Lovell Minnick Partners said May 10 that Steven Pierson is joining the firm as President and Partner. Pierson most recently served as Head of FIG Investment Banking Americas and Global Head of Financial Technology & Services at UBS. He will join Lovell Minnick in June.
RADNOR, PA and LOS ANGELES – MAY 10, 2016 – Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced that Steven C. Pierson will join the firm as President and Partner. Mr. Pierson, who will start his duties at Lovell Minnick in June, comes to the firm from UBS, where he most recently served as the Head of FIG Investment Banking Americas and Global Head of Financial Technology & Services. He was also a member of the investment committee for the UBS FinTech Strategic Investment Group.
“On behalf of our partners, we are delighted to welcome Steve Pierson to Lovell Minnick, and to the already strong financial services investment team at our firm,” said Co-Chairmen Jeffrey D. Lovell and James E. Minnick in a joint statement. “We have been privileged to work closely with Steve over many years and have been continually impressed by his superior investment acumen and professional skills. He brings to Lovell Minnick an enviable record of success and a deep network that will elevate our existing capabilities in the sectors where we are focused on investing our fourth institutional fund, including financial technology.” Lovell Minnick Equity Partners IV closed last October, reaching its cap of $750 million in commitments.
Mr. Pierson, 49, is a 21-year investment banking veteran who has focused his entire career on financial institutions and the financial technology sector. Prior to joining UBS in 2013, Mr. Pierson served as Vice Chairman and Co-Head of FIG Investment Banking Americas at Credit Suisse. He began his investment banking career at Putnam Lovell Securities in 1995 where he rose to become head of its investment banking division.
“I am very excited to join the talented and experienced team at Lovell Minnick at a time when we see attractive investment opportunities for the new fund in financial services and related business services and technology,” said Mr. Pierson. “It is wonderful to be re-united with Jeff and Jim, and to join my new partners in extending the firm’s track record of success. I leave UBS with extremely fond memories and wish the FIG team continued success. I expect to continue to work with UBS in an advisory capacity and welcome UBS’s support of Lovell Minnick’s financial services investment efforts.”
In recent years, Mr. Pierson has played a key role handling numerous prominent large-cap and middle-market financial services transactions, including the $30 billion merger of the London Stock Exchange with Deutsche Borse; Barclay’s acquisition of Lehman Brothers; State Street’s $4.5 billion acquisition of Investor’s Bank & Trust; the $3 billion acquisition of Worldpay from RBS on behalf of Advent International and Bain Capital Private Equity; the $530 million sale of the Hull Group to Goldman Sachs; and, the sale of Brundage, Story & Rose to Bessemer Trust Co. He also worked on the initial public offerings of CETIP, Flow Traders, MARKIT, Moelis & Company and Virtu Financial.
Mr. Pierson earned his MBA at the Fuqua School of Duke University and holds a BS in Finance & Management from Virginia Tech University. Mr. Pierson will join Lovell Minnick’s Board of Managers and become a member of its investment committee.
About Lovell Minnick Partners LLC
Lovell Minnick Partners LLC is a private equity firm with expertise in investing in the financial and related business services sectors. Lovell Minnick provides developing companies with equity capital to support private company recapitalizations, leveraged buyouts, and pursue growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised $1.7 billion in committed capital and has completed investments in over 30 companies. Today, Lovell Minnick is investing its fourth institutional fund and its investment team includes 18 professionals operating from offices in Philadelphia and Los Angeles. Select current and former portfolio companies of Lovell Minnick include ALPS Holdings, Assetmark Investment Services, Commercial Credit Inc., Duff & Phelps Corporation, JS Held, LSQ Funding, Matthews Asia, Mercer Advisors, TriState Capital, and Worldwide Facilities. Targeted investment areas include asset management, financial product distribution, insurance, banks, specialty finance, and related technology and business services. For more information, please visit www.lovellminnick.com.