eVestment Alliance acquired StokTrib.com, its first move into holdings-based portfolio attribution performance and style analysis, said Matt Crisp, chief operating officer of eVestment.
As part of the deal, Ronald Surz, president. CEO and founder of PPCA, which owned the StokTrib.com unit, was named a vice president of eVestment, a new position.
Mr. Surz, who confirmed the deal, will continue to separately operate his PPCA performance-measurement technology firm, which includes Target Date Solutions, as well as continue to maintain his style indexes. Mr. Surz agreed to allow eVestment to use his style indexes for several months as a trial before deciding whether to license them, he said.
Terms of the transaction were not disclosed. eVestment announced the deal Tuesday, even though it closed Nov. 15 to give time for eVestment to promote its earlier acquisitions of Fundspire, a hedge fund analytics provider, and PerTrac, a hedge fund software developer, over the last five weeks, Mr. Crisp said.
“We are trying to increase the level of sophistication of tools we offer to our client base,” Mr. Crisp said of the StokTrib purchase.
eVestment expects to make StokTrib available to clients early in the first half of 2013, Mr. Crisp said. “We don't have a specific launch date,” Mr. Crisp said. “We are working through the integration.” StokTrib will be offered to clients as part of eVestment's analytics platform, Mr. Crisp said.
Clients can use StokTrib across global investments, Mr. Crisp said. eVestment will base StokTrib's analytics on holdings of some 150,000 portfolios already in its database, Mr. Crisp said.
eVestment hired Mr. Surz in part because of his expertise in institutional investment management, Mr. Crisp said.
“He knows the space. He understands consultants, what types of analysis they are trying to do,” Mr. Crisp said. “He will provide valuable feedback on how we build the product.”
eVestment provides investment databases and analytical tools for institutional investors; it has 150 investment consulting firm clients. In all, it has 2,500 clients, including pension funds, sovereign wealth funds and investment managers, including hedge funds.
Mr. Surz is working with eVestment's product and technology teams. He reports to Mr. Crisp.