NEW
YORK, Aug. 5, 2024 /PRNewswire/ -- Vistra,
a leading provider of essential business services that help
organizations to invest and grow efficiently and compliantly across
the world, today announced its acquisition of the US-based Fund
Administration and Transfer Agent business of Phoenix American
Financial Services, Inc. (Phoenix American). This transaction does
not include Phoenix American's aviation services business.
This 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 entire investment
life cycle. In particular, the move will enhance Vistra's fund
administration services to include an industry leading transfer
agent solution and further 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 strong capability, product knowledge and an
expert team supporting publicly-registered Reg D, Reg A and Reg CF
funds and other wealth advisor marketed funds. 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 global leading
corporate and fund solutions expertise. This includes support as
they expand outside of the US, helping to navigate challenges
including the number of countries of domicile, governance risks,
availability of talent and management fees.
Simon Webster, CEO of Vistra
Group, stated, "Vistra's vision is to make operating globally
borderless and frictionless. Our solutions help our clients to
navigate complexity in both their domestic and international
markets and, as a result, to operate efficiently and compliantly
wherever they need to. 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."
Andrew Constantin, COO of Phoenix
American, stated, "As a family business, Phoenix American is rooted
in our culture as a close-knit team that works as a partner with
our clients, freeing them to concentrate on making sales and
acquiring assets. This culture was cultivated over 50 years
servicing investment funds, with typical employees having over 10
years of experience, delivering true professionalism. This
combination with Vistra reflects an excellent strategic and
cultural fit between our two organizations due to our shared focus
on core values, client commitment and a deep bench of talented
employees."
As part of the deal, Zane Doyle,
Chief Strategy Officer of Phoenix American, will join Vistra. He
adds, "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. This transaction represents a
major growth opportunity over the next five to seven years. The
combined strengths of Phoenix American's Fund Administration and
Transfer Agent business and Vistra will provide existing and new
clients access to a host of new services and solutions."
For further information, please contact:
Ellie King
media.enquiries@vistra.com
About Vistra
Vistra is a leading provider of essential business services to
help companies and private capital funds grow across the entire
business and investment lifecycle.
Here at Vistra, our purpose is progress. As a close ally
to our clients, our role is to remove the friction that comes from
the complexity of global business. We partner with companies and
private capital managers along the corporate and private capital
lifecycle. From HR to tax and from legal entity management to
regulatory compliance, we quietly fix the operational and
administrative frustrations that hamper business growth. With over
9,000 experts in more than 50 markets, we can accelerate progress,
improve processes, and reduce risk, wherever your ambition takes
you.
For more information about Vistra, visit vistra.com
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SOURCE Vistra