Citigroup Inc is selling its alternative investor services business to financial technology provider SS&C Technologies Holdings Inc for USD 425 million, subject to adjustments.
The business, which has about 1,500 employees, includes hedge fund and private equity fund services, SS&C said on Tuesday.
Citi, the No. 3 US bank by assets, has been hiving off non-core assets to focus on wealthier clients.
Financial terms of the transaction are not material to the bank, Citi said in a separate statement.
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