Deals Of The Day: The Latest In Wealth Management M&A - Close Brothers, State Street

Editorial Staff

23 July 2021

Close Brothers Asset Management
, a front-and-middle-office solutions and data management provider for private market managers.

The firm has operations in the US, UK, and India, and manages more than $1 trillion invested capital.

The transaction is expected to be completed in September subject to customary closing conditions. Financial terms are not being disclosed.

As part of the deal, the company will launch its State Street AlphaSM for Private Markets solution. The venture allows institutional investors to manage the lifecycle of their infrastructure, private equity, real estate, private debt and fund of funds investments through a single platform.

“Investors in private markets have historically struggled with inefficient and manual processes because existing solutions are too fragmented and rigid to meet their changing investment requirements,” Spiros Giannaros, president and chief executive officer of Charles River Development, a State Street Company, said.

“Mercatus’s focus and solution for private markets augments Charles River’s market leading platform for public markets, enabling us to support clients across the full spectrum of their investment needs.”

The solution will also reach across areas such as cloud-based asset management, deal management, ESG, investor relations and portfolio monitoring.

"Investors in both public and private markets are realizing the risk and inefficiencies created across their bespoke front, middle, and back office solutions," Haresh Patel, chief executive officer of Mercatus, said.