SS&C ALPS Advisors

What SS&C ALPS Advisors does

SS&C ALPS Advisors is a Denver-headquartered investment advisory firm founded in 1986 and operating as a subsidiary of SS&C Technologies Holdings (NASDAQ: SSNC). The firm delivers investment management services across exchange-traded funds, mutual funds, variable insurance trusts, and closed-end funds, with a 51–100 employee footprint. Its product shelf spans more than 16 ETFs — including ALPS Electrification Metals (ELFY), ALPS Medical Breakthroughs (SMRF), the ALPS Alerian MLP (AMLP), ALPS Clean Energy (ENFR), the Barron's 400 ETF, and several income and factor strategies (ACES, REIT, EQL, OUSM, OUSA, OGIG, OEFA, BFOR, SMTH, MNBD, RIGS) — alongside the Liberty All-Star Equity and Liberty All-Star Growth closed-end funds and the Black Diamond Turnkey Asset Management Platform (TAMP).

The firm operates a multi-channel distribution architecture that combines NYSE Arca and Cboe BZX ETF listings (with a 2025-12-30 transfer of four ETFs to NYSE Arca), the ALPS Distributors wholesale network, and proprietary index partnerships — most notably with VettaFi, which contributed approximately $3B AUM over a three-year window. The Black Diamond TAMP, launched in 2025, surpassed $2B AUM within its first year and layers advisor-facing technology onto the existing fund lineup, positioning the firm as both an issuer and a platform.

Revenue is generated primarily through investment advisory fees tied to fund expense ratios in a roughly 0.29% to 0.65% band, supplemented by index licensing arrangements and distribution partnership economics. End-customers include RIAs (served directly via the Black Diamond TAMP and indirectly via the wholesale channel), institutional investors, and individual investors who access products through listed and over-the-counter fund vehicles.

Name

SS&C ALPS Advisors

Legal name

ALPS Advisors, Inc.

Website

https://alpsfunds.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

51–100 employees

Short description

SS&C ALPS Advisors is a Denver-based asset management subsidiary of SS&C Technologies that issues ETFs, mutual funds, closed-end funds, and the Black Diamond TAMP platform for RIAs, institutional, and individual investors.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Exchange-traded funds
• Asset management
• Investment advisory
• Closed-end funds
• Thematic investing

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Advisory and Management Fees: SS&C ALPS Advisors earns revenue through investment advisory fees charged on assets under management across its ETF, mutual fund, closed-end fund, and variable insurance trust products. Fees are typically expressed as expense ratios (e.g., SMRF has 0.65% expense ratio).
2. Index Licensing and Distribution Partnerships: Revenue generated through strategic index provider partnerships, where the firm develops ETF products tracking licensed indexes from providers like VettaFi, with licensing fees and distribution support contributing to product success.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels5 records

Core offering

SS&C ALPS Advisors is an SEC-registered investment adviser that manages and distributes a portfolio of exchange-traded funds (ETFs), open-end mutual funds, variable insurance trusts, and closed-end funds spanning thematic, sector, quality dividend, fixed income, and alternative strategies. The firm also operates the Black Diamond Turnkey Asset Management Platform (TAMP), providing registered investment advisors with institutional-level portfolio management, model marketplace, and oversight tools. Revenue is generated primarily through investment advisory expense ratios on assets under management.

