State Street Launches Front to Back Private Markets Solution
Summary
BOSTON & LONDON & SILICON VALLEY, Calif.--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) announced today that it has entered into an agreement to acquire Mercatus, Inc., a premier front-and-middle-office solutions and data management provider for private market managers. “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,” said Spiros Giannaros, president and chief executive officer of Charles River Development, a State Street Company. “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 key areas such as cloud-based asset management, deal management, ESG, investor relations and portfolio monitoring allowing clients to make faster and more informed investment decisions as well as improve client service levels with better responsiveness and transparency. "We are excited to join forces with State Street and Charles River Development to achieve a new one office vision and deliver a fully integrated front to back; public to private; technology, data, and services offering all under one platform." “Institutional investors are turning to the private markets as the hunt for alpha intensifies,” said Paul Fleming, executive vice president and global head of State Streets Alternatives Segment.