The latest deals and transactions in and around North American wealth management.

STP Investment Services, WealthSite
STP Investment Services, a US-based investments service firm, has bought WealthSite, a platform for accounting, portfolio management, reporting and analytics. The acquired firm serves clients including single and multi-family offices.

Founded in 2008, STP is based in West Chester Pennsylvania, and Bangalore, India.

The acquisition brings STP’s total assets under administration to more than $400 billion and will expand the technology roadmap for STP’s proprietary, cloud-based BluePrint™ platform. 

STP didn’t disclose how much it paid for WealthSite.

“The addition of WealthSite’s accounting and performance engine, robust reporting and portfolio management capabilities will enhance STP’s ability to solve the challenges of single and multi-family offices, traditional wealth advisory firms and ultra-high net worth clients,” the firm said in a statement late last week. 

“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. “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.”