Product overview

SS&C ALPS Advisors operates as an open architecture boutique investment manager offering portfolio building blocks, active insight, and strategies across sustainable income, thematic, and alternative growth areas. The product portfolio consists of Exchange-Traded Funds (ETFs) including electrification-focused funds (ELFY, SMRF), energy infrastructure funds (AMLP, ENFR), clean energy (ACES), active REIT (REIT), equal-weight sector (EQL), and O'Shares quality dividend ETFs; Fixed Income offerings including Smith Core Plus Bond (SMTH), BBH Intermediate Municipal Bond (MNBD), and Strategic Income Fund (RIGS); Closed-End Funds including Liberty All-Star Equity and Growth Funds and Principal Real Estate Income Fund; plus the Black Diamond TAMP platform for registered investment advisors. The firm also provides Smith credit and bond strategies, disruptve technologies ETFs, medical breakthroughs ETFs, and various commodity funds through USCF partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• ALPS Electrification Infrastructure ETF (ELFY) Thematic ETF providing diversified exposure to companies supplying power infrastructure for AI data centers, grid modernization, and electrification buildout, using an equal-weight methodology across utilities, uranium, copper and related sectors.
• ALPS Nautilus SMR, Nuclear & Technology ETF (SMRF) Actively managed ETF combining nuclear and small modular reactor (SMR) companies with AI/technology firms driving power demand, using an options overlay strategy to generate monthly income while reducing benchmark volatility.
• Alerian MLP ETF (AMLP) Energy infrastructure ETF providing exposure to Master Limited Partnerships with fee-based business models that insulate cash flows from commodity price volatility, targeting yield-oriented investors.
• Alerian Energy Infrastructure ETF (ENFR) Energy infrastructure ETF tracking the Alerian Energy Infrastructure Index, focused on natural gas infrastructure and offering yield with declining correlation to the S&P 500.
• ALPS Clean Energy ETF (ACES) Clean energy ETF providing exposure to solar, battery, and energy storage holdings, positioned to benefit from AI data center electricity demand driving clean energy investment.
• ALPS Active REIT ETF (REIT) Actively managed REIT ETF concentrated in data centers and healthcare REITs while minimizing exposure to distressed office properties, offering a trailing twelve-month yield.
• ALPS Equal Sector Weight ETF (EQL) Sector ETF providing exposure to U.S. large-cap equities by equally weighting eleven economic sectors while preserving float-adjusted market capitalization within each sector.
• ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF (OUSM) Small-cap quality dividend ETF using rules-based filters that emphasize low-leverage, profitable, dividend-paying companies for downside protection during market downturns.
• ALPS | O'Shares U.S. Quality Dividend ETF (OUSA) U.S. equity quality dividend ETF applying rules-based quality filters to identify high-quality dividend payers.
• ALPS | O'Shares Global Internet Giants ETF (OGIG) Global internet-themed ETF providing exposure to leading publicly traded internet companies worldwide.
• ALPS | O'Shares International Developed Quality Dividend ETF (OEFA) International developed markets ETF applying rules-based quality dividend filters across non-U.S. developed equity markets.
• Barron's 400 ETF (BFOR) ETF tracking the Barron's 400 Index of U.S. companies, subject to a 4-for-1 share split effective July 1, 2026.
• ALPS | Smith Core Plus Bond ETF (SMTH) Core plus bond ETF providing exposure to investment grade fixed income securities, sub-advised by Smith Capital Investors.
• ALPS | BBH Intermediate Municipal Bond ETF (MNBD) Actively managed intermediate municipal bond ETF applying bottom-up fundamental analysis and ESG factors to investment grade municipal bonds, sub-advised by Brown Brothers Harriman & Co.
• ALPS Strategic Income Fund (RIGS) Strategic income ETF seeking total return with an emphasis on income through a global portfolio of fixed income securities across maturities, ratings, and currency denominations; directly managed by ALPS Advisors from May 2026 onward.
• Liberty All-Star Equity Fund Multi-managed closed-end investment company listed on NYSE under symbol USA, with over $2.0 billion in net assets; ALPS Advisors serves as investment adviser alongside sub-advisers including Loomis, Sayles & Company.
• Liberty All-Star Growth Fund Multi-managed closed-end investment company listed on NYSE under ticker ASG, with approximately $334 million in net assets; ALPS Advisors serves as investment adviser with multi-manager portfolio construction.
• Principal Real Estate Income Fund (PGZ) Closed-end fund investing in commercial real estate-backed securities, including below-investment grade instruments; ALPS Advisors serves as investment adviser with Principal Real Estate Investors as sub-adviser.
• SS&C Black Diamond TAMP Turnkey Asset Management Platform (TAMP) providing registered investment advisors with institutional-level portfolio management, tax efficiency, customization, Model Marketplace, Oversight Dashboard, and AI-driven trade insights.

