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2022 Envestnet Asset Manager Awards

UBS, Envestnet and iCapital Launch Alternatives Exchange: Tech Roundup

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What You Need to Know

  • Fidelity’s eMoney adds white labeling to its Incentive financial planning and wellness mobile application.
  • Mike Sleightholme has been named president of Broadridge Financial Solutions' Asset Management Solutions business.
  • Riskalyze is substantially increasing its bond coverage.

The new Alternatives Exchange developed by UBS, Envestnet and iCapital went live, providing private market investment opportunities to Envestnet’s client base with more than 35 funds available from managers across geographies and strategies, the companies said Thursday in a joint announcement.

The firms announced in July they had teamed up to provide clients with access to UBS and iCapital alternative investment products including hedge funds and real estate through Envestnet’s platform.

Users of Envestnet’s Alternatives Exchange will now also have access to the AltsEdge Certificate Program, an educational initiative created by iCapital and the Chartered Alternative Investment Analyst Association to help advisors build their knowledge of the alternative investment space and how this asset class can potentially benefit their clients, the companies said Thursday.

The expansion of the Alternatives Exchange comes at a time when high-net-worth investors are increasingly looking to diversify their portfolios with alternative investments, the firms said.

Citing the findings of a recent iCapital/Boston Consulting Group report, they said HNW individuals are expected to increase their private equity investments by a compound annual growth rate of almost 19%, with global HNW investor commitments to private equity rising to $1.2 trillion by 2025.

Separately, iCapital said it’s now providing wealth managers on its platform access to Golub Capital’s private credit strategies. Advisors will now be offered Golub’s private credit expertise and products alongside iCapital’s education, technology and investment administration capabilities.

iCapital will also build a customized technology platform for Golub that the companies said will enable wealth managers and their HNW clients to access additional Golub products on an end-to-end, fully automated platform.

EMoney Advisor Adds White Labeling

Fidelity’s eMoney announced the availability of white labeling for its Incentive financial planning and wellness mobile application.

Incentive was built, operated and is supported by eMoney, but firms can now “offer their own financial wellness app with the white labeling option to differentiate their business and build credibility with their brand in a digital-first experience,” eMoney said Tuesday.

Incentive, available through retirement plan advisors, is an employee-based financial wellness solution that eMoney said helps investors “achieve their financial goals no matter where they are in their financial journey and puts the retirement plan advisor at the center of the client relationship.”

Broadridge Names New Asset Management President

Broadridge Financial Solutions appointed Mike Sleightholme as president of its Asset Management Solutions business.

Sleightholme most recently spent five years with SS&C Technologies, where he served as CEO and general manager of its DST Systems business.

He will be responsible for “driving Broadridge’s global asset management business growth, the strategic execution of client and market-focused solutions,” and service delivery, the firm said.

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Brian Crowley, who was interim president of Broadridge Asset Management Solutions, has shifted to a new role, as chief operating officer of the Asset Management business, reporting to Sleightholme. In his new role, Crowley will be responsible for the successful execution of the day-to-day administrative and operational functions of the business, Broadridge said.

Riskalyze Boosts Bond Coverage

Riskalyze is substantially increasing its bond coverage, the company said Wednesday, noting it will offer coverage of 800,000 more bonds by the end of 2022.

The company already added 600,000 bonds to its analytics offering in the past year, it said.

Riskalyze is also expanding its analytic capabilities via Riskalyze Stats to include 20,000 of the most popular separately managed accounts, it said.

The new enhancements to its bond risk analytics includes customizing for different bond types (including zero-coupon and perpetual securities in addition to the already incorporated coupon-bearing bonds) and “increasing the precision and accuracy of analytics for all bonds,” it said.

Riskalyze’s data team has also worked to expand its securities coverage to other alternative investments including more than 4,000 new stocks, funds and exchange-traded funds; and more than 10,000 real estate investment trusts, unit investment trusts, structured notes, buffered ETFs and SMAs.

The new bond methodology went live in all Riskalyze accounts and is offered as a free upgrade for customers on all service plans, it said.

Apex Crypto Gets License

Apex Fintech Solutions announced Tuesday that the New York State Department of Financial Services approved its subsidiary, Apex Crypto, for a virtual currency license (BitLicense).

Customers of Apex Crypto who have users in New York can now trade cryptocurrencies on Apex Crypto’s platform, 24 hours a day, 365 days a year.

Apex Crypto is a turnkey platform for integrated crypto investing, developed to meet the growing needs of fintech firms and their customers across the rapidly expanding sector. Apex Crypto’s clients include Webull Pay, Public.com, Stash and Titan.

In other crypto news, investing platform Mudrex introduced a tool to automate recurring investments, it said Wednesday. The global crypto asset management platform’s new recurring investments tool automates and simplifies investments in Mudrex Coin Sets, it said. Mudrex Coin Sets, introduced in October, are virtual baskets of cryptocurrencies based on particular themes, enabling users to diversify their portfolios.

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