Tag: wealth management

Envestnet Announces Sudden Passing of CEO Jud Bergman

Envestnet, Inc. (NYSE: ENV), a provider of intelligent systems for wealth management and financial wellness, announced on Friday the sudden passing of its CEO, Jud Bergman. According to Envestnet, Bergman, along with his wife, Mary Miller, were involved in an automobile accident on Thursday.

Following the tragic accident, Envestnet’s Board of Directors implemented the company’s emergency succession plan and has appointed Bill Crager, who is currently President of Envestnet and Chief Executive of Envestnet Wealth Solutions, as Interim CEO. Crager has served as President of Envestnet since 2002. The Board of Directors also appointed Ross Chapin, the Lead Independent Director of Envestnet’s Board of Directors as Interim Chairman of Envestnet’s Board of Directors.

Speaking about Bergman’s passing, Chapin, stated:

“We have all experienced a great loss at Envestnet.While it is difficult to imagine anyone replacing Jud’s vision and presence, we have the utmost confidence in the ability of his colleague, co-founder and dear friend Bill Crager, to carry on in Jud’s place. Bill and Jud worked closely over the last 20 years and have built a resilient team that will see us through these dark days. Jud was a giant as a businessman and human being. We will miss him immensely.”

The company added:

“On behalf of our Board of Directors, management team and employees, we extend our deepest sympathies to Jud and Mary’s family. As Envestnet’s founder, Jud was a remarkable leader whose vision, brilliance and drive built the foundation for Envestnet’s success.”

Canadian Fintech d1git Raises $3 Million in Series A Extension

d1g1t has raised CDN $ 3 million from Illuminate Financial Management as part of an extension of their Series A funding round, according to a release. In total, d1g1t has now raised CDN $ 12 million.

Illuminate is a specialist VC fund focused on enterprise Fintech and software solutions for institutions in financial markets.

d1g1t is a provider of a wealth management platform that is expanding into the US market.

Mark Rodrigues, partner at Illuminate, who will join d1g1t’s board of directors, said the wealth industry is at a crossroads:

“We believe there is a huge opportunity for an end-to-end platform which streamlines the existing infrastructure and brings institutional-grade analytics to the underserved wealth market. The firms using d1g1t’s platform have not only improved internal efficiencies, but also accessed a whole new set of capabilities which allow them to deliver an exceptional experience to their clients. We’re very excited to add d1g1t to our portfolio and support an experienced management team with a proven track record of delivering advanced solutions to top financial institutions around the world.”

Dan Rosen, d1g1t CEO and co-founder, said advisors need to be able to respond to client demand. His company has created a single, integrated platform that leapfrogs the patchwork environment that exists today in wealth management.

 

Broadridge Completes Acquisition of Canadian Wealth Management Tech RPM Technologies

U.S.-based fintech Broadridge Financial announced on Monday it has completed its acquisition of RPM Technologies, a Canadian wealth management technology provider. Broadridge revealed it was acquiring the company last month for approximately $300 million. Broadridge stated at the time:

“Building on Broadridge’s strong Canadian Wealth Management business, the acquisition will bring important new capabilities and next-generation technology to both RPM’s and Broadridge’s clients.”

Tom Carey, President of Global Technology and Operations at Broadridge, also explained:

“The addition of RPM Technologies broadens and deepens our wealth management product offering in Canada. We are very pleased to add RPM’s state-of-the-art platforms and blue-chip client roster. This investment underscores our commitment to bring value-added technology solutions to the industry, and it supports our longer-term strategy of building a strong North American Wealth business.”

Broadridge then noted that RPM’s technology platforms support over 15 million customer accounts and build on Broadridge’s Canadian wealth management business, providing a solution set for the retail banking sector and adding enhanced mutual fund and deposit manufacturing capabilities. The company added:

“RPM has proven capabilities in the Mutual Fund Dealers Association of Canada marketplace with a suite of services and solutions and a successful track record of winning and on-boarding new clients.”

