Securitize announced it acquired a crypto-focused fund administration firm
Securitize CEO Carlos Domingo | DAS 2022 New York by Blockworks
Securitize is acquiring MG Stover’s Fund Administration Business, which will make Securitize Fund Services (SFS) the “largest” digital asset fund administrator in the world, Blockworks has learned.
Securitize declined to disclose the terms of the deal to Blockworks.
“This is a significant step in our growth, reinforcing our commitment to expanding our capabilities as we serve an ever-expanding cohort of asset issuers and investors,” Securitize CEO Carlos Domingo said. “Securitize’s acquisition of MG Stover’s Fund Administration business cements our role as the most comprehensive platform for tokenized securities and fund administration.”
“This acquisition positions us as the largest and most complete digital asset fund administrator,” Domingo exclusively told Blockworks.
According to a press release, the deal will help expand SFS’s abilities to offer fund administration, compliance and reporting solutions to asset managers and institutional investors while integrating with other Securitize offerings.
SFS will now service $38 billion in assets across 715 funds, the release added.
MG Stover’s Fund Administration business, a fund administration firm focused on crypto, offers primary issuance, tokenization services and transfer agent services.
Securitize’s BUIDL — its flagship fund in partnership with BlackRock — is the largest tokenized US Treasury fund in the world, with over $2 billion. BlackRock also announced an investment in Securitize last May.
The firm has also carved out other partnerships with big TradFi institutions, including Apollo, as Blockworks has previously reported.
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