iCapital1, the leading global fintech platform driving access and efficiency in alternative investing for the asset and wealth management industries, announced today that Bank of America has made a strategic investment in the company, deepening a partnership that began in 2018. iCapital will use the investment to continue to build out the technical capabilities of its global alternative investing solution that supports more than $130 billion in platform assets.
The investment highlights another milestone in the strategic relationship between iCapital and Bank of America. In March 2019, iCapital acquired Bank of America’s alternative investment feeder fund operations. This enabled Bank of America to streamline and automate ongoing fund operations and administration services for Merrill and Private Bank advisors and their clients.
Since the initial agreement with Bank of America, iCapital has made a series of acquisitions and launches to expand its technical capabilities, broaden the menu of investment opportunities offered on its platform, and continue to lead the industry in developing solutions to overcome barriers to efficiency and adoption.
“We are honored to have the support of Bank of America to further iCapital’s mission to provide financial advisors with a complete alternative investing solution,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital. “We look forward to continuing to work with the Bank of America team to enhance our platform to best meet the needs of its Merrill and Private Bank advisors seeking a range of alternative investments for their high-net-worth clients.”
“iCapital and Bank of America share the belief that alternative investments are an important component of a well-diversified portfolio and it is critical to increase access, education and service to advisors and their clients,” said Nancy Fahmy, Head of Alternative Investments, Specialty Asset Management and Investment Solutions Specialists for Bank of America. “Deepening our support of iCapital through a strategic investment is emblematic of the success of our collaborative relationship.”
Bank of America joins an impressive consortium of industry leaders aligned with iCapital’s industry-standard technology solution for facilitating private wealth channel access to alternative investments, and its dedication to develop next generation alternative processing and digital solutions.
Bank of America invested in iCapital at the same valuation as iCapital’s last funding round in December 2021. No additional terms of the transaction were disclosed.
For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News