Broadridge to Acquire Canadian Wealth Management Technology Provider RPM Technologies

U.S.-based fintech Broadridge Financial announced on Tuesday it is set to acquire Canadian wealth management technology provider, RPM Technologies for approximately $300 million. Broadridge reported that RPM’s technology platforms support more than 15 million customer accounts. Broadridge revealed:

Money Benjamin Dollars 100“Building on Broadridge’s strong Canadian Wealth Management business, the acquisition will bring important new capabilities and next-generation technology to both RPM’s and Broadridge’s clients.”

While sharing more details about the acquisition,  Tom Carey, President of Global Technology and Operations at Broadridge, stated:

“The addition of RPM Technologies broadens and deepens our wealth management product offering in Canada. We are very pleased to add RPM’s state-of-the-art platforms and blue-chip client roster. This investment underscores our commitment to bring value-added technology solutions to the industry, and it supports our longer-term strategy of building a strong North American Wealth business.”

Dave Poppleton, President and CEO of RPM Technologies, also commented:

“Broadridge is a global Fintech leader with deep commitment to the Canadian market and is the best future partner to extend RPM’s growth. With our combined technology and innovation capabilities, clients will gain deep product expansion opportunities, superior digital channel capabilities and seamless enterprise solutions.”

Broadridge added it is purchasing RPM from its current owners, which include Bayshore Capital Inc. The closing of the transaction is subject to the completion of an intercompany reorganization by RPM Technologies and standard customary closing conditions.

MarketsFlow Set to Close Latest Crowdcube Campaign With Nearly £775,000 in Funding

Digital wealth management platform MarketsFlow is set to close its latest equity crowdfunding campaign on Crowdcube with nearly £775,000 in funding from 450 investors. The funding round was launched last month, originally seeking a minimum of £700,000.

As previously reported, MarketsFlow is described as a sophisticated, award-winning and innovative machine learning and AI-based intelligent robo advisor and digital wealth management platform. The platform stated it uses data science to empower retail and institutional investors to make optimal investment portfolios. The platform revealed:

“With the UK Asset Management industry worth £6.9trn, and Wealth management estimated to be £1.1 trillion by 2019, we want to empower retail and institutional clients to manage optimised portfolios, the scientific way. By applying advanced algorithms to vast amounts of unstructured financial data, our platform has the capability to produce exemplary portfolio performance in terms of annualized returns, managed volatility, sharpe ratios, and risk management.”

MarketsFlow also stated it currently offers Managed Portfolios (GIA), ISAs and IRAs. As our pervasive next step, it expects it Growth and its High Growth portfolio performance will be accessible to all.

“Opening an account should be a breeze, however this process can take a week or more. Our new account registration will change this to be under 10 minutes. With our new mobile app and accessible investing, we expect a strong uptake and on top of that we are complementing our Growth using M&A deals (current deal in due diligence for £38M AUA).”

Funds from the latest Crowdcube round will be used to continue expansion. The campaign is set to close later this week.

Overfunding: MarketsFlow Surpasses £700,000 Funding Target on Crowdcube

Digital wealth management platform MarketsFlow has successfully secured its initial £700,000 funding target through equity crowdfunding platform Crowdcube. The funding round was launched less than two years after MarketsFlow secured more than £450,000 through its previous Crowdcube round.

As previously reported, MarketsFlow was launched in 2017 by technologist and entrepreneur Tom Nash and is described as a sophisticated, award-winning and innovative machine learning and AI-based intelligent robo advisor and digital wealth management platform. The platform stated it uses data science to empower retail and institutional investors to make optimal investment portfolios.

“With the UK Asset Management industry worth £6.9trn, and Wealth management estimated to be £1.1 trillion by 2019, we want to empower retail and institutional clients to manage optimised portfolios, the scientific way. By applying advanced algorithms to vast amounts of unstructured financial data, our platform has the capability to produce exemplary portfolio performance in terms of annualized returns, managed volatility, sharpe ratios, and risk management.”

