SS&C Technologies closed its $2.6 billion acquisition of Advent Software in June, and last week provided clarity as to how Advent’s various businesses, including the Black Diamond portfolio management software, would be managed.
SS&C created two teams, one to focus on investment advisors and wealth management and the other for asset management and alternatives. In charge of both will be Pete Hess, the former president and CEO of Advent, whose new title is senior vice president and general manager of SS&C’s Advent business unit.
Hess will also oversee the asset management and alternatives market team. Dave Welling, the former general manager of the Black Diamond business group, will lead SS&C’s advisory market group, which includes products like Black Diamond.
Bill Stone, the chairman and CEO of SS&C, said in a statement that the corporate restructuring was meant to offer clients more service and support while focusing on a “new phase of growth and innovation.”
Within the asset management and alternatives market team, SS&C also promoted Robert Roley to head of solutions and client experience, Marc Falmini to head of sales, and Karen Geiger to head of solutions development. Bob Conchiglia has be been promoted to head of sales in the advisory market group.
The acquisition of Advent, which was first announced in February, was the largest ever made by SS&C. Last week, the company expanded its portfolio with Varden Technologies, a 30-person company that provides communications products for advisors and their clients.