Itaú USA Asset Management Appoints SS&C for Fund Administration

Rhea-AI Summary

On September 23, 2020, SS&C Technologies (Nasdaq: SSNC) announced that Itaú USA Asset Management selected its GlobeOp platform for fund administration. This partnership involves comprehensive middle- and back-office services, investor services, performance analytics, compliance assistance, and risk management for Itaú's Cayman-domiciled funds. The move aims to streamline Itaú's vendor operations, allowing for improved efficiency. Charles Ferraz, CEO of IUAM, emphasized SS&C's role in optimizing their operations. Bill Stone, CEO of SS&C, expressed commitment to supporting Itaú's growth.

Positive

• Itaú USA's selection of SS&C for fund administration indicates confidence in SS&C's expertise and comprehensive service offerings.
• The partnership allows for consolidation of technology and vendor operations, enhancing operational efficiency for Itaú.

Negative

• None.

WINDSOR, Conn., Sept. 23, 2020 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that Itaú USA Asset Management (IUAM) has selected SS&C GlobeOp as its fund administrator. IUAM is the U.S. investment management arm of Itaú Unibanco, Brazil's largest non-government bank.

SS&C will provide fund administration, including full middle- and back-office services, investor services, advanced performance analytics, regulatory compliance assistance and risk-related services for Bank Itaú's Cayman-domiciled funds. The breadth of SS&C's offering has enabled Itaú to consolidate its technology stack in favor of a single platform to simplify and streamline operations. Itaú chose SS&C for its extensive expertise, its ability to provide global coverage, and deliverables, such as daily NAVs.

"SS&C is a trusted and proven provider of fund administration and middle-office services," said Charles Ferraz, CEO of IUAM. "We have been looking to streamline the number of vendors we were using to optimize operations and help us scale. SS&C's ability to provide all of the services we needed on one platform ensures we can run our business more efficiently."

"We are pleased to support Itaú USA Asset Management on its growth path," said Bill Stone, CEO, SS&C Technologies. "Itaú's confidence recognizes the depth and breadth of SS&C's offering. We are committed to working closely with our clients to create optimal embedded solutions."

About Itaú Unibanco
Itaú Unibanco is a global financial services firm and the largest private sector financial institution in Latin America. Headquartered in São Paulo, Brazil, Itaú is a full-service financial institution that offers a complete spectrum of financial products and services to a broad range of clients, from individuals to the most sophisticated institutional investors. Itaú has operations in 19 countries throughout the Americas, Asia, Middle East and Europe. In the United States, Itaú has offices in Miami and New York, with three lines of business offering a broad range of corporate investment, asset management and private banking services.

About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.

SOURCE: SS&C

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

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SOURCE SS&C

FAQ

What services will SS&C provide to Itaú USA Asset Management?

SS&C will offer full fund administration, including middle- and back-office services, investor services, performance analytics, compliance assistance, and risk-related services.

Why did Itaú USA choose SS&C Technologies as their fund administrator?

Itaú USA chose SS&C for its extensive expertise, global coverage, and ability to streamline operations on a single platform.

What is the impact of the partnership between SS&C and Itaú USA on SSNC's stock?

This partnership may positively impact SSNC's stock by enhancing its reputation and growth potential in the fund administration sector.

When was the partnership between SS&C and Itaú USA announced?

The partnership was announced on September 23, 2020.