MarketsFlow is also notably authorized and regulated by the FCA and SEC and has received initial DFSA clearance. It was also revealed:

“MarketsFlow currently offers Managed Portfolios (GIA), ISAs and IRAs. As our pervasive next step, we expect our Growth and our High Growth portfolio performance will be accessible to all. Opening an account should be a breeze, however this process can take a week or more. Our new account registration will change this to be under 10 minutes. With our new mobile app and accessible investing, we expect a strong uptake and on top of that we are complementing our Growth using M&A deals (current deal in due diligence for £38M AUA).”

Funds from the latest Crowdcube round will be used to continue expansion. The funding round is currently set to close at the end of May.

MarketsFlow Returns to Crowdcube; Now Seeking £700,000 in Funding

Less than two years after raising more than £450,000 through its Crowdcube round, digital wealth management platform MarketsFlow has returned to the equity crowdfunding platform to secure an additional £700,000 in funding.

As previously reported, MarketsFlow was launched in 2017 by technologist and entrepreneur Tom Nash and describes itself as a sophisticated, award-winning and innovative machine learning and AI-based intelligent robo advisor and digital wealth management platform. The platform stated it uses data science to empower retail and institutional investors to make optimal investment portfolios.

“With the UK Asset Management industry worth £6.9trn, and Wealth management estimated to be £1.1 trillion by 2019, we want to empower retail and institutional clients to manage optimised portfolios, the scientific way. By applying advanced algorithms to vast amounts of unstructured financial data, our platform has the capability to produce exemplary portfolio performance in terms of annualized returns, managed volatility, sharpe ratios, and risk management.”

MarketsFlow is authorized and regulated by the FCA and SEC and has received initial DFSA clearance. The company reported that since its last raise on Crowdcube and achieving authorization in the UK and the US, its clients have benefitted from its exemplary performance for their investments, getting them closer to their personal financial goals.

“MarketsFlow currently offers Managed Portfolios (GIA), ISAs and IRAs. As our pervasive next step, we expect our Growth and our High Growth portfolio performance will be accessible to all. Opening an account should be a breeze, however this process can take a week or more. Our new account registration will change this to be under 10 minutes. With our new mobile app and accessible investing, we expect a strong uptake and on top of that we are complementing our Growth using M&A deals (current deal in due diligence for £38M AUA).”

Funds from the latest Crowdcube round will be used to continue expansion. Since its launch, the campaign has raised nearly £450,000. It is set to close at the end of May.

Report Confirms that Goldman Will Move Into Wealth Management for the Masses

As we predicted just yesterday, Goldman Sachs will move into the wealth management space, according to a note by CNBC. The additional service was alluded to in the most recent Goldman earnings call which took place last week.

The new financial advisor service will most likely take the form of a Robo-advisor application leveraging the profound amount of data Goldman correlates today. The service is expected to show up as part of the fast-growing Marcus digital bank brand and target the digital masses.

The report quoted an unnamed Goldman executive:

“We plan to launch a broader wealth management offering, combining Marcus’ digital capabilities with the more established sales channels and products currently housed within the investment management division.”

In recognition of the importance of their Fintech ambitions, Goldman is re-organizing a bit as the division in charge will be renamed Consumer and Investment Management. Harit Talwar, the executive who lead the online lending project at Goldman, will run the digital finance business globally.

While Goldman may have been slow to embrace the Fintech revolution at first the global investment bank now appears to be firing on all cylinders. Marcus UK has been experiencing “explosive growth” from consumer accounts. The UK is one of the most dynamic digital banking markets in the world. Unlike the go slow environment in the US, a regulatory ecosystem that can be described as byzantine at best, the UK has embraced Fintech innovation and new challenger banks. The fact that Marcus by Goldman Sachs, jumped from zero accounts in the UK to more than 75,000 in just few weeks is indicative of consumer demand for something better than a traditional brick and mortar high street bank.

CreditEase Wealth Management Named Winner at Asiamoney’s Annual Awards

CreditEase Wealth Management announced on Friday it won “Best Wealth Management Firm of the Year” and “Best Wealth Manager for Fund of Funds” at the Asiamoney Annual Awards. Last year, Asiamoney reportedly began selecting nonbank wealth management institutions for their “Excellence in Chinese Wealth Management” award and committed to selecting leading market participants who have led the development and transformation of China’s wealth management industry through innovation.

