Virtus Partners has acquired the business and assets of Trade Settlement, Inc (TSI), a New York-based primary and secondary loan trading settlement and documentation service provider.
“We are excited about the opportunities this acquisition provides to our clients and the ever-evolving loan market,” says Kelly Faykus, Co-Founder and Managing Partner of Virtus. “The combination of Virtus’ expansive database of loan market information and TSI’s strong settlement capabilities will create substantial opportunities to reduce trade settlement times while providing more robust management reporting and a framework to enhance market liquidity.”
Virtus provides a comprehensive, integrated suite of front, middle, and back office alternative asset administrative and analytical services. Its global offering extends across collateral administration services for structured transactions, middle office outsourcing, global loan data, loan agency, accounting and analytics. Today, the company administers over USD180 billion in assets across its platform.
“Virtus Partners is an ideal fit for our company in terms of client services, global relationships, and a culture of growth with the ability to meet the execution and processing needs of our clients in the syndicated loan space,” says Pat Loret de Mola, TSI’s Founder and CEO. “Our companies have a similar history in supporting loan investors, traders and agent banks by providing key infrastructure and services required to grow their businesses.” Loret de Mola will continue as President of TSI.
Faykus adds: “By expanding Virtus’ product offering to include TSI’s electronic settlement platform we can provide our clients and the marketplace with a complete suite of solutions for their middle and back office administrative needs while continuing to focus on greater liquidity, transparency and control within the loan asset class.”
