What You Need to Know
- Orion Advisor Solutions named industry veteran Tom McCarthy its new executive vice president of sales.
- Fidelity acquired Shoobx, a provider of automated equity management operations and financing software for private companies at all growth stages.
- IGM Financial’s IG Wealth Management signed a multi-year contract extension to continue using the Broadridge Wealth Platform’s R.Broker solution.
Orion Advisor Solutions appointed industry veteran Tom McCarthy its new executive vice president of sales, effective immediately, the company said Wednesday.
McCarthy joins Orion with over 20 years of industry experience, most recently working with broker-dealers and registered investment advisors in senior leadership roles at AssetMark.
He will lead Orion’s Wealth Management Sales and Strategic Relationships teams and “charter Orion’s course of continuing to grow its wealth management business and capitalize on the many opportunities the company’s ongoing organic and inorganic growth create,” the company said in a statement.
After recently adding Redtail Technology and TownSquare Capital, Orion’s combined platform serviced $3 trillion in assets under administration and $56 billion of wealth management platform assets as of Sept. 30, it said.
Fidelity Buys Shoobx
Fidelity Investments has acquired Shoobx, a provider of automated equity management operations and financing software for private companies at all growth stages, up to and including initial public offerings.
Financial terms of the acquisition were not disclosed.
Shoobx is joining Fidelity’s Stock Plan Services business, a provider of equity compensation plan recordkeeping and administration services to almost 700 companies with 2.5 million plan participants, totaling more than $250 billion in plan value, according to Fidelity. Stock Plan Services is part of Fidelity’s Workplace Investing division.
In 2021, Fidelity started a strategic relationship with Shoobx to provide a complete equity management solution to the private market.
That joint solution combined several of the top products and services from Fidelity and Shoobx, including Fidelity’s expertise in equity compensation and benefits administration, as well as Shoobx’s equity management capabilities, board management tools, and data room solutions for the secure storage and sharing of important business information.
“Together, we will accelerate the development of new and innovative solutions designed to help private companies confidently navigate the complex journey all the way through to an exit or IPO,” Kevin Barry, head of Fidelity Workplace Investing, said in a statement.
Fidelity had assets under administration of $10.6 trillion, including discretionary assets of $4.0 trillion as of Nov. 30, it said.
Broadridge Extends Pact With IGM
Fintech firm Broadridge Financial Solutions announced Wednesday that IGM Financial’s IG Wealth Management signed a multi-year contract extension to continue using the Broadridge Wealth Platform’s R.Broker solution.
The pact builds on a “successful five-year partnership,” according to Karin Yorfido, general manager of global technology and operations Canada at Broadridge.
“The Broadridge R.Broker Wealth solution provides IG with enterprise-wide benefits through streamlined operations, timely access to market product advantages and the ability to consistently offer products and services across any channel,” she explained.
IG will “continue to expand its deployment of Broadridge’s capabilities, including core record keeping, regulatory and innovative capabilities for STP processing across currencies, dealers, regulations and jurisdictions,” according to Broadridge.
Advisor360° Acquires Digital Onboarding Tech
Advisor360° acquired the digital onboarding technology and related wealth management assets of technology solutions provider Agreement Express from Frontier Growth, a private equity firm based in Charlotte, North Carolina.