Technology, outsourced services and specialty finance are driving deals in the financial services sector, despite regulatory uncertainty. Private equity firm Lovell Minnick Partners has been especially active, announcing four financial services investments in the first quarter: Currency Capital, Engage People, Foreside Financial and Trea. The firm has been expanding its focus on financial technology, including closing its fourth fund with $750 million of commitments in 2015.
In 2016, Steve Pierson, an investment banking veteran focused on financial institutions and the financial technology sector, joined the firm as president. Pierson had most recently served as the head of financial institutions group (FIG) investment banking Americas and global head of financial technology and services at UBS (NYSE: UBS). Previously, he served as vice chairman and co-head of FIG investment banking Americas at Credit Suisse. Over the years, Pierson has worked on huge, high-profile deals, such as State Street’s $4.5 billion acquisition of Investors Bank & Trust in 2007, and also well-known middle-market deals, including the $530 million sale of the Hull Group to Goldman Sachs Group Inc. (NYSE: GS) in 1999.