Quantifiable outcome

• SS&C Black Diamond TAMP reached over $2 billion in AUM in first year with 2000% growth
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Loomis, Sayles & Company, L.P.coreImplementation/ SI/ Consulting Partner · 15 June 2026Loomis Sayles appointed as one of five investment managers for Liberty All-Star Equity Fund, replacing Sustainable Growth Advisers. The Loomis Sayles investment team led by Aziz Hamzaogullarii will practice large capitalization growth investment style seeking high-quality businesses trading at discounts to intrinsic value. Fee structure ranges from 0.40% down to 0.292% based on asset tiers.
• Congress Asset Management Company, LLPcoreImplementation/ SI/ Consulting Partner · 1 April 2026Congress Asset Management Company, LLP appointed as new small-cap investment manager for Liberty All-Star Growth Fund, replacing Weatherbie Capital, LLC. The change affects the management of the small-cap growth portion of the fund's multi-managed portfolio, with the transition team led by Gregg O'Keefe, CFA.
• VettaFicoreTechnology or IntegrationSS&C ALPS Advisors partners with VettaFi as their index provider, leveraging VettaFi's Index Factory platform for rapid backtesting, proprietary data from acquisitions like Credit Suisse indices, and distribution support through advisor networks attracting over 1 million monthly visitors. This partnership enabled the firm to gather $3 billion in AUM over three years.
• Brown Brothers Harriman & Co. (BBH)coreImplementation/ SI/ Consulting PartnerBrown Brothers Harriman & Co. serves as sub-adviser to the ALPS | BBH Intermediate Municipal Bond ETF (MNBD), applying ESG factors and fundamental analysis to municipal bond portfolio management. Greg Steier, Co-head of Fixed Income at BBH, leads portfolio management.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• WisdomTree: Operates a broad thematic and quality dividend ETF lineup including international developed quality dividend products (OEFA peer), with comparable fund structures and a similar ETF-led distribution model.
• Global X: Specializes in thematic ETFs spanning disruptive technology, clean energy, and infrastructure themes, directly competing with ALPS' ELFY, SMRF, and ACES products on thematic positioning and advisor distribution.
• Envestnet: A leading TAMP and portfolio management platform for RIAs that directly competes with SS&C's Black Diamond TAMP for RIA platform share, and indirectly competes for the same advisor assets that ALPS' ETF lineup is sold into.
• Invesco: Operates a large thematic and sector ETF suite (including the Invesco Alerian MLP ETF competing with AMLP and energy infrastructure products) and offers QQQ family and other institutional asset management products, making it one of the closest direct competitors to ALPS in the thematic ETF and closed-end fund space.
• First Trust: A leading independent provider of thematic and sector ETFs and closed-end funds, closely matching ALPS' strategy of launching niche thematic products tied to structural trends and operating a similar advisor channel.

Broad incumbents

• iShares / BlackRock: The dominant U.S. ETF franchise; competes with ALPS on every active fund product and sets the fee benchmark that pressures ALPS' incumbent passive products.
• SPDR / State Street Global Advisors: A large incumbent ETF provider that competes with ALPS across nearly every category from sector to fixed income ETFs, with materially deeper AUM and distribution but less thematic specialization.
• Vanguard: Industry-leading low-cost ETF and mutual fund provider whose aggressive fee compression is the structural headwind on ALPS' equal-weight, quality dividend, and core fixed income products.

Emerging players

• KraneShares: Niche ETF provider focused on thematic and sustainability strategies including clean energy and infrastructure themes, competing for the same thematic-mindedadvisor wallet share as ALPS.
• Simplify: An emerging ETF manager that uses options overlay strategies and thematic positioning (similar to ALPS' SMRF) to generate income and manage volatility, targeting similar RIA and retail advisor channels.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/alps-business-solutions-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SS&C ALPS Advisors