Investment operations service provider STP Investment Services has purchased fintech firm WealthSite for an undisclosed sum.

WealthSite offers integrated and tailor-made accounting, portfolio management, reporting and analytics solutions.

It primarily targets single and multi-family offices as well as wealth advisory firms and money managers that cater to ultra-high-net-worth (UNHW) customers.

The new deal raises STP’s total assets under administration to more than $400bn and strengthen its proprietary, cloud-based platform, BluePrint.

The BluePrint platform can provide its clients and end investors with complex analytics, reporting and digital tools.

STP CEO and founder Patrick Murray said: “WealthSite’s customisable, cloud-based solution was purpose-built to address the most sophisticated accounting and reporting demands, such as private asset classes and multi-layered ownership structures.

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“By adding the firm’s experienced professionals and best-of-breed reporting solutions to our existing capabilities, we’ll not only be able to accelerate the BluePrint technology roadmap, but also reinforce our commitment to providing high-touch operational outsourcing services that enable family offices and wealth advisory firms to navigate and deliver against the complex needs of the clients they serve.”

In December last year, STP announced the acquisition of American third-party fund administrator Tower Fund Services to augment its alternative investing skills.

WealthSite co-founder and CEO Russell Burns said: “Our team has spent years building and fine-tuning nuances specific to these advisors and clients, including balance sheet reporting and complex ownership accounting, in addition to alternative and esoteric assets.

“We believe blending our foundational elements with STP’s groundbreaking BluePrint platform creates a compelling solution for family offices and ultra-high-net-worth investors not available anywhere else on the market.”