CreditEase Wealth Management reported it offers fund of funds (FOFs), which covers multiple asset categories, supplemented by a single fund and direct project investment opportunities, which support HNWIs in asset allocation and risk distribution.

“CreditEase Wealth Management’s rivate equity FOFs now exceed 20 billion RMB, and the investment teams, located in Beijing, Shanghai, Hong Kong and Singapore, have established close cooperation with leading GPs in various industries, and have allocated to more than 200 funds domestically and overseas, providing exposure to more than 4,000 high-growth companies at home and abroad. Among them, there are more than 100 listed or New Third Board listed companies and more than 40 unicorn enterprises.”

CreditEase Wealth Management went on to add that its global real estate FOF product line is the largest domestic real estate FOFs investment platform. Current partners include Tishman, Blackstone, Carlyle, Starwood, Lone Star and other leading institutions.

“CreditEase capital market FOFs allocate across long/short, macro, fixed income, quantitative hedging, event-driven, CTA, and other different types of strategies, and have diversified assets such as stocks, bonds, commodities, foreign exchange and derivatives, with stock exposures covering A shares, Hong Kong stocks, US stocks, and emerging markets.”

Overfunding: Spanish Digital Financial Platform Finanbest Surpasses £175,000 on Crowdcube

Finanbest, a Madrid-based licensed securities agency that offers a digital end-to-end wealth management solution for retail investors, has successfully secured its initial £175,000 Crowdcube funding target and is now nearing £280,000 thanks to more than 100 investors.

As previously reported, Finanbest has targeted the Spanish mutual funds market of more than €250,000 million in 2017, which experienced 20% annual growth in the last 5 years and 9 million savers and investors. Finanbest offers an investment model for those investing €3,000 euros or more, using an experienced team and advanced technology. The company revealed it believes it provides private banking services at a fraction of the traditional cost, with a four-step model automated and optimized from beginning to end:

  1. outline of the investor’s risk profile
  2. customized investment proposal using the Black-Litterman algorithm
  3. selection of world leader funds
  4. dynamic monitoring

Finanbest reported:

“In 2016 we built the platform, obtained necessary licenses and recruited the team,” explained the campaign. “In April 2017 we launched our business and in the last 12 months we have closed two relevant distribution agreements, have more than 250 retail clients and manage €10 million AuM. Our personalised portfolios have yield 2% additional average return over the market and cost savings of up to 70%.”

Speaking about the Crowdcube success so far, Finanbest’s team stated:

“As you may probably have seen, there has been a new big investment that has driven us to direct overfunding. We have been negotiating for weeks and finally signed with one of the most relevant investors in the Spanish arena, ex-founder and CEO of a large listed company (in the Spanish Stock Exchange). Due to the strategic importance of this entrance for Finanbest, we have accepted a minor valuation, 1.712.000 GBP, that obviously is applied (and benefits) CC investors. Due to this new situation, CC round has been extended for investors 16 days more.”

The campaign is set to close mid-July.

Update: MarketsFlow to Close Crowdcube Round With Over £450,000 in Funding

Digital wealth management platform MarketsFlow is set to close its equity crowdfunding round on Crowdcube with more than £450,000 thanks to nearly 640 investors. The campaign was originally set to close at the end of December but was extended for a few more weeks after it secured its initial £250,000 funding target.

MarketsFlow was launched in 2017 by technologist and entrepreneur Tom Nash and describes itself as a sophisticated, award-winning and innovative machine learning and AI-based intelligent robo advisor and digital wealth management platform. The platform stated it uses data science to empower retail and institutional investors to make optimal investment portfolios.

“With the UK Asset Management industry worth £6.9trn, and Wealth management estimated to be £1.1trn by 2019, we want to empower retail and institutional clients to manage optimised portfolios, the scientific way. By applying advanced algorithms to vast amounts of unstructured financial data, our platform has the capability to produce exemplary portfolio performance in terms of annualized returns, managed volatility, sharpe ratios, and risk management.”

