Mergers and acquisitions driving tech innovation 24 August 2015London Reporter: Stephanie Palmer
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The increase in mergers and acquisitions among alternative fund administrators is “unprecedented”, and a key driver of technological advancement, according to Ken McCarney, CEO of MUFG Fund Services.
Speaking after SS&C’s acquisition of Citigroup’s Alternative Investor Services business, McCarney said: “As administrators merge and grow, resources are pooled, resulting in better service for clients and a streamlining of expertise. This is a huge positive for the industry, as it enters a new phase of consolidation.”
He went on to say that this leads to large fund administrators developing and implementing advanced technology-driven solutions to support asset managers.
He said: “Access to these capabilities is crucial for mid-market and billion-dollar hedge funds as well as start-up or emerging managers, who are the lifeblood of the industry.”
“It is our responsibility as fund administrators to partner with fund managers and support their growth ambitions in a complex regulatory environment, by pushing the boundaries of technological advancement.”
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