What You Need to Know
- iCapital's tech platform to give RIAs and family offices seamless access to Bridgewater’s strategies for ultra-high-net-worth clients.
- UBS joins the blockchain-based distributed ledger repo (DLR) platform of Broadridge Financial Solutions.
- Robinhood Markets signed an agreement to acquire Say Technologies for about $140 million.
- Janus Henderson will offer model portfolios through Orion.
iCapital Network expanded its relationship with institutional portfolio management firm Bridgewater Associates, the companies said in a joint announcement on Thursday.
Under the agreement, iCapital will provide a customized technology platform to give RIAs and family offices seamless access to Bridgewater’s strategies for their ultra-high-net-worth clients in the U.S., the firms said.
The technology and service offering provided by iCapital digitalizes the subscription, administration, operational and reporting processes of alternative investments to overcome many of the longstanding challenges of accessing the asset class.
iCapital also provides advisors and investors with a full suite of research, due diligence and educational materials.
UBS Joins Broadridge’s Blockchain-Based Repo Platform
UBS has joined the blockchain-based distributed ledger repo (DLR) platform of Broadridge Financial Solutions.
Early users of Broadridge’s blockchain-enabled platform are “accelerating their digital journey and realizing the significant and immediate benefits of reduced risk and operational costs as well as enhanced liquidity,” Broadridge said.
The addition of UBS builds on the “early platform success and accelerates the expansion of the DLR network, leveraging Broadridge’s fixed income platform that processes” more than $6 trillion in average daily volume and includes 20 of the 24 primary dealers, according to Broadridge.
The Broadridge platform provides a single platform where market participants can agree, execute and settle repo transactions, it said. “Under a digital repo approach, collateral can be detached from the trade agreement, while the cash remains off-chain,” it explained. The platform’s functionality “significantly reduces the operating cost and risk of all repo activity,” it said.
After the first few weeks since launching, the platform had executed $35 billion in average daily volume, according to Broadridge.
Separately, Broadridge said it appointed Annette L. Nazareth as an independent member of its board of directors. Following her appointment, Broadridge’s board consists of 12 members, 10 of whom are independent. Nazareth is a senior counsel of Davis Polk & Wardwell and until recently headed the Trading and Markets practice at Davis Polk’s Financial Institutions Group. She is an experienced financial markets regulator and former SEC commissioner.
Robinhood to Buy Say Technologies
Robinhood Markets signed an agreement to acquire Say Technologies for about $140 million, Aparna Chennapragada, Robinhood chief product officer, disclosed in a blog post on Tuesday.
The all-cash deal is subject to customary purchase price adjustments, she said.