MarketsFlow recently confirmed that it is planning to market the platform after receiving its FCA advisory permissions. All funds from the campaign will go towards acquire clients and accelerate growth, UI/UX enhancements, and develop investment management regulatory structure. MarketsFlow’s campaign will close on Sunday (January 14th).

Update: MarketsFlow Extends Equity Crowdfunding Round on Crowdcube

Just days before its equity crowdfunding round was set to close on Crowdcube, digital wealth management platform MarketsFlow announced it was extending the campaign for another two weeks. In the latest update, the MarketsFlow team stated:

“We are extremely pleased to announce the extension of MarketsFlow’s campaign up until 14th of January midnight. We have had renewed interest in the campaign from a number of potential investors – industry professionals and others who want to be part of this round. Due to the holiday season it is only fair that we give them the extra time to join us for this round. We also want to take the opportunity to thank all of the 368 investors, our followers and potential clients who have pre-registered on the website. It is humbling to see such a response, and we could not be more excited about the future.”

As previously reported, MarketsFlow was launched earlier this year by technologist and entrepreneur Tom Nash. The platform describes itself as a sophisticated, award-winning and innovative machine learning and AI-based intelligent robo advisor and digital wealth management platform. The platform stated it uses data science to empower retail and institutional investors to make optimal investment portfolios.

“With the UK Asset Management industry worth £6.9trn, and Wealth management estimated to be £1.1trn by 2019, we want to empower retail and institutional clients to manage optimised portfolios, the scientific way. By applying advanced algorithms to vast amounts of unstructured financial data, our platform has the capability to produce exemplary portfolio performance in terms of annualized returns, managed volatility, sharpe ratios, and risk management.”

Recently, MarketsFlow confirmed that it is planning to market its platform after receiving its FCA advisory permissions. All funds from the campaign will go towards acquire clients and accelerate growth, UI/UX enhancements, and develop investment management regulatory structure.

Update: MarketsFlow Set to Close Crowdcube Round With More Than £250,000 in Funding

With its equity crowdfunding campaign on Crowdcube set to close later this week, digital wealth management platform MarketsFlow will be completing the funding round with more than £250,000 from over 350 investors.

As previously reported, MarketsFlow was launched earlier this year by technologist and entrepreneur Tom Nash. The platform describes itself as a sophisticated, award-winning and innovative machine learning and AI-based intelligent robo advisor and digital wealth management platform. The platform stated it uses data science to empower retail and institutional investors to make optimal investment portfolios.

“With the UK Asset Management industry worth £6.9trn, and Wealth management estimated to be £1.1trn by 2019, we want to empower retail and institutional clients to manage optimised portfolios, the scientific way. By applying advanced algorithms to vast amounts of unstructured financial data, our platform has the capability to produce exemplary portfolio performance in terms of annualized returns, managed volatility, sharpe ratios, and risk management.”

Recently, MarketsFlow confirmed that it is planning to market its platform after receiving our FCA advisory permissions. All funds from the campaign will go towards acquire clients and accelerate growth, UI/UX enhancements, and develop investment management regulatory structure. All funds from the Crowdcube campaign will be used to acquire clients and accelerate growth, UI/UX enhancements, and develop investment management regulatory structure. The platform added:

“We aspire our exit to happening via IPO or an acquisition from a large Asset Manager or Investment Bank like BlackRock, Vanguard, State Street or JP Morgan.”

The campaign is currently scheduled to close on Friday (December 29th).

Overfunding: MarketsFlow Surpasses £210,000 Funding Target on Crowdcube

Digital wealth management platform MarketsFlow has successfully secured its initial £210,000 funding target from more than 250 investors on equity crowdfunding platform, Crowdcube. The initiative was launched last month, seeking the funds for growth and expansion.

