SEI Global Accuses SS&C of Fund Management Software Monopoly

SEI Global Services Inc. sued rival SS&C Technology Holdings Inc. in Philadelphia federal court, claiming it’s threatening to cut off access to industry-leading software made by subsidiary Advent that SEI needs to provide portfolio management services to its hedge fund clients.

The antitrust lawsuit targets SS&C’s 2015 acquisition of Advent, which gave it control of the software preferred by the funds and asset managers that SEI and SS&C compete over. It was filed in the U.S. District Court in the Eastern District of Pennsylvania.

SEI has renewed its contractual relationship with Advent on an annual basis since 2000, and that ...