What You Need to Know
- Meanwhile, iCapital Network is buying a service provider to the structured notes market.
- Morningstar is launching interactive Notebooks.
- AssetMark introduced a pooled employer plan.
Envestnet | Yodlee and TD Bank Group signed a data access agreement they said was intended to address the needs of an increasingly digital client base.
The North American deal represents the “alignment between TD and Envestnet | Yodlee about protocols to provide for the safe and secure access of TD customer financial data to support the customer’s requests to share with the financial wellness apps and experiences of their choice,” the companies said in a joint announcement.
TD Bank is the 13th bank in North America to sign such a data access agreement with Envestnet |Yodlee.
TD clients will be able to “more reliably and effectively connect to and send their financial information to the more than 1,400 third-party applications powered by” the Envestnet | Yodlee financial data aggregation platform, the companies said.
At a client’s request, TD will now transfer their financial data to Envestnet | Yodlee via application program interfaces the firms say will eliminate the need for clients to share their banking login IDs or passwords.
iCapital to Buy Axio Financial
Axio Financial and iCapital Network signed a definitive agreement under which iCapital will acquire the end-to-end service provider for the U.S. structured notes market.
The transaction is expected to close in the fourth quarter of 2021 after necessary regulatory approvals, the companies said. Terms of the deal were not disclosed.
The acquisition will expand iCapital’s alternative investment strategy options, technology stack, educational offerings and support services for financial advisors, the companies said. The purchase will also enhance iCapital’s distribution capabilities to support fund managers.
Under the agreement, Marc Paley, Axio CEO, and his entire team will join iCapital. As managing director and head of distribution, Paley will report to Lawrence Calcano, iCapital CEO and chairman, and maintain his responsibilities as leader of the Axio team.
Morningstar Launches Interactive ‘Notebooks’
Morningstar announced a new analytics capability in its Morningstar Direct portfolio management system that it said combines multi-faceted data sets with automated analysis designed to “drive new insights that were previously challenging to draw out.”