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July 7, 2022

First Trust brokers deal to take over direct indexing firm Veriti

First Trust Capital Partners (FTCP) has struck a deal to acquire direct indexing asset management and financial technology company Veriti Management.

The deal, whose financial terms were not disclosed, is expected to close on 31 July 2022.

Established in 2018, Veriti provides direct indexing to institutions and wealth management firms.

Its direct indexing technology is designed to allow wealth advisers and institutional investors to customise investment strategies with the potential to avail considerable tax benefits.

FTCP, an affiliate of First Trust Portfolios and First Trust Advisors, will add direct indexing to its investment solutions platform with this acquisition.

First Trust ETF Strategist senior vice president Ryan Issakainen said: “Customisation through direct indexing empowers the advisor to deliver personalised and tax-advantaged solutions that better align with the investment objectives, values and interests of their clients.

“We are delighted to begin this partnership with the Veriti team and look forward to working together to service the advisor community.”

Veriti’s asset management approach focuses on providing advisers with strategies that drive tax advantaged returns and significant customisation for individual investors.

The firm recently launched Console solution to organise tasks and reduce the time required to set up fully customised equity portfolios focused on tax efficiency and responsible investing.

Veriti co-founder and managing partner Jim Dilworth said: “We’re excited to enable First Trust to help institutions and wealth management firms better align client portfolios with their values, while providing tax efficiency and personalisation.

“Veriti, teamed with a renowned ETF provider and asset management leader in First Trust, will empower advisors and institutions to address their clients’ investing preferences at a far deeper, more personalised level.”

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