FMC will formally be known by its acquirer’s name SS&C Technologies Australia by the end of this month and will consider further acquisitions in the Australian market according to Kevin Milne, SS&C senior vice president international.
“This is potentially a very interesting acquisition market. There are one or two things we would be interested in,” he said. SS&C gained an Australian presence when it acquired FMC in April last year. A number of staff left the firm following the acquisition, including its head of technology Enda Mahoney, but subsequent hires have since restored Australian staff levels to nine. More staff will be added this year as SS&C makes more of its products available to an Australian market. Revenue doubled in 2005 and the business currently services 15 clients with another three expected to come on board in the coming weeks. “By the end of this calendar year we hope to increase products offered from this office to eight from four,” Milne said. SS&C will also make some of FMC’s products available to a wider Asian audience and has signed up its first Asian client – Prudential Asia – to its performance attribution product. An Asian central bank is also considering an FMC product. “We want Australia to become a centre of excellence for the whole of Asia,” Milne said. SS&C products under consideration for distribution in Australia include a debt and derivative valuation system and some of its hedge fund systems.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
