iCapital acquires Wells Fargo alternative investment platform
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iCapital acquires Wells Fargo alternative investment platform 22 June 2020New York Reporter: Rebecca Delaney
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Financial technology platform iCapital Network has acquired Wells Fargo’s alternative investments feeder fund platform.
As part of the global alternative investments (GAI) division, the alternative investment feeder fund platform of Wells Fargo supports solutions ranging from private equity and private debt to hedge funds and real estate.
Terms of the transaction mandated Wells Fargo to make a “strategic investment” in iCapital as part of the platform’s fundraising strategy. In return, iCapital will offer employment to a transition team of Wells Fargo employees who currently work under the GAI feeder fund platform.
The acquisition follows iCapital’s procurement of Artivest last month, bringing iCapital’s total number of clients assets to almost $58 billion across over 720 funds, 120,000 underlying accounts, and more than 70 white label partners.
iCapital’s technology will be employed to improve the efficiency and automation of existing operations and fund administration services at Wells Fargo, as well as to provide advisory support to their client base.
Lawrence Calcano, chairman and CEO of iCapital Network, commented: “We are enormously excited to forge this partnership with Wells Fargo as another important milestone on our mission to create the industry-standard technology solution for private investments. This agreement is emblematic of the great strides we have made to provide greater access, efficiency, and transparency for the wealth management community seeking alternative investing strategies for their high-net-worth clients.”
Darrell Cronk, president of Wells Fargo Investment Institute, added: “We are pleased to partner with iCapital to deliver alternative investments to enhance the experience for our advisors and clients. This transaction will allow us to continue to provide innovative alternative investment solutions to our clients as well as upgrade the overall platform and launch new offerings.”
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