WINDSOR, Conn. - SS&C Technologies Holdings, Inc. (NASDAQ:SSNC), a global provider of financial services and healthcare software, has announced the inauguration of its new office in Abu Dhabi, United Arab Emirates. The move follows the company receiving full approval from the Financial Services Regulatory Authority (FSRA) to offer fund administration services within the Abu Dhabi Global Market (ADGM).
The establishment of the Al Maqam Tower office positions SS&C to deliver comprehensive fund administration services directly to clients in the Middle East. This expansion is part of the company's strategy to enhance its presence and capabilities in the region, where it already services nearly 850 financial institutions and corporate clients, including 140 clients using its advanced fund administration technology.
Leading the new Abu Dhabi office are Katarzyna Lupa-Nowicka, Head of Private Markets Operations for the Middle East, and David Forrester, Head of Hedge Operations for the Middle East. They will be leveraging SS&C's global expertise to provide tailored solutions to both local and international fund managers operating within the ADGM.
Bill Stone, Chairman and CEO of SS&C, expressed enthusiasm for the company's strengthened presence in the Middle East and commitment to upholding high standards in technology and service offerings. SS&C, with more than $2 trillion in assets under administration, is recognized as a leading fund administrator for alternative investments globally.
Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed SS&C's new office, highlighting the growth potential for financial entities and investment firms in Abu Dhabi. He pointed out the region's robust regulatory framework and the significant growth in assets under management, which saw a 52% increase at the end of Q3 2023 compared to the previous year.
SS&C, founded in 1986 and headquartered in Windsor, Connecticut, serves a diverse client base, including the world's largest financial services and healthcare organizations.
This news is based on a press release statement from SS&C Technologies.
InvestingPro Insights
SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) is not only expanding its geographical footprint but also demonstrating solid financial performance. With a market capitalization of $15.94 billion and a price-to-earnings (P/E) ratio of 26.33, SS&C reflects a balance of growth and value that could interest investors. The adjusted P/E ratio for the last twelve months as of Q4 2023 stands slightly lower at 25.47, suggesting a stable earnings outlook.
The company's gross profit margin is notably high at 48.51% for the same period, underscoring its ability to manage costs and maximize profit from its revenues, which were reported at $5.5028 billion. This is particularly relevant as SS&C ramps up its operations in the Middle East, where efficient cost management will be crucial to its success in a competitive market.
InvestingPro Tips reveal that SS&C has raised its dividend for 7 consecutive years and maintained dividend payments for 11 consecutive years, with a dividend yield of 1.49% as of the date provided. This consistent return to shareholders is a hallmark of the company's financial health and commitment to investor value. Additionally, SS&C is expected to continue its profitability, with analysts predicting net income growth for the year. With 5 more InvestingPro Tips available, investors can gain deeper insights into SS&C's financial health and market position by visiting InvestingPro. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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