What You Need to Know
- iCapital is acquiring Stifel’s alternative investment feeder fund platform.
- Broadridge's AI-driven digital trading platform completed its integration with the Charles River Investment Management Solution.
- Luma Financial Technologies signed a deal with Morningstar to launch structured products data and analytics within Morningstar Advisor Workstation.
Envestnet has promoted Farouk Ferchichi to the position of global head of Envestnet Data and Analytics, which the company said Thursday brings together the combined capabilities of its Envestnet | Yodlee, Envestnet Analytics (Wheelhouse) and Abe AI businesses.
In his new role, Ferchichi will “advance the data and analytics business for Envestnet’s financial wellness ecosystem, harmonizing and connecting all parts of a person’s financial life so that their daily actions speak to and help support their long-term financial goals,” Envestnet said.
Ferchichi joined Envestnet in March 2021 as chief data and analytics officer and has been “focused on transforming Envestnet’s data strategy and laying the foundation to introduce innovative solutions to new markets,” according to the company.
Before joining Envestnet, he held global chief data analytics roles at USAA and Toyota.
iCapital to Buy Stifel Alt Fund Platform
Stifel Financial and iCapital said Thursday they entered into a definitive agreement under which iCapital will acquire Stifel’s alternative investment feeder fund platform in an expansion of their existing partnership.
Stifel’s feeder fund platform supports distribution of a suite of unique hedge fund strategies.
After the deal closes, iCapital’s white label technology will be “leveraged to streamline and automate the onboarding, subscription processing and lifecycle operations for Stifel feeder funds, while providing support to Stifel’s advisors and their high-net-worth investors,” the companies said in a joint announcement.
Stifel will continue to source alternative investments for its clients and offer them guidance on the role of alternative investments within a diversified investment strategy, the firms said. Investors in the funds will remain Stifel clients.
As part of the transaction, iCapital will offer employment to Stifel’s team of employees who currently support operations for the feeder fund platform. “The transitioning team will continue to support the fund portfolio and ensure the ongoing quality of service,” the companies said.
The transaction is expected to close later in the current quarter. Terms of the deal were not disclosed.
LTX-Charles River Integration Finalized
LTX, Broadridge Financial Solutions’ artificial intelligence-driven digital trading platform, completed its integration with the Charles River Investment Management Solution, the firms announced Thursday.
The complete integration allows Charles River’s order and execution management system users to better access aggregated liquidity and leverage transparency and price discovery within their existing workflows via their existing relationships with their dealers, the companies said.
The LTX e-trading platform uses data science and its own patented trading protocol, RFX, to provide the buy side and sell side with a more complete view into pre-trade and post-trade liquidity, which will ultimately help market participants “facilitate natural liquidity discovery and find best execution,” the firms said.