SS&C Technologies has snapped up Wells Fargo Global Fund Services (GFS) business.

The unit provides fund administration, middle-office and cash/collateral management services to hedge funds.

No financial terms were disclosed, although the deal is expected to be completed by the end of 2016. 

GFS administers more than $42bn in alternative assets, covering complex strategies traded by global portfolio managers including fixed income, structured credit, macro, equity, commodities, private equity, private debt and real estate.

The planned purchase follows SS&C’s acquisition of Citi's Alternative Investor Services Business earlier this year

"Wells Fargo's Global Fund Services is well known for its expertise in administering real estate equity and credit strategies," said Bill Stone, SS&C's chairman and chief executive.

"The acquisition of GFS will create a compelling advantage for our customers as they access and manage sophisticated asset classes," he added.

Chris Kundro, head of GFS, said that joining with SS&C will allow the business to dramatically accelerate its global growth plans.

"SS&C's innovations in cloud, mobility and fund technology are transforming investment management," said Kundro.

"This acquisition will create even more value for our customers and will benefit employees as they become part of one of the largest and most reputable fund administrators."