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Industry Spotlight > Women in Wealth

Symbiont to Launch Alternative Market for Closed-End Funds: Tech Roundup

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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. 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.”

(Related: Synaps Successfully Tests Blockchain Loan Servicing: Tech Roundup)

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.

Los Angeles-based InvestCloud launched its first international office in London in 2016. It acquired the London-based fintech company Babel in January.

“Our rapid international expansion over the past 12 months demonstrates that the industry is waking up,” Wise added. “Digital provides an essential differentiator that can help guarantee customer loyalty for traditional players and the new wave of startups alike. This is an increasingly pressing issue as wealth transfers between generations and the ‘mass affluent’ look for new ways to manage their wealth, enabling financial mobility.”

Brendan Gace, head of Anchor Private Clients, noted, “The need to provide digital services is very real. Not only does it help to enhance customer service, it allows us to streamline internal operations and processes – meaning our managers can do more for our clients.”

On Tuesday, Shareholders Service Group announced that it has agreed to partner with Advicent to offer the fintech providers NaviPlan financial planning software and Narrator Clients portal to RIAs affiliated with SSG.

Firms affiliated with SSG will be able to access the tools for a “substantial discount,” following an extended demonstration period.

“We are focused on delivering personal service, open architecture technology and excellent value to independent RIAs, as well as introducing RIAs to solutions that ultimately help them surpass their clients’ expectations,” Dan Skiles, president at SSG and a regular contributor to Investment Advisor, said in a statement. “Partnering with Advicent aligns perfectly with our mission and gives us the ability to offer more advanced financial planning tools to RIAs as we work toward helping clients achieve their financial goals.”

Angela Pecoraro, CEO at Advicent, noted that “holistic financial planning software enables professionals to better understand and impact their clients’ financial futures.” She said in the statement that SSG and Advicent share a vision of “always striving for the financial success of our end users, and I am looking forward to partnering with SSG as they continue to deliver excellence to every client.”


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