SS&C GlobeOp selected as the preferred provider of services and technology pursuant to a competitive solicitation issued by state-sponsored entity
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced that NY Green Bank ("NYGB") has selected SS&C GlobeOp to perform loan servicing, investment servicing, and fund administration.
NYGB is a $1.0 billion state-sponsored, specialized financial entity working with the private sector to increase investments into New York State's clean energy markets, creating a more resilient and sustainable energy system. To help NYGB meet its goal of increasing the availability of capital for clean energy projects in the State, SS&C will provide comprehensive loan servicing and fund administration across key aspects of NYGB's highly structured debt and equity investments. These responsibilities include straight-through transactions processing, loan covenant tracking, post-closing lifecycle event processing, cash and position reconciliation, loan agreement and document tracking, loan agency services, and fund accounting.
After reviewing many qualified service providers, NYGB selected SS&C GlobeOp, citing the administrator's loan market specialization, experienced and professional staff, high touch services, and leading edge technology—such as SS&C GlobeOp's market leading Loan Portal. NYGB will manage its loan and investment details across each transaction's lifecycle on SS&C's secure, state-of-the-art platform.
The result will help NYGB meet and manage its middle and back office needs consistent with industry best practices, while taking into account the unique business requirements of NYGB.
"The capital markets for renewable energy and energy efficiency demands highly structured financial expertise, in turn demanding greater operational efficiency of the underlying infrastructure," said Bill Stone, chairman and chief executive officer, SS&C Technologies. "Our expertise in fund administration, loan, and investment servicing, as well as our technology platform, will alleviate the operational burden for NYGB. In turn, allowing them to focus on their clients and unique assets. We are delighted NYGB has chosen us to help them as they look forward to growing their business."