STP Investment Services acquires Tower Fund Services

WEST CHESTER – STP Investment Services (STP), a global provider of investment operations services that supports more than $ 340 billion in total assets, has acquired third-party administrator Tower Fund Services (Tower) . The addition of Tower Fund Services provides West Chester-based STP investment services “increased depth and broader alternative asset capabilities,” the company said. The transaction closed on December 1.

The Oceanport, NJ-based 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, the company mentioned.

According to STP CEO Patrick Murray, the acquisition will bring additional clients and funds to STP, allowing the company to be “more intentional” in growing its fund administration business across all classes of business. assets and all funds.

“By combining Tower’s services with our innovative technology and touch-sensitive approach, we will deepen our existing capabilities,” Murray said in a statement. “This is an exciting opportunity within the larger funds space for us to do what we do best at STP, which is to improve operations and the customer experience through technology, more features. streamlined and proven expertise. “

As alternative investing has grown in popularity, the acquisition of Tower strengthens STP Investment Service’s position in alternative investing, according to a press release on the transaction. The acquisition enables STP to bring its operational services and technology to the fund managers who need them. STP will also continue to invest heavily in technology solutions for fund managers.

Tower Fund Services co-founders Vincent Sarullo and Kinjal Amin will help guide the company’s integration into STP and bring their expertise and leadership experience to the process.

“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,” Sarullo said in a statement. “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. He added that the combination of the two firms “benefits our collective clients”.

STP said it plans to “actively and opportunistically pursue mergers and acquisitions that will advance the organization’s commitment to increasing its global offering.”

Earlier this year, STP added Jim Cass, former alternative investment contractor, former senior vice president and general manager of SEI, as an advisor to the board. Cass was with SEI for almost 30 years before founding Hidden Crest LLC, an alternative investment services consultancy. In her role at STP, Cass will provide organizational and strategic planning; advice on existing products and services as well as potential opportunities; senior management coaching and mentoring; and reviewing and supporting any possible merger and acquisition activity.

Since 2008, STP has 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. For more information, visit https://stpis.com/

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