Mastan Momin, Managing Director in EMEA Fund Services at SS&C, brings more than 18 years of experience in financial services, with special expertise in Middle Office Operations, Fund Administration and Regulatory Transaction Reporting. In this Q&A, Momin shares insights on key trends driving fund activity in EMEA, the focus on diversification among managers and how SS&C is supporting growth in the sector by delivering greater efficiency and transparency across multiple investment models.
What are the key trends you are seeing in today鈥檚 global hedge fund market?
There is quite a lot of market volatility, with investor expectations changing. As one of the world鈥檚 largest fund administrators, we鈥檝e identified three major trends shaping the industry right now.
First, there鈥檚 been a sharp increase in demand for separately managed accounts (SMAs). We recently sponsored a Hedgeweek report, which found that around 70% of managers support the SMA model. Investors鈥攑articularly institutional ones鈥攚ant direct ownership, transparency and flexibility, and SMAs give them that. They can tailor strategies, select managers and manage risk dynamically. It鈥檚 not just about returns anymore鈥攊ncreasingly, it鈥檚 about control and visibility.
Second, we鈥檙e seeing strong momentum in multi-manager and multi-strategy platforms, as managers pursue greater resilience. This removes reliance on one manager to perform, but this is an operationally demanding approach, and that鈥檚 where SS&C excels. We have a huge amount of experience in managing the complexity behind these structures, across both middle and back-office services. Six of the world鈥檚 ten largest fund managers trust SS&C to keep their operations running smoothly while they focus on making the right investment picks.
The last key trend is the growing demand for private credit and inflation-hedge strategies. With higher interest rates and structural risk in the market, investors are allocating to areas like direct lending and opportunistic credit. These aren鈥檛 standard fund strategies鈥攜ou need both the technology and the people who understand how to administer them and at SS&C, we have both.
What were the biggest challenges you faced in the last 12 months?
The past year brought a mix of challenges, illustrated by market volatility, evolving regulation and shifting investor demands. For many of our clients鈥攑articularly emerging managers or those dealing with alternative asset classes鈥攖he key issue has been navigating all this uncertainty while meeting client demands for greater transparency and performance.
Regulatory complexity is also increasing. The G20 transaction reporting requirements saw significant revisions鈥攑articularly in Europe and Singapore鈥攚hich made cross-border fund operations more challenging. Managers are juggling multiple jurisdictions and evolving rules, and what they鈥檙e looking for is a partner who can simplify the process without compromising compliance or data quality.
Operationally, that鈥檚 where we鈥檝e really leaned in. Many funds are choosing to outsource their middle and back office to improve efficiency and manage cost. Our strength lies in providing an end-to-end solution that flexes across strategies, asset classes and geographies.
The demands of investors trickle down to fund administrators like SS&C. To satisfy them, we鈥檝e doubled down on efficiency and increased our investment in automation and AI, such as the acquisition of Blue Prism in 2022. We now have thousands of digital workers helping streamline reconciliation, reporting and process management, enabling us to deliver fast and accurate outcomes every time; something our clients are demanding more than ever.
Where are the main opportunities in 2025?
The greatest opportunities we see are in creating efficiencies; and increasingly, automation and AI facilitate them. Technology is enabling faster, more accurate operations鈥攚hich is critical, given the complexity of fund structures and investor demands.
Another key focus is delivering greater transparency in the day-to-day performance of funds. Clients demand real-time insights and greater visibility of their investments, which is driving fund managers into new spaces and strategies. Delivering that level of transparency is both a challenge and an opportunity, and we鈥檙e expanding our automation tools to meet it.
While we鈥檙e early adopters of AI, we approach it with a degree of caution. As our CEO Bill Stone noted at a recent conference, safeguards are important and we can鈥檛 rush blindly into anything or assume that AI is the answer to every problem. It offers huge opportunities, but human expertise and insight will always be our greatest asset.
How are you helping clients make the most of their investments?
Our ability to automate processes and deliver timely, transparent data is crucial, as it allows clients to focus squarely on investment decisions instead of operational headaches. And our global scale, combined with local expertise, means we can provide consistent support and ensure compliance across multiple jurisdictions and time zones.
Our clients benefit from having an institutional-grade operating model without the hassle of juggling multiple vendors. We provide an all-in-one approach that鈥檚 scalable and reliable, which is crucial when managing billions in assets across various models. Everyone is focused on controlling their costs but it鈥檚 not the main priority. Weak infrastructure can lead to compliance failures, so investors are willing to pay for the peace of mind that compliance certainty brings.
Where are the greatest opportunities for fund managers in EMEA?
The Middle East, in particular, is a rapidly growing market where we鈥檙e seeing a sharp rise in demand for alternative strategies, and many fund managers are moving into the region to capitalize on this. I recently spent six weeks there, and in the conversations I had, the appetite for innovative fund structures and strategies is abundantly clear.
Structures like multi-strategy funds and private credit are gaining traction because they help manage market volatility and provide diversified exposure. Many clients view market downturns as opportunities to reposition and diversify their portfolios.
Our role is to support these evolving strategies and navigate the complex regulatory requirements across borders. Managers can come to us with a strategy and mandate, and we provide the infrastructure underneath to help them deliver a professional, institutional-grade operating model and controls. And because we work with hundreds of managers, we have built workflows that are efficient and adaptable, and deliver results.
Contact us to learn more about how SS&C can help you succeed in the global hedge fund market.
About Mastan Momin: As part of the core team that launched SS&C鈥檚 Abu Dhabi office, Mastan played a pivotal role in driving new client opportunities, shaping the operational framework and building a high-performing team to support the region鈥檚 evolving needs. His extensive expertise in the financial services industry positions him as a leader in delivering innovative solutions for the sector.
