State Street Corp. announced Wednesday a minority investment in Apex Fintech Solutions and a strategic partnership that taps Apex’s digital custody and clearing platform to expand service offerings to the global wealth management industry.
The Apex platform supports investing infrastructure, digital custody, clearing and access to U.S. markets, with more than 200 clients and 22 million brokerage accounts holding over $200 billion in assets worldwide. The partnership will provide a globally scalable custody and clearing solution for wealth advisors and self-directed wealth platforms and their clients, State Street said.
Apex brings expertise in modern digital wealth solutions that the company says democratizes access to investing, clearing and execution capabilities at scale, along with its custody platform that will support advisors serving high-net-worth clients while enabling self-service for the mass affluent, the companies said.
“At State Street, our institutional investor clients look to us as an essential partner, to deliver leading investment services and platforms, data, expertise, and solutions that accelerate performance and decision making,” said John Plansky, State Street Wealth Services' head and executive vice president. “This partnership with Apex augments our wealth services capabilities and positions us to bring the same level of focus and execution excellence, as we provide technology and services to the growing global wealth customers’ investment goals.”
“Wealth management is on the precipice of enormous change driven by rapid market innovation and investor expectations,” said Bill Capuzzi, Apex Fintech Solutions' CEO. “For firms to capitalize on that change, they need back-end systems and capabilities that are fast, flexible and secure. ... We look forward to working with State Street to drive the future of wealth management by enabling the global advisor-based market to launch, scale and innovate at unprecedented speed.”
Enterprises using State Street's Charles River Development Wealth platform manage $3 trillion in wealth-related assets, while State Street Investment Management oversees more than $1 trillion in such assets. State Street Corp. had $49 trillion in assets under custody or administration and $5.1 trillion in assets under management as of June 30.
Credit: Bloomberg
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