Blockchange, Morningstar Team Up on Crypto: Tech Roundup

The pact will “empower” advisors to help clients achieve better fixed income investment outcomes, the firms said in a joint announcement.

Meanwhile, YieldX completed a year of significant growth and opportunity that was topped by the closure of a Series A funding round led by Envestnet. The firms did not say how much  Envestnet invested. But a YieldX spokesperson said Thursday the company had raised $37 million in total to date, including $18 million from the Series A round.

The funding “will be used to further scale YieldX’s quant, engineering, and analytics teams in order to support the company’s vision of bringing sophisticated fixed income investment capabilities to a much larger universe of investors,” the companies said.

YieldX, meanwhile, plans to expand its application programming interface suite to “facilitate personalization at scale on a modern technology stack, add new data and integrations, expand existing” environmental, social, and governance and impact customization capabilities, and “further execute on the go-to-market strategy across various use cases,” it said.

Almost 108,000 advisors and more than 6,000 companies use Envestnet’s technology and services, it said.

Envestnet’s partnership with YieldX “complements the suite of income and protection tools available through the Envestnet ecosystem — such as access to variable annuities from insurance carriers, and FIDx’s Protection Intelligence solution for actively managing annuities, offered through the Envestnet Insurance Exchange,” Envestnet said.

Addepar Acquires AdvisorPeak

Wealth management tech firm Addepar acquired rebalancing and trading software firm AdvisorPeak in a move the companies said was designed to “streamline portfolio rebalancing and trading for wealth managers.”

AdvisorPeak’s team has joined Addepar as part of the transaction, the companies said. Financial terms were not disclosed.

“As we’ve supercharged our growth to become the de-facto platform for wealth managers, we’ve listened closely to our clients,” according to Addepar CEO Eric Poirier. Many of those clients “sought a native solution to manage portfolios at scale directly within Addepar,” he said in a statement.

Addepar’s “commitment and investment in open architecture and a vast partner ecosystem is what gives our clients the opportunity to choose the components of their overall solution,” he said.

“In getting to know AdvisorPeak over the last year and hearing how much our clients love their product, we saw them emerging as the winner. Our teams share the same mindset and values, and we saw a natural fit for their talented team and powerful technology to join forces with Addepar,” Poirier explained.

Following a $150 million Series F financing round in June led by D1 Capital Partners, Addepar now exceeds a $2 billion valuation and has more than $3 trillion in client assets on its platform, growing at an average of $15 billion in assets per week, it said.

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