WEST CHESTER — Chester County-headquartered STP Investment Services (STP) has acquired WealthSite, a firm that provides a fully integrated and highly customized accounting, portfolio management, reporting and analytics platform for traditional advisory firms and money managers serving ultra-high network -worthy customers.
According to a press release, the acquisition brings STP’s total assets under management to more than $400 billion and will advance the technology roadmap for BluePrint’s proprietary cloud platform. BluePrint provides customers and end-investors with the “critical analytics, reporting and first-class digital experience” they need to compete.
The acquisition is also expected to enhance STP’s ability to address “complex accounting and reporting requirements” including private asset classes and multi-tiered ownership structures.
“Our team has spent years building and fine-tuning the nuances specific to these advisors and clients, including balance sheets and complex property accounting, in addition to alternative and esoteric assets,” said Russell Burns, co-founder and CEO of WealthSite. statement “We believe the combination of our core elements with the innovative STP BluePrint platform creates a compelling solution for family offices and ultra-high net worth investors that is not available anywhere else on the market.”
STP CEO and founder Patrick Murray said that by adding WealthSite’s team and “best-in-class” reporting solutions to our existing capabilities, “we will not only be able to accelerate the BluePrint technology roadmap, but also strengthen our commitment to delivering intensive operational services outsourcing that enable family offices and consulting firms to navigate and meet the complex needs of the clients they serve.”
According to Bernie Holtgrieve, managing partner of WealthSite, cultural fit is an important component when two firms merge.
“It was clear early on that we shared the same vision and ethos in this regard. With BluePrint’s industry-leading capabilities combined with our technology, together we can deliver everything family offices, consulting firms and their clients need.”