Key Takeaways
- • STP Investment Services, which supports more than $340 billion in total assets, has acquired third-party fund administrator Tower Fund Services, according to a Business Wire release.
- • Tower, based in Oceanport, NJ, provides outsourced fund administration to private equity, cryptocurrency, hedge, venture capital, fund of funds, real estate and direct lending funds, as well as family offices.
- • The deal expands STP's alternative fund administration capabilities, with STP CEO Patrick Murray stating the acquisition will help the firm grow its fund administration business across all asset classes.
- • Tower co-founders Vincent Sarullo and Kinjal Amin will help guide integration; the release does not disclose deal value.
Summary
STP Investment Services (STP), a West Chester, Pa.-based end-to-end investment operations provider supporting more than $340 billion in total assets, has acquired third-party fund administrator Tower Fund Services (Tower), according to a Business Wire announcement. The company says the transaction substantially increases its alternative fund administration offering while giving Tower clients access to an enhanced service experience and STP's technology platform. The financial terms of the deal were not disclosed.
Tower, based in Oceanport, New Jersey, provides outsourced fund administration for alternative investment managers and family offices, serving private equity, cryptocurrency, hedge, venture capital, fund of funds, real estate and direct lending funds. STP CEO Patrick Murray said the acquisition will bring additional clients and funds to STP and allow the firm to grow its fund administration business across all asset classes. He said the combination would deepen existing capabilities through STP's technology and operational expertise.
STP said it will continue to invest heavily in technology for fund managers, including its automated fund subscription solution. Tower clients will gain access to cloud-based outsourced trading, compliance services and automated subscription processes. Tower co-founders Vincent Sarullo and Kinjal Amin will help integrate the business. Mr. Sarullo said STP's culture, technology and client service drew Tower to the partnership and that the synergies are substantial, particularly through STP's BluePrint platform.
The acquisition follows STP's earlier addition of Jim Cass, formerly a Senior Vice President and Managing Director at SEI, as a board advisor focused on alternative fund outsourcing. STP said it will continue to pursue acquisitions that broaden its global offering. Founded in 2008, STP serves institutional, fund, emerging and wealth managers, plan sponsors and family offices, and has more than 225 employees worldwide.
Tower, based in Oceanport, New Jersey, provides outsourced fund administration for alternative investment managers and family offices, serving private equity, cryptocurrency, hedge, venture capital, fund of funds, real estate and direct lending funds. STP CEO Patrick Murray said the acquisition will bring additional clients and funds to STP and allow the firm to grow its fund administration business across all asset classes. He said the combination would deepen existing capabilities through STP's technology and operational expertise.
STP said it will continue to invest heavily in technology for fund managers, including its automated fund subscription solution. Tower clients will gain access to cloud-based outsourced trading, compliance services and automated subscription processes. Tower co-founders Vincent Sarullo and Kinjal Amin will help integrate the business. Mr. Sarullo said STP's culture, technology and client service drew Tower to the partnership and that the synergies are substantial, particularly through STP's BluePrint platform.
The acquisition follows STP's earlier addition of Jim Cass, formerly a Senior Vice President and Managing Director at SEI, as a board advisor focused on alternative fund outsourcing. STP said it will continue to pursue acquisitions that broaden its global offering. Founded in 2008, STP serves institutional, fund, emerging and wealth managers, plan sponsors and family offices, and has more than 225 employees worldwide.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.