, a private equity firm with offices in New York and Los Angeles, has acquired a supermajority stake in fund administrator and back-office support firm Alps Financial Services
Alps' 90 Denver, Colorado-based employees, including president Edmund Burke, will continue to work for the company. Founder and chairman W. Robert Alexander
, however, will retire from management of the company. He will remain on the board of directors and serve as a board trustee for Alps' funds.
Alps provides administration for $10 billion in assets, including the QQQ, SPDRs, BLDRs, Bridgeway Funds, WestCore Funds and Wasatch Funds.
Jeffrey Lovell, managing director of Lovell Minnick, declined to disclose the price tag and the exact percentage of Lovell Minnick's stake but said that it was greater than 75 percent.
"One of the areas that we believe has great promise is .. outsourced providers," said Lovell. He said that Lovell Minnick had come into contact with Alps' management over the years and watched the company "growing strongly."
Lovell Minnick's investment in Alps is the first holding for the private equity firm's newly raised 10-year fund, said Lovell.
Lovell Minnick also counts SMA provider AssetMark
in its portfolio, as well as asset managers Westcap Investors, Berkeley Capital Management, Denali Advisors and Shenandoah Asset Management.
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