As previously reported, MarketsFlow was launched earlier this year by technologist and entrepreneur Tom Nash. The platform describes itself as a sophisticated, award-winning and innovative machine learning and AI-based intelligent robo advisor and digital wealth management platform. The platform stated it uses data science to empower retail and institutional investors to make optimal investment portfolios.

“With the UK Asset Management industry worth £6.9trn, and Wealth management estimated to be £1.1trn by 2019, we want to empower retail and institutional clients to manage optimised portfolios, the scientific way. By applying advanced algorithms to vast amounts of unstructured financial data, our platform has the capability to produce exemplary portfolio performance in terms of annualized returns, managed volatility, sharpe ratios, and risk management.”

MarketsFlow confirmed that it is planning to market its platform after receiving our FCA advisory permissions. All funds from the campaign will go towards acquire clients and accelerate growth, UI/UX enhancements, and develop investment management regulatory structure. Following the campaign overfunding, MarketsFlow’s team stated:

“To say that we are over-joyed, would be an understatement. Our sincere thanks to all of our visionary investors, supporters, well wishers and the potential investors. The journey has started, but together we will now move onto the expansion stage, and bring much anticipated change to the Investment management.”

The campaign is currently set to close at the end of December.

Digital Wealth Management Platform MarketsFlow Nears £210,000 Funding Target on Crowdcube

Digital wealth management platform MarketsFlow is quickly nearing its £210,000 equity crowdfunding target on Crowdcube. The portal launched the campaign less than two weeks ago and has raised more than £200,000 from nearly 250 investors. 

Launched in January 2017 by technologist and entrepreneur Tom Nash, MarketsFlow describes itself as a sophisticated, award-winning and innovative machine learning and AI-based intelligent robo advisor and digital wealth management platform. The platform stated it uses data science to empower retail and institutional investors to make optimal investment portfolios.

“With the UK Asset Management industry worth £6.9trn, and Wealth management estimated to be £1.1trn by 2019, we want to empower retail and institutional clients to manage optimised portfolios, the scientific way. By applying advanced algorithms to vast amounts of unstructured financial data, our platform has the capability to produce exemplary portfolio performance in terms of annualized returns, managed volatility, sharpe ratios, and risk management.”

MarketsFlow confirmed that it is planning to market its platform after receiving our FCA advisory permissions.

“After receiving FCA advisory permissions, MarketsFlow will be marketing its platform to Retail and Institutional clients. Moving forward, we will also be managing customer funds and plan to grow our AUM business.”

Funds from the Crowdcube campaign will be used to acquire clients and accelerate growth, UI/UX enhancements, and develop investment management regulatory structure. The platform added:

“We aspire our exit to happening via IPO or an acquisition from a large Asset Manager or Investment Bank like BlackRock, Vanguard, State Street or JP Morgan.”

The campaign is currently set to close at the beginning of January.

Citi Debuts New Banking & Wealth Management App Functionality on Android

Banking giant Citi today announced on Thursday the new functionality for the Citi Mobile App for Android, offering access to banking and wealth management capabilities with a user-friendly design. Citi FinTech developed the new mobile features for Android following last year’s launch for iPhone.

The new Android functionality includes the following:

  • Brokerage Account Opening: Citigold clients can open a Citi Personal Wealth Management brokerage account on mobile.
  • Trading and Investments: Clients with a brokerage account can enter orders to buy and sell equities, ETFs and mutual funds right on their phone.
  • Instant Servicing: “Click to call” capability enables Citigold clients to connect instantly with their Citigold Relationship Manager, Citi Personal Wealth Management Financial Advisor or the 24-hour service center.

While sharing more details about the functionality, Carey Kolaja, Chief Product Officer at Citi FinTech, stated:

“We are competing for our customers’ time and attention on their mobile devices, so delivering an elegant user experience is paramount. Our goal is to meet our customers on the channels and devices that they prefer. By leveraging Citi’s agile operating model and extensible services we were able to prepare this Android launch two-and-a-half times faster than last year’s iPhone release.”

Sean Murray, Managing Director, Global Wealth Management and Digital Identity Products at Citi FinTech, added:

“We are excited to launch this suite of new mobile capabilities for our customers who are Android users. In the weeks and months ahead, we’ll continue to roll out additional functionality like money movement and wealth management tools.”

