What You Need to Know
- Meanwhile, CI Financial led a funding round for a fintech firm.
- Compliance and risk management specialist Foreside Financial Group acquires Hardin Compliance Consulting.
- Refinitiv launches an Active Investor solution for wealth managers and their clients.
State Street plans to implement a cloud-based, machine learning technology that it said is designed to “transform private markets processing and document management.”
Through State Street’s partnership with Canoe Intelligence, allocators and managers in the private markets sector will be provided with an integrated experience where “traditionally onerous and manual alternative investment workflows will be automated and streamlined, reducing processing time and delivering important information to clients sooner,” the companies said Tuesday in a joint announcement.
Canoe’s open application programming interface (API) will integrate with State Street’s technology ecosystem, “creating a more cohesive client experience for the processing of all alternative investment data across clients’ complex portfolios,” the firms said.
The technology “helps identify unique patterns as documents are processed that are created from shared intelligence, resulting in faster and improved recognition and ingestion rates for clients,” they said.
“Within seconds of implementation, unstructured data can be turned into accessible outputs, while clients benefit from a new, reliable infrastructure for the private markets,” they explained. “Not only does this save significant time and allow clients to make informed decisions faster, [but] it also helps free up the time of asset managers, allowing them to focus on the business-critical tasks that require more thought.”
CI Financial Leads New Funding Round for Fintech Firm D1g1t
D1g1t has closed on a new fundraising round worth 16 million Canadian dollars (about $13 million) for its digital wealth management platform that was led by returning investor CI Financial.
The round also included two new institutional investors: National Bank of Canada’s corporate venture capital arm NAventures and U.S.-based fintech venture capital firm MissionOG. Most other existing d1g1t investors also participated in the round, including Purpose Financial, Illuminate Financial and d1g1t’s angel investors.
The new funding will be used by d1g1t to “expand the capabilities of its platform, advance product innovation, scale operations and add to its sales and marketing teams — all with an eye toward supporting its continued growth and cementing its presence in the U.S. wealth management market,” it said Thursday.
The company “continues to experience explosive growth,” it said, noting that, “despite a global pandemic, d1g1t doubled revenue and grew its headcount by over 50% in 2020.”
Foreside Buys Hardin Compliance
Compliance and risk management specialist Foreside Financial Group acquired Hardin Compliance Consulting.
Foreside will add all of Hardin’s 30-plus employees to its ranks as part of the transaction, Foreside said Tuesday. Financial terms were not disclosed.
The transaction marked Foreside’s eighth acquisition since 2019. Foreside, which is majority-owned by private equity firm Lovell Minnick Partners, previously acquired Golden Bear Consulting Group earlier this month, JG Advisory Services in March, Capital Markets Compliance in January, ICSGroup in November, Quasar Distributors (U.S. Bancorp’s mutual fund and exchange-traded funds distribution business) in March 2020, Compliance Advisory Services in October 2019 and NCS Regulatory Compliance in January 2019.