Securities Finance Industry News | PolySign set to acquire digital fund administrator MG Stover
US technology company PolySign is to acquire digital fund administrator MG Stover to offer its institutional investor clients a custody and administration offering for cryptocurrency and digital assets. The acquisition is expected to be completed in the second quarter of 2022.
The acquisition will accelerate PolySign’s product development plan and pave the way for future service enhancements focused on institutional investors and asset managers, the New York-based company said.
PolySign is also close to finalizing its Series C fundraising, adding new investors to its shareholder base, including Soros Fund Management, Brevan Howard and GSR. Cowen Digital will also add to PolySign’s capital position.
PolySign’s acquisition of MG Stover closely follows PolySign’s developments in 2021, when the company’s wholly-owned subsidiary, Standard Custody & Trust Company, LLC, received its charter of trust from the New York Department of Financial Services. .
Previously, PolySign announced its partnership with Cowen Digital, the digital asset division of Cowen Inc., which also led PolySign’s US$53 million Series B funding round.
Cowen and PolySign have since integrated PolySign’s digital banking technology into Cowen’s sales and trading platform.
Matt Stover, Founder and CEO of MG Stover, comments: “Joining the PolySign team will strengthen our core fund management offering and enable us to develop new capabilities that will shape how institutions engage with digital assets. for the coming years.
Jack McDonald, CEO of PolySign, said, “MG Stover is the go-to administration partner for many of the most sophisticated and successful investors in digital assets. Matt Stover is widely regarded as a visionary in our industry, and we are delighted to gain his expertise as a shareholder and a key member of our management team. I am proud to welcome the entire MG Stover organization to PolySign.