(Reuters) - Citigroup Inc (C.N) is selling its alternative investor services business to financial technology provider SS&C Technologies Holdings Inc (SSNC.O) for $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 U.S. 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.
Reporting by Richa Naidu in Bengaluru; Editing by Sriraj Kalluvila