Lovell Minnick Partners, a private equity firm specialising in financial and related business services companies, has named Steven C Pierson as President and Partner.
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," says 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 USD750 million in commitments.
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, 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,” says 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, Pierson has played a key role handling numerous prominent large-cap and middle-market financial services transactions, including the USD30 billion merger of the London Stock Exchange with Deutsche Borse; Barclay’s acquisition of Lehman Brothers; State Street’s USD4.5 billion acquisition of Investor’s Bank & Trust; the USD3 billion acquisition of Worldpay from RBS on behalf of Advent International and Bain Capital Private Equity; the USD530 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.
Pierson earned his MBA at the Fuqua School of Duke University and holds a BS in Finance & Management from Virginia Tech University. Pierson will join Lovell Minnick’s Board of Managers and become a member of its investment committee.
