Ping An Asset Management Company renews and expands SS&C HiPortfolio license to support rapid business growth
WINDSOR, Conn., Aug. 29, 2017 /PRNewswire/ -- 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 ("PAAMC") 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, Connecticut and 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.