SS&C acquires CRM firm used by large wealth managers

Salentica client relationship management software to become part of Black Diamond platform

Oct 24, 2016 @ 9:00 am

By Liz Skinner

Financial software firm SS&C Technologies Holdings bought client relationship management provider Salentica for an undisclosed amount, the firms said Monday.

About 100 large advisory and other wealth management firms use Salentica's CRM, which is based on Microsoft Dynamics CRM and Salesforce CRM platforms. Salentica's clients have an average $3 billion in client assets under management.

(More: Alleviating financial advisers' pain with account openings)

The Salentica technology will now become part of SS&C's Black Diamond wealth platform and operate as a unit of Windsor, Conn.-based SS&C.

“Fundamentally this is an acquisition about adding deep expertise in CRM, a key component of the adviser technology ecosystem, and being able to bring that experience to large, complex advisory firms,” said Dave Welling, co-general manager of SS&C Advent, in a statement.

SS&C bought portfolio management software provider Advent Software in February 2015 for $2.7 billion. Advent had purchased the Black Diamond portfolio management platform in 2011.

(More: Lack of regulation on CRM note-taking can put advisers in sticky software scenarios)

Today about 10,000 financial services entities manage and account for investments using SS&C technology and services, according to the 30-year-old company.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Ron Carson: If you aren't growing you're dying

There are two group of advisers, according to Ron Carson: Those that are expanding and those that are just "hanging on." So, which group do you belong to?

Latest news & opinion

LPL rolls back recruiting policy aimed at driving more assets to its corporate RIA

LPL erases $50 million hurdle for new advisers to join so-called hybrid firms.

Don't be fooled by the numbers — the industry is in a dangerously vulnerable state

Last year's stock market gains helped advisers turn in solid growth in assets and revenue, but that growth could disappear in the next market downturn.

Divided we stand: How financial advisers view President Trump

InvestmentNews poll finds 49.2% approve of his performance, while 46.7% disapprove. How has that changed over the course of his presidency?

10 states with the most college student debt

Residents of these states have the most student debt when you consider their job opportunities.

Ex-Wells Fargo brokers sue for damages, claiming they lost business in wake of scandals

In a Finra arbitration complaint, two brokers allege that Wells Fargo's problems damaged their business.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print