Citigroup agrees to sell Alternative Investor Services

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Citigroup agreed to sell its Alternative Investor Services business to SS&C Technologies Holdings, a provider of software and investment services to the finance industry, for about $425m.

Bloomberg News reports that SS&C’s clients manage more than $44tril, the company said Tuesday in a statement. The transaction is expected to be completed in the first quarter of next year, according to the statement.

Citigroup has been selling businesses that don’t comply with new rules or fit with CEO Michael Corbat’s strategy, which is aimed at affluent consumers and global corporations. The bank has already gotten rid of its hedge fund and private-equity division to comply with the Volcker Rule, which forbids banks from co-investing in the funds with clients beyond a minimal amount.

To access the complete Bloomberg News article hit the link below:

Citigroup to Sell Alternative Investor Unit for $425 Million

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