Symbiont announced it has partnered with a Hong Kong-based online marketplace to launch an alternative market for closed-end funds. The platform will be built on Symbiont’s Smart Security software, which uses distributed ledger technology to simplify complex manual processes.
PrivateMarket.io is based in China and allows wealth managers to execute primary and secondary market transactions online.
“Issuers and investors will be able to automate corporate actions using our system, peer-to-peer, and will know at all times who owns all securities outstanding for any investments made on the platform,” Mark Smith, co-founder and CEO of Symbiont, said of the platform, which is expected to launch later this year.
He added in the statement announcing the partnership, “The market for alternative investments is growing rapidly and we see tremendous potential for fund managers and investors alike to gain from the transparency and automation our system provides while also providing participants the highest level of privacy and security.”
InvestCloud announced on Thursday that it has added a South African wealth management firm as a client. InvestCloud will provide digital client communication and client reporting solutions to Anchor Private Clients, a division of Johannesburg-based Anchor Group.
“The need for wealth managers to digitalize is not limited to a particular geography. Like the spread of social media, it is a global need,” John Wise, co-founder and CEO of InvestCloud, said in a statement. “But with the majority of wealth managers limiting client communications to phone, email and traditional reports, many are still well behind the curve.