Ss&C Technologies Stock Price, News & Analysis

RiverNorth Opportunities Fund (NYSE: RIV) announced preliminary results of its rights offering, which expired on November 6, 2020. The fund received subscriptions for 575,813 shares, anticipating gross proceeds of approximately $8.1 million. The final subscription price was set at $14.08 per share, slightly below the initial estimate of $14.18. Excess payments from rights holders will be returned promptly. The fund's net assets stood at about $140.3 million as of September 30, 2020.

SS&C Technologies Holdings announced the integration of its cloud-based Precision LM software by National Western Life Insurance Company for enhanced commercial loan servicing operations. This partnership aims to support bespoke loan terms and provide critical portfolio analytics. National Western Life's Mortgage Loan Manager expressed confidence in SS&C's expertise, anticipating improved reporting and overall lending experiences over the next five years. SS&C is a preferred partner for over 50% of the top 40 life insurance companies investing in commercial mortgages.

SS&C Technologies (Nasdaq: SSNC) announced the addition of ProNvest, a managed account solution, to its TRAC recordkeeping platform. This integration enhances SS&C Retirement Solutions, providing retirement plan service providers with advanced options for defined contribution plans. ProNvest's services will be accessible to all users of SS&C's platform, facilitating expansion with minimal development efforts. The partnership aims to support retirement providers in delivering tailored, scalable solutions for their clients.

SS&C Technologies (Nasdaq: SSNC) has been selected by LendInvest, a leading U.K. property finance platform, for fund administration services. The transition aims to leverage SS&C's extensive loan and credit expertise. SS&C GlobeOp will manage LendInvest’s existing open-ended fund, providing administration, accounting, and additional services such as e-Investor and corporate secretary functions. LendInvest's strategy focuses on flexibility to support diverse fund types, with aims to expand in the European real estate lending market.

SS&C Technologies Holdings reported its Q3 2020 financial results with revenue reaching $1,152.8 million, a 0.8% increase year-over-year. Net income surged 67.8% to $159.4 million, while diluted EPS rose 66.7% to $0.60. Adjusted metrics showed revenue at $1,156.2 million and adjusted EPS at $1.10, up 18.3%. The company repurchased 3.1 million shares for $191.9 million. SS&C experienced operational stability amid COVID-19 but withdrew financial guidance due to market uncertainties.

SS&C Technologies announced a partnership with Brooks Macdonald, a leading U.K. wealth manager, focusing on transforming their intermediary business. The collaboration will enhance adviser experience and client service through advanced technology and operational services. By 2021, Brooks Macdonald will transition its operations to SS&C's wealth technology stack, including the SS&C Investrack and Advent Genesis platforms. This strategic partnership aims to consolidate operations and support future innovation, while welcoming Brooks Macdonald's staff to SS&C.

SS&C Technologies Holdings (Nasdaq: SSNC) has integrated its Benefits Real-time Information Exchange (BRIX) platform with Vidado, enhancing benefits administration for insurers. This integration allows for quick digitization of paper data, improving adjudication and medical underwriting processes. The partnership aims to increase engagement and submission rates, facilitating faster turnaround times, automated real-time decisions, and lower costs. The AI-powered Vidado solution processes offline data with over 95% accuracy, revolutionizing the insurance industry.

SS&C Technologies announced a decrease in its GlobeOp Forward Redemption Indicator to 2.84% in October 2020, down from 3.43% in September and 3.76% year-over-year. This trend indicates reduced redemption notices and reflects growing investor confidence in hedge funds amid ongoing market volatility due to COVID-19. The indicator is calculated based on actual redemption notices from hedge fund investors and aligns with historical averages, marking four consecutive months of lower redemptions. The next update is expected on November 20, 2020.