Vistra purchased the fund administration and transfer agency business of Phoenix American Financial Services.
Professional services provider Vistra has completed its acquisition of the fund administration and transfer agency business of Phoenix American Financial Services, Inc., officials say. The acquisition did not include Phoenix American’s aviation services business.
“This transaction will expand Vistra’s presence and capabilities in the business-critical U.S. market, allowing it to provide deeper and broader end-to-end fund solutions across the entire investment life cycle,” according to the announcement.
The move will enhance Vistra’s fund administration services to include a transfer agent solution “and further deepen its private market capabilities,” officials add.
The deal is intended to” 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,” officials say.
The Phoenix American fund administration and transfer agent business supports publicly registered Reg D, Reg A, and Reg CF funds and other wealth advisor-marketed funds, officials say.
Phoenix American’s clients in private markets, “will now have access to Vistra’s globally leading corporate and fund solutions … This includes support as they expand outside of the U.S., helping to navigate challenges including the number of countries of domicile, governance risks, availability of talent and management fees,” officials say.
“The US is the world’s largest marketplace for private market funds and administration solutions. It is also host to a vibrant market of SEC-registered alternative funds catering to a growing number of distribution channels,” says Zane Doyle, chief strategy officer of Phoenix American, in a prepared statement. Doyle will be joining Vistra.
Officials did not disclose financial details about the transaction.
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