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iCapital Expands Pact With Bridgewater: Tech Roundup

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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.

Say is a mission-driven company that’s built an innovative communication platform that makes it easier for investors to exercise their ownership rights,” according to Chennapragada. Say has “reimagined investor communications from the ground up, and their products have made it easier for millions of people to have a voice in the companies they invest in,” she said.

Say’s proxy processing technology “helps broker-dealers give their customers seamless access to their vote, and its Q&A platform lets everyday shareholders participate in events like earnings by asking and upvoting questions,” she said.

Say will continue offering its proxy voting services and Q&A platform to existing customers after joining Robinhood and, “together, we’ll find new ways to expand what it means to be an investor through new products and experiences that democratize shareholder access,” she added.

Janus Henderson to Offer Model Portfolios Via Orion

A suite of three proprietary mutual-fund driven model portfolios and two model-delivered separately managed accounts from Janus Henderson are now available to financial advisors through the Orion Portfolio Solutions turnkey asset management program of Orion Advisor Solutions, the companies said.

OPS users can now access: the Janus Henderson Global Allocation Conservative Model Portfolio, Moderate Model Portfolio and Growth Model Portfolio; Janus Henderson Global Sustainable Equity ADR Managed Account; and Janus Henderson Mid Cap Growth Managed Account.

The Orion Communities Model Marketplace is also “expected to soon offer a broad-reaching set” of Janus Henderson models, including exchange-traded funds-driven model portfolios and additional model-delivered SMAs through Communities, Orion’s model marketplace.

The Janus Henderson models will include: the Global Adaptive Asset Allocation suite; Mid-Cap Value; Concentrated Growth; Opportunistic Alpha; Growth & Income; and Global Dividend Growth.

Veriti Hits Milestone

Direct indexing asset management and fintech firm Veriti Management crossed $900 million in assets under management, it said Thursday.

During the first half of 2021, Veriti continued to add institutions and private wealth advisors across 12 different custodial relationships, it also noted.

Veriti’s proprietary algorithms and technologies establish hyper-customized SMAs for advisors and institutional channels, it said.

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