State Street partners with iCapital Network
24 January 2020 London
Image: Shutterstock
State Street has partnered with the technology platform iCapital Network to enhance the offering and servicing of US registered funds.
The partnership will see State Street combine its registered transfer agency and private market fund administration capabilities with iCapital’s platform, technology and distribution network.
Additionally, the collaboration will allow State Street’s alternative fund manager clients to ‘simplify and accelerate the launch of registered private market products, and establish scaled access to the wealth management channels’.
Additionally, the collaboration will allow clients to monitor fund raising activities, and utilise a comprehensive, fully searchable database of all their investor documents across all funds.
State Street noted that historically, private market funds have been available primarily to institutional investors.
High-net-worth investors and family offices, however, are increasingly seeking access and exposure to these alternative asset classes to achieve portfolio goals and diversification and income, according to State Street.
This partnership aims to support State Street’s clients as they navigate this ‘complex market’, State Street highlighted.
Paul Fleming, global head of State Street’s alternative investment solutions group, commented: “If the private markets were to capture just 5 to 10 percent of the affluent and mass affluent market in the US alone, it would represent between $800 billion and $1.6 trillion in assets under management.”
“A strong partner with a solution that addresses the needs of the investor, fund manager and investment advisors and distributors is critical. That’s why we’re partnering with iCapital,” Flemming said.
Lawrence Calcano, CEO at iCapital Network, noted: “The opportunities of the private market have traditionally been unattainable for those that lack the scale of an institutional investor.”
“However, our technology is rapidly changing that with access, efficiency and transparency. This partnership with State Street aims to create new opportunities for fund managers, advisors and high-net-worth investors by facilitating the offering of registered funds, providing managers access to fresh capital and giving investors an opportunity to add new asset classes to their portfolios,” Calcano added.
The partnership will see State Street combine its registered transfer agency and private market fund administration capabilities with iCapital’s platform, technology and distribution network.
Additionally, the collaboration will allow State Street’s alternative fund manager clients to ‘simplify and accelerate the launch of registered private market products, and establish scaled access to the wealth management channels’.
Additionally, the collaboration will allow clients to monitor fund raising activities, and utilise a comprehensive, fully searchable database of all their investor documents across all funds.
State Street noted that historically, private market funds have been available primarily to institutional investors.
High-net-worth investors and family offices, however, are increasingly seeking access and exposure to these alternative asset classes to achieve portfolio goals and diversification and income, according to State Street.
This partnership aims to support State Street’s clients as they navigate this ‘complex market’, State Street highlighted.
Paul Fleming, global head of State Street’s alternative investment solutions group, commented: “If the private markets were to capture just 5 to 10 percent of the affluent and mass affluent market in the US alone, it would represent between $800 billion and $1.6 trillion in assets under management.”
“A strong partner with a solution that addresses the needs of the investor, fund manager and investment advisors and distributors is critical. That’s why we’re partnering with iCapital,” Flemming said.
Lawrence Calcano, CEO at iCapital Network, noted: “The opportunities of the private market have traditionally been unattainable for those that lack the scale of an institutional investor.”
“However, our technology is rapidly changing that with access, efficiency and transparency. This partnership with State Street aims to create new opportunities for fund managers, advisors and high-net-worth investors by facilitating the offering of registered funds, providing managers access to fresh capital and giving investors an opportunity to add new asset classes to their portfolios,” Calcano added.
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