STP Investment Services (STP), a global, end-to-end investment operations service provider has acquired third-party fund administrator Tower Fund Services (Tower) in an effort to increase its alternative fund administration value proposition for its clients.
The acquisition will also offer Tower clients an enhanced service experience and up-to-date financial technologies.
Based in Oceanport, New Jersey, Tower provides an outsourced solution for alternative investment managers and family offices, offering fund administration to private equity funds, cryptocurrency funds, hedge funds, venture capital, fund of funds, real estate, and direct lending funds.
Tower co-founders Vincent Sarullo and Kinjal Amin will help guide the integration of the business into STP, ensuring a smooth transition.
Based in Pennsylvania, STP offers investment operations outsourcing, data reconciliation, trading and settlements, fund services, performance reporting and measurement, compliance oversight and internal control management services.
Earlier this year, STP appointed Jim Cass, previously managing director at SEI, as a board advisor.
In his role at STP, Cass will provide organisational and strategic planning, counsel on existing products and services as well as potential opportunities, coaching and mentorship to senior leadership. He will also oversee and support any possible merger and acquisition activity.
Commenting on the acquisition and his appointment, Cass said: “I know what STP is capable of becoming in the alternative fund outsourcing arena and look forward to guiding them there. The acquisition of Tower Fund Services and gaining these additional capabilities such as cryptoasset funds is a great step in that direction.”
Sarullo adds: “As we evaluated the merits of various partnership opportunities, we were drawn to STP’s strong culture, world-class technology and unwavering dedication to client service. STP’s BluePrint platform and operational service will bring efficiencies that will drive a greater client experience. The joining of our two firms together benefits our collective clients, as well as our teams, and we look forward to this exciting new chapter for our business.”
