For Immediate Release
Midas Hospitality Appoints SS&C as Administrator for Opportunity Zone Fund
Partnership marks the launch of SS&C’s new fund administration offering for Opportunity Zone Funds
WINDSOR, CT, January 29, 2019 (PR NEWSWIRE) – SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), today announced that Midas Hospitality (Midas), has hired SS&C GlobeOp to provide administration, treasury and investor services for its Midas Opportunity Zone Fund, LLC. The fund will leverage SS&C’s recently launched Opportunity Zone Fund Administration Solution designed for the federal Qualified Opportunity Zones (OZ) program.
Midas Hospitality – a premier hotel development, management and investment firm – develops and leads award-winning, select-service and extended-stay hotels across the U.S. for global brands including Marriott, Hilton, and IHG. Midas’s newly-formed Opportunity Zone Fund will own and operate two hotels in qualified OZ in St. Louis, Missouri. Under the Opportunity Zone program, investors can defer tax on any prior gains by investing them in a qualified opportunity fund. To maximize these benefits, investments are required by December 2019. Midas selected SS&C for its proven real asset expertise and technology.
“All of our Opportunity Zone projects were under development prior to the proposed regulations being released. The significant tax benefits afforded by recent legislation have been icing on the cake and created incredible momentum for this fund,” said J.T. Norville, Managing Member and Co-Founder, Midas Hospitality. “We needed a marquis fund administration partner that could match this momentum and get our fund up and running as soon as possible. We were impressed with SS&C’s OZ expertise, platform and responsiveness.”
“The incentives the OZ program provides investors are tremendous, however, the window to take action is small,” said Bhagesh Malde, Managing Director and Global Head for SS&C GlobeOp’s Real Assets division. “The response to our OZ offering has been tremendous – many opportunities in our pipeline involve an OZ discussion. We are pleased to partner with Midas to take advantage of this time-sensitive investment opportunity.”
Formed in 2017, SS&C GlobeOp’s Real Assets business services tangible assets including: real estate, infrastructure, aviation, shipping, agricultural land, oil and commodities. Since launching, SS&C’s Real Asset business has grown to over $100 billion in assets serviced. SS&C has experience handling all aspects of complex investment structures including compliance, accounting, tax and reporting. We leverage this experience in servicing Qualified Opportunity Funds and provide the support needed for complying with applicable requirements.
To learn more, register for SS&C’s Opportunities in Qualified Opportunity Funds webinar on February 12th at 2pm ET.
About Midas Capital
Founded in 2006, Midas Hospitality specializes in the development, management and investment of award-winning hotel properties across the U.S. The firm focuses on select-service and extended-stay experiences for global brands including Marriott, Hilton, and IHG. Midas’ headquarters are located at 1804 Borman Circle Dr. in Saint Louis, Mo. For more information, call (314) 692-0100 or visit http://www.midashospitality.com.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 13,000 financial services and healthcare organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.
Chief Financial Officer
Tel: +1- 212-367-4705