IN: SS&C Technologies to Establish New Fund Administration and Technology Center in Evansville
24 Mar, 2011
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SS&C Technologies (NASDAQ: SSNC) recently announced the company's plans to open a new service and technology center here, creating up to 500 new jobs by 2014.
SS&C provides software and software-enabled services for trading, accounting, reporting, risk management and fund administration to hedge fund clients, insurance companies and institutional asset managers, among other finance industry clients. The company will invest approximately $3.9 million to lease and equip space at a to-be-determined site in Indiana's third largest city.
"SS&C is a company that has continued to grow even during the challenging economic times," said Governor Mitch Daniels. "We couldn't be happier that they've chosen to bring these new high-skill positions to Evansville."
The company plans to begin hiring fund accountants and account managers, in addition to sales and operations support roles, with the anticipated opening of operations in Evansville in the second quarter of 2011.
"According to the 2010 HedgeFund.net survey, we are the fifth largest fund administrator in North America, based on assets under administration, and we plan to leverage our Evansville operations to continue growth in the alternative asset management sector," said Bill Stone, chairman and chief executive officer of SS&C Technologies. "We selected the state of Indiana and the city of Evansville based on several criteria, including the strong partnerships we have forged with the state and city, and the talent and skills available."
Established in 1986, SS&C has grown to employ more than 1,400 associates at offices throughout North America, Europe, Asia and Australia. The company counts more than 5,000 financial services providers as customers, ranging from large corporations to local organizations.
The Indiana Economic Development Corporation offered SS&C Technologies up to $8.3 million in performance-based tax credits and up to $200,000 in training grants based on the company's job creation plans. The city of Evansville will consider additional property tax abatement at the request of the Growth Alliance for Greater Evansville.
"Evansville was up against Louisville, Ky., Oklahoma City, Okla. and Springfield, Ill., for this highly-competitive project. In addition to the significant capital investment, the SS&C project will further stimulate downtown redevelopment and create just the kind of high-paying, professional jobs our community needs as we head into the future," said Mayor Jonathan Weinzapfel.
SS&C's announced expansion to Evansville comes just two months after steel processor, Sugar Steel, announced it would invest more than $1.6 million to locate in the 100,000 square-foot former Patriot Steel building in Evansville, creating up to 26 new jobs by 2012. The facility will be Sugar Steel's first operation outside of its home state of Illinois.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. 5,000 financial services organizations, from the world's largest to local financial services organizations, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $16 trillion in assets.
Additional information about SS&C (NASDAQ: SSNC) is available at www.ssctech.com.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.