STP Investment Services acquires Tower Fund Services
Addition of Established Third Party Fund Administrator Gives STP Increased Depth and Wider Alternative Asset Capabilities
STP investment services (STP), a global provider of end-to-end investment operations services that supports more than $ 340 billion in total assets, acquired a third party fund administrator Tower Fund Services (Tower). The deal significantly increases STP’s hedge fund administration value proposition for its clients, while providing Tower clients with an enhanced service experience and future-ready financial technology.
Based in Oceanport, NJ, Tower provides an outsourced solution for alternative investment managers and family offices, offering fund administration to private equity funds, cryptocurrency funds, hedge funds, private equity risk, funds of funds, real estate and direct lending funds.
“This acquisition will bring additional clients and funds to STP, which will allow us to be more committed to growing our fund administration business across all asset classes and funds,” said Chairman and CEO of STP Patrick Murray. “By combining Tower’s services with our innovative technology and tactile approach, we will deepen our existing capabilities. This is an exciting opportunity within the larger fund space for us to do what we do best at STP, which is to improve operations and the customer experience through technology, more streamlined features and proven expertise. ”
As alternative investing has grown in popularity, the acquisition of Tower strengthens STP’s position in the field of alternative investing. The acquisition enables STP to bring its award-winning operational services and technology to the fund managers who need it. STP will continue to invest heavily in technological solutions for fund managers, notably by further improving its automated fund subscription solution.
Through cloud-based outsourced trading, compliance services and automated subscription processes, Tower Fund Services customers will benefit from faster access to data and workflows in a technology and business ecosystem. peak operation – the characteristics of STP. Co-founders of the tower Vincent sarullo and Kinjal Amin will help guide the successful integration of the company into STP and bring their extensive expertise and leadership experience to the process, ensuring a smooth transition.
“As we weighed the merits of various partnership opportunities, we were drawn to STP’s strong culture, world-class technology and unwavering dedication to customer service,” said Mr. Sarullo. “Our success in fund administration strengthens STP’s capabilities here and the synergies are palpable. And for Tower customers, STP’s BluePrint platform and operational service will deliver efficiencies that will lead to a better customer experience. The merger of our two companies benefits our collective customers, as well as our teams, and we look forward to this exciting new chapter for our company. ”
STP will actively and opportunistically pursue mergers and acquisitions that will advance the organization’s commitment to increasing its global offering, in accordance with the customer service culture and ethics already in place.
Earlier this year, STP added a long-standing alternative investment subcontractor Jim cass, previously Senior Vice President and General Manager of SEI, as an advisor to the Board of Directors to help guide STP in this area. Mr. Cass was with SEI for almost 30 years before founding Hidden Crest LLC, an alternative investment services consultancy. In this role at STP, Mr. Cass will provide organizational and strategic planning; advice on existing products and services as well as potential opportunities; senior management coaching and mentoring; and review and support regarding any possible merger and acquisition activity.
“With first-hand experience in helping SEI grow over the decades while I was there, I know what STP is capable of becoming in the hedge fund outsourcing arena and have looking forward to guiding them there, ”said Mr. Cass. “The acquisition of Tower Fund Services and the acquisition of these additional capabilities such as crypto-asset funds is a big step in this direction.”
Since 2008, STP has consistently served institutional, fund, emerging and wealth managers as well as plan sponsors and family offices around the world as a personalized solution providing everything related to front, middle and back operations. -office. STP’s technology services platform addresses the essential needs of financial services companies, including: outsourcing of investment operations; data reconciliation; trade and regulations; fund services; reporting and performance measurement; compliance monitoring; internal control management and more.
For more information on STP’s BluePrint and Fund Administration services, visit Fund Services – Fund Administration – STP Investment Services (stpis.com)
About STP Investment Services
STP Investment Services is an award-winning technology services company that provides front, middle and back-office solutions to investment managers, funds, family offices, wealth managers and plan sponsors by providing service, software, expertise and confidence. focus on their core business goals. STP provides a wide range of SaaS services and offerings for the financial services industry with capabilities to handle all asset classes and meet evolving business requirements. STP has been recognized several times for its strong corporate culture by the Philadelphia Business Journal and Inc. Magazine and has been named twice in a row as Outsourced Supplier of the Year by the Financial Technologies Forum (FTF). With more than 225 employees worldwide, STP provides services and solutions to customers representing more than $ 340 billion in supported assets. Visit STP investment services and follow us on LinkedIn and Twitter.