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 wealth advisory firms and money managers serving ultra-high-net-worth clients.
The acquisition brings STP’s total assets under administration to more than $400 billion and will move forward the technology roadmap for he firm’s proprietary cloud-based BluePrint platform, according to a press release. BluePrint provides clients and end investors with the “critical analytics, reporting and premier digital experiences” they need to compete.
This acquisition is also expected to bolster STP’s ability to address “sophisticated accounting and reporting demands,” including private asset classes and multi-layered ownership structures.
“Our team has spent years building and fine-tuning nuances specific to these advisors and clients, including balance sheet reporting and complex ownership accounting, in addition to alternative and esoteric assets,” Russell Burns, WealthSite’s co-founder and CEO, said in a statement. “We believe blending our foundational elements with STP’s groundbreaking BluePrint platform creates a compelling solution for family offices and ultra-high-net-worth investors not available anywhere else on the market.”
STP’s Chief Executive Officer and Founder, Patrick Murray, said by adding WealthSite’s team and “best-of-breed” reporting solutions to its existing capabilities, “we’ll not only be able to accelerate the BluePrint technology roadmap, but also reinforce our commitment to providing high-touch operational outsourcing services that enable family offices and wealth advisory firms to navigate and deliver against the complex needs of the clients they serve.”
According to Bernie Holtgreive, WealthSite’s managing partner, the cultural fit is an important component when two firms join together.
“It was apparent early on that we held the same vision and ethos in that regard. With BluePrint’s industry-leading capabilities, married with our technology, together we can deliver everything family offices, wealth advisory firms and their clients demand.”
For more information about STP Investment Services visit https://stpis.com/. For more information about BluePrint, visit https://stpis.com/our-software/investor-portal/.