Citi has notably launched a variety of mobile app capabilities for Android users this year in the U.S., including enabling credit card members to add authorized users on mobile, Quick Lock for debit customers, and Citi Pay in-store purchase capability.

Envestnet Teams Up With SaaS Tech Provider Advicent for NaviPlan Integration

Advicent, a provider of SaaS technology solutions for the financial services industry, announced on Monday a new integration with Envestnet, a provider of an integrated portfolio, practice management, and reporting solutions used by more than 55,000 advisors nationwide.

According to the companies, the new partnership will include the integration between the NaviPlan financial planning software from Advicent and the Envestnet wealth management platform. The launch of this integration will enable users of NaviPlan to pull client demographic, investment account, and investment portfolio data from Envestnet directly into a NaviPlan financial plan. Cory Olson, director of global product management at Advicent, stated:

“We are thrilled to expand the NaviPlan capabilities and grow our relationship with Envestnet. By integrating the Envestnet platform, we are giving advisors the opportunity to leverage Envestnet data and obtain an even more holistic view of their clients’ financial situations in their NaviPlan financial plans, which increases the quality of advice and can help to further mitigate fiduciary compliance risks.”

Advicent’s NaviPlan financial planning platform also allows advisors to adapt to client needs through comprehensive, detailed plans or quick assessments. The company noted that Firms and advisors can save valuable time and put clients’ minds at ease with high data security and the most in-depth and precise plans in the industry. Users will also benefit from single sign-on access to NaviPlan from the Envestnet Advisor Portal. Lincoln Ross, EVP, head of product strategy and marketing at Envestnet, added:

“Our vision is to be the Financial Wellness Network that connects enterprises, advisors, service providers, and clients to enable better financial outcomes through better intelligence. We know that integrated data and technology can turbocharge advisor productivity. Developing relationships with leading FinTech providers like Advicent empowers financial advisors to deliver high-quality, holistic advice.”

Dinosaur Merchant Bank Appoints InvestCloud to Provide Digital Platform For European & Latin American Wealth Management Customers

Global fintech firm InvestCloud Inc. announced on Thursday it has been appointed by Dinosaur Merchant Bank Ltd. to provide the new digital platform for the bank’s European and Latin American wealth management customers. The company revealed that Dinosaur Merchant Bank will be using its flagship client portal solution, Blue. It was revealed:

“InvestCloud Blue empowers wealth managers and financial firms like Dinosaur Merchant Bank to build and maintain intuitive and responsive client relationships tailored to their specific client base, leveraging a full suite of client communications apps. The bank’s customers across Europe and Latin America will be able to access their portfolios at any time and on any device.”

InvestCloud explained that the bank will benefit from its Digital Warehouse capabilities, which aggregates data from many data sources, integrates that data into meaningful information, stores the information securely, and provides apps for real-time analytics. This includes external news and social media sources alongside market and portfolio data and integrates with Dinosaur Merchant Bank’s own data sources.

It was also noted that the InvestCloud client portal will be used across the Bank’s European and Latin American institutional asset management business, digitizing many currently manual processes. It will provide clients with an interactive view of their data and a document portal to view reports and manage content. Tenette Abanilla, Director at Dinosaur Merchant Bank, stated:

“The need to provide outstanding digital experiences is a top priority for all financial service providers. Customers not only want digital engagement; they expect it. To be sure of success, we sought an intuitive platform that would give our customers the ability to interact with us whenever, and however, they want. InvestCloud provides the answer. Choosing InvestCloud ensures our customers are equipped with the tools they need, while also integrating seamlessly with our own data.”

Will Bailey, EVP for Europe and Innovation at InvestCloud, added:

“Wealth and asset managers face a turning point: go digital or face the consequences. But they also need to understand how digital can transform their business. It is far more than a branded online presence. Done right, a digital platform will create a whole new way of doing business, building greater efficiencies for managers and ensuring longer and happier customer relationships. We look forward to working with Dinosaur Merchant Bank on delivering these capabilities for its European and Latin American customers.”

