27 June 2022
iCapital, a fintech platform for different investments and traders, introduced that the Financial institution of America has made a strategic funding within the firm.
Financial institution of America invested in iCapital on the identical valuation as iCapital’s final funding spherical in December 2021. No extra phrases of the transaction have been disclosed.
This transfer deepens the partnership between each entities that started in 2018.
iCapital mentioned that it’ll use the funding to proceed to construct out the technical capabilities of its international different investing answer that helps greater than US$130 billion in platform property.
In March 2019, iCapital acquired Financial institution of America’s different funding feeder fund operations. This enabled the Financial institution of America to streamline and automate ongoing fund operations and administration companies for Merrill and Personal Financial institution advisors and their shoppers.
Because the preliminary settlement with Financial institution of America, iCapital has made a sequence of acquisitions and launches to broaden its technical capabilities and broadened funding alternatives provided on its platform.
Lawrence Calcano
“We’re honored to have the assist of Financial institution of America to additional iCapital’s mission to offer monetary advisors with an entire different investing answer.
We look ahead to persevering with to work with the Financial institution of America workforce to boost our platform to finest meet the wants of its Merrill and Personal Financial institution advisors looking for a variety of other investments for his or her high-net-worth shoppers.”
mentioned Lawrence Calcano, Chairman and Chief Govt Officer of iCapital.
Nancy Fahmy
“iCapital and Financial institution of America share the idea that different investments are an essential part of a well-diversified portfolio and it’s vital to extend entry, training and repair to advisors and their shoppers.
Deepening our assist of iCapital by way of a strategic funding is emblematic of the success of our collaborative relationship.”
mentioned Nancy Fahmy, Head of Different Investments, Specialty Asset Administration and Funding Options Specialists for Financial institution of America.
This text first appeared on Fintech Information Switzerland.
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