Financial technology firm iCapital Network has divested its right to acquire a private client team to AlphaCore Wealth Advisory.

The sale is part of iCapital’s recent closing of its acquisition of Artivest. The purchase of PCG allows AlphaCore to serve about $1bn in assets under advisement.

In the latest agreement, iCapital also took ownership of AlphaCore’s factorE, a portfolio and analytics tool which helps advisors assess the performance and risk of alternative holdings.

Both the firms did not disclose the financial terms of the agreement.

iCapital inherited rights to acquire the Private Client Group (PCG) as part of the Artivest acquisition. PCG is a La Jolla-based team of six professionals serving more than 600 high-net-worth family relationships.

However, iCapital worked with the PCG team during the Artivest discussions to identify a wealth management company that would better serve the PCG clients requirements. The move was part of iCapital’s focus on serving the needs of financial advisors instead of individual investors.

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The factorE tool, which was launched in 2018, helps advisors, chief investment officers and research analysts evaluate and manage complex portfolios that hold various traditional and alternative investments.

iCapital Network chairman and CEO Lawrence Calcano said: “iCapital is committed to helping the wealth management industry understand the opportunities and complexities of alternative investments as part of a diversified portfolio.

“Our decision to continually build out our toolkit with technologies such as factorE is based on listening to our network of advisors and asset managers, and understanding what they need to be successful as they navigate the world of alternative investing.”