State Street has announced the future acquisition of US-based Mercatus, a premier front-and-middle-office solutions and data management provider.
Following the news, the Boston-based global asset servicing company will launch State Street Alpha for private markets.
Alpha aims to allow institutional investors to manage the lifecycle of their infrastructure, private equity, real estate, private debt and fund of funds investments through an integrated, digital front-to-back, single platform.
The solution is designed to reach across key areas including cloud-based asset management, deal management, ESG, investor relations and portfolio monitoring.
Spiros Giannaros, president and chief executive officer of Charles River Development, a State Street Company, said: “Investors in private markets have historically struggled with inefficient and manual processes because existing solutions are too fragmented and rigid to meet their changing investment requirements.
“Mercatus’s focus and solution for private markets augments Charles River’s market platform for public markets, enabling us to support clients across the full spectrum of their investment needs.”
Haresh Patel, chief executive officer of Mercatus, added: "Investors in both public and private markets are realising the risk and inefficiencies created across their bespoke front, middle, and back-office solutions.
"We are excited to join forces with State Street and Charles River Development to achieve a new one office vision and deliver a fully integrated front-to-back, public to private, technology, data, and services offering all under one platform."
The acquisition of Mercatus is set to be completed in September 2021, subject to customary closing conditions.
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