August 18, 2015 / 12:31 PM / 4 years ago

Citi to sell alternative investor services unit for $425 million

A green traffic light is pictured in front of a sign board of a Citibank branch in Hanoi, Vietnam July 8, 2015. REUTERS/Kham

(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

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