Dinosaur Merchant Bank is a global investment banking, institutional brokerage and wealth management service provider, with $400 million in assets under management. The new digital platform will ensure all data is consolidated into the client’s digital portal from the outset.

InvestCloud’s latest EMEA client follows several major client successes for the firm in the region, which includes MASECO Private Wealth in the UK and Anchor Private Clients in South Africa. The company recently worked with Nutmeg to allow the online investment manager to launch the Lifetime ISA in time for the new tax year and ahead of its competitors.

Operating System for Wealth Managers Addepar Raises $140 Million

Last week it was announced that fintech wealth management platform Addepar had raised $140 million in its Series D round of funding. The funding round was led by Valor Equity Partners, 8VC and investment manager Harald McPike.

Operating System for Wealth Managers

Based in Mountain View, California, Addepar, which bills itself as the “operating system for the financial world”, is a data-driven wealth management platform. Its clients include family offices, wealth advisors, and private banks, who use the company’s software to visualize and manage investments. The platform makes it easier for wealth managers to visualize not only a portfolio’s exposure on an individual asset class level but also a portfolio’s total value based on real-time data. In October of last year, following news that the company had partnered with Salesforce, Addepar announced it had launched an Open API which now allows its clients to “build their own applications on the Addepar platform, enhancing the value of the overall system for Addepar clients”. Clients are now able to have their developers create a sign on that will consolidate their credentials. Two-factor authentication is also available to clients which adds an extra level of security to their login process.

Big Name Clients

Notable clients that use Addepar include Morgan Stanley, which announced earlier this year that 20 of its financial advisor teams would incorporate Addepar’s platform, financial services firm Jeffries, Iconiq Capital, which manages assets of former Zynga CEO Mark Pincus and Facebook’s Mark Zuckerberg. The company’s clients manage over $650 billion through Addepar’s platform according to recent

Addepar was co-founded by Joe Lonsdale, who also helped to found financial big data company Palatir along with Peter Thiel. The company’s clients manage over $650 billion through Addepar’s platform according to recent reports. The same reports claim that that number was less than half a little over a year ago. With year-over-year growth along with the news of another successful round of funding, Addepar is poised for continued improvements in the near future.

 

Chinese Fintech CreditEase to Expand to Singapore

CreditEase, a China based peer to peer lender and wealth management platform, has announced its plans to open a new office in the Asia Square Tower in Singapore.

The CEO of CreditEase, Ning Tang, said at the opening ceremony:

“After 11 years of development, CreditEase has become an innovator and leader across various stages and areas of Fintech including payment, marketplace lending, crowdfunding, robo-advisor, insurance tech and blockchain. We hope to integrate CreditEase’s Fintech innovations with the global resources in Singapore to fuel the growth of our wealth management business and to provide better global asset allocation services to high-net-worth domestic and overseas Chinese clients.”

Looking forward, Tang believes that there will be substantial growth in the the crowdfunding, insurance tech, and blockchain markets over the next several years. He also stated that CreditEase will continue to share its Fintech accomplishments in order to create further value for their customers.

CreditEase specializes in small business and consumer lending, as well as wealth management for high net worth investors. In addition to its business, it is also a Standing Committee member of China’s Internet Finance Industry Association and Chairman of Beijing Marketplace Lending Association.

CreditEase operates internationally and has offices in Hong Kong, New York, and Tel Aviv. In China, their wealth management network covers over 40 different cities. The Asian also named them as the “Best Non-Bank Private Wealth Product” in 2016.

The Chinese Fintech company has decided to open the office in light of their recent success in Singapore. In October 2014, CreditEase opened a wealth management office with a focus on global real estate finance and investment. They portrayed their plan for further business when they obtained an asset management license from the Monetary Authority of Singapore in 2016.

Tang had noted about CreditEase’s future plans to further globalize the business. He has stated that company plans to have a global vision and local roots. How will their further expansion effect other Fintech markets?