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Blockchange, Morningstar Team Up on Crypto: Tech Roundup

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What You Need to Know

  • Blockchange integrated its digital asset TAMP with the Morningstar ByAllAccounts client account aggregation tool.
  • AI-driven fintech platform Tifin closed on a $47 million Series C funding round that included Hamilton Lane.
  • Envestnet invested in YieldX, while Addepar acquired AdvisorPeak.

Blockchange said Thursday that it has integrated its BITRIA Digital Asset turnkey asset management program with the Morningstar ByAllAccounts client account aggregation solution.

The integration “enables financial advisors to incorporate digital asset portfolio data into a comprehensive, holistic picture of their clients’ holdings, alongside the accounts held in traditional assets,” according to Blockchange, a digital asset investing solution provider for financial advisors and asset managers.

The integration also allows Blockchange’s separately managed account partners to better serve the needs of financial advisors and their clients, who will be able to access digital asset data within platforms they already use, it said.

Firms that will benefit from the integration include companies that use Addepar, Black Diamond Reporting, Envestnet Tamarac, Orion Advisor Services, Morningstar Office, eMoney Advisor, or any of the 22 portfolio accounting platforms that integrate with Morningstar ByAllAccounts for performance reporting, according to Blockchange.

Tifin Gets Hamilton Lane Investment

Artificial intelligence-driven fintech platform Tifin closed on a $47 million Series C funding round that included its first strategic investment from Hamilton Lane, the firms said in a joint announcement on Thursday.

The firms did not, however, say how much Hamilton Lane contributed of that $47 million and did not immediately respond to a request for comment.

The Tifin platform, which uses AI for wealth and asset management, uses data and investment-driven intelligence to “drive personalization for wealth management, and digital distribution for investment managers,” according to Tifin.

Cathie Wood, CEO and chief investment officer at Ark Investment Management, joined the Tifin board in July.

The latest investment round boosts Tifin’s valuation to $447 million, almost five times higher than its Series A round that it said was completed late last year.

Hamilton Lane joined J.P. Morgan Asset Management, Morningstar and Broadridge in the Series C round, after those other three firms made their initial investments in Tifin during its Series B round.

Tifin, which works closely with its strategic investors to facilitate innovation in the industry, will “partner with Hamilton Lane to explore adding alternatives to its suite of WealthTech capabilities,” according to the companies.

The additional capital, alongside existing funds from previous capital investments, will support Tifin’s “continued growth, additional acquisitions, as well as working with the strategic partners to help accelerate their fintech innovation initiatives,” it said.

Envestnet Partners With YieldX

Envestnet and YieldX announced they are entering into a strategic relationship under which Envestnet invested in YieldX and will distribute YieldX technology and products through the Envestnet platform.

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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.

 (Image: Shutterstock)