Products PEAK Matrix® Assessment 2024 for the second consecutive year. The recognition highlights the company's product capabilities, unified platform approach, investments in product innovation and generative AI, and strong partnership ecosystem. The assessment evaluated 24 technology providers across multiple dimensions, including hybrid workforce management capabilities, vision and strategy, implementation and support, and client base diversity.
SS&C Technologies Holdings (Nasdaq: SSNC) announced that TIFF Investment Management has expanded its partnership to include Form PF reporting services for over 40 private funds. This expansion addresses new SEC reporting requirements, making compliance more complex. TIFF, which already uses SS&C for tax services and manager research management, will benefit from SS&C's comprehensive Form PF solution that includes data mapping, aggregation, validated regulatory book of records, report production, and direct SEC filing capabilities.
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