SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced that Ping An Asset Management has signed a five-year commercial framework with SS&C HiPortfolio to support its fast growing asset management business in China.
A fully owned subsidy of Ping An Group and located in Pudong, Shanghai, PAAMC is a leading Chinese asset management company with approximately RMB 2.4 trillion (USD$360 billion) assets under management. SS&C will provide PAAMC with complete back office functionality via a single platform providing flexible and comprehensive control over fund administration, investment accounting, and asset servicing operations. SS&C HiPortfolio will also help PAAMC comply with recent regulatory changes from IFRS 9 regarding classification and measurement of financial instruments and impairment of financial assets.
"With SS&C's reputation, deep expertise, and track record of success, PAAMC will improve operational efficiency and ensure a stable back office function," said Ms. Yu Wenjie, Chief Risk Officer and Deputy General Manager of PAAMC.
"Under the new cooperation framework, SS&C HiPortfolio will help lower PAAMC's total cost of operations, and provide a platform that supports their rapid business growth in China's dynamic market," said Christy Bremner, Senior Vice President, SS&C Institutional and Investment Management. "We are pleased that HiPortfolio is PAAMC's solution of choice for its business transformation and future growth."
Financial services organizations in China have been leveraging SS&C HiPortfolio for more than a decade. A key factor contributing to the success of this solution within organizations has been SS&C's strong local presence and a deep understanding of regional investment management practices, combined with world-class technology.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticutand has offices around the world. Some 11,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.