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Big banks eye exits for fund administration businesses

Aug 20, 2015 - The Deal Pipeline

Following Citigroup Inc.'s (C) decision Tuesday to sell its fund administration business to SS&C Technologies Holdings Inc. (SSNC) for $425 million, industry watchers are keeping an eye on JPMorgan Chase & Co. (JPM) as the next most likely to exit the business, though others could also look to sell.

Convergence LLC founder and chairman John Phinney said while consolidation could happen between more pure-play fund administrators, like Northern Trust Corp. (NTRS), with about $400 billion ...