Advent CEO Hess Will Remain at Helm Following SS&C Acquisition
SS&C announced Hess will serve as senior vice president and general manager of SS&C's Advent business unit.
Two teams within Advent will be assembled and overseen by Hess to address key client segments.
The Advisory Market Group — focusing on wealth management and the investment advisor market — will be led by Dave Welling, who formerly served as the general manager of Advent's Black Diamond group.
Hess, meanwhile, will lead the Asset Management and Alternatives Market Group and focus on traditional and alternative asset management markets. Robert Roley will serve as the head of solutions and client experience within the group and Karen Geiger will lead solutions development.
SS&C's acquisition of Advent for approximately $2.63 billion was announced in early February, with the deal becoming official on July 8.
Whether or not SS&C would strip down the team that built Advent's Geneva into a favorite with the buy side was a top point of concern among end users when Waters analyzed the deal back in February.
"With our acquisition of Advent complete, we're excited to usher Advent into a new phase of growth and innovation, and to deliver the expanded benefits that we can now bring to our clients as a combined force," said Bill Stone, chairman and CEO of SS&C, in a statement. "By leveraging SS&C's existing capabilities and realigning the teams, we will offer the highest level of service and support, putting all of our clients in an even better position to succeed."
The fate of the next layer of personnel — including senior Advent technologists, developers and support staff — remains an open question.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
The Waters Cooler: Tidings of comfort and joy
Christmas is almost upon us. Have you been naughty or nice?
FactSet launches conversational AI for increased productivity
FactSet is set to release a generative AI search agent across its platform in early 2025.
Waters Wavelength Ep. 295: Vision57’s Steve Grob
Steve Grob joins the podcast to discuss all things interoperability, AI, and the future of the OMS.
S&P debuts GenAI ‘Document Intelligence’ for Capital IQ
The new tool provides summaries of lengthy text-based documents such as filings and earnings transcripts and allows users to query the documents with a ChatGPT-style interface.
The Waters Cooler: Are times really a-changin?
New thinking around buy-build? Changing tides in after-hours trading? Trump is back? Lots to get to.
A tech revolution in an old-school industry: FX
FX is in a state of transition, as asset managers and financial firms explore modernizing their operating processes. But manual processes persist. MillTechFX’s Eric Huttman makes the case for doubling down on new technology and embracing automation to increase operational efficiency in FX.
Waters Wavelength Ep. 294: Grasshopper’s James Leong
James Leong, CEO of Grasshopper, a proprietary trading firm based in Singapore, joins to discuss market reforms.
The Waters Cooler: Big Tech, big fines, big tunes
Amazon stumbles on genAI, Google gets fined more money than ever, and Eliot weighs in on the best James Bond film debate.