The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Vistra
Vistra, a global provider of business services to help organizations invest and grow efficiently, has justs completed the acquisition of US-based Fund Administration and Transfer Agent business of Phoenix American Financial Services. This transaction does not include Phoenix American’s aviation services business, the firm said in a statement.

The transaction will expand Vistra’s presence and capabilities in the business-critical US market, allowing it to provide deeper and broader end-to-end fund solutions across the investment life cycle. In particular, the move will enhance Vistra’s fund administration services to include a transfer agent solution and deepen its private market capabilities. The deal will also bring new capabilities to Vistra in the high-volume retail investor space, with the acquisition of Phoenix American’s proprietary technology platform (STAR-XMS), which tracks investors and investment transactions to assist in fund performance reporting.

Phoenix American’s Fund Administration and Transfer Agent business provides capability, product knowledge and a team supporting publicly-registered Reg D, Reg A and Reg CF funds and other wealth advisor marketed funds, the firm continued. This is a fast-growing distribution channel for US and European private markets and will open doors to the US for Vistra’s clients operating predominantly in Asia and Europe. For Phoenix American Fund Administration and Transfer Agent clients in the private markets space, they will now have access to Vistra’s corporate and fund solutions expertise. This includes support as they expand outside of the US, helping to manage complex requirements including the number of countries of domicile, governance risks, availability of talent and management fees.

As part of the deal, Zane Doyle, chief strategy officer of Phoenix American, will join Vistra.

“Vistra's vision is to make operating globally borderless and frictionless. This significant upgrade to our capabilities in the USA will help us to support our North American clients’ growth ambitions as well as provide new access into the US market for our clients across the world,” Simon Webster, CEO of Vistra said.