US-based fintech firm iCapital Network has announced a series of measures, including acquisition of a team, new office plans, and new hires, to support expansion in Europe and Asia.
The move is in response to its non-U.S. investors who presently account for $8bn, making it one of the largest alternative investment platforms outside the US.
Team acquisition and launch of new offices
The firm recently acquired a technology team from Portuguese product development firm Runtime Group. The team has been supporting iCapital’s technical development since 2014.
The 65-member Runtime team will be part of iCapital’s existing team of engineers, developers, and designers upon deal completion in the fourth quarter of this year.
As part of the deal, iCapital will set up an office in Lisbon, Portugal that will serve as the global hub of iCapital for technology development and operations.
iCapital also plans to launch offices in London and Singapore in the first half of next year.
The firm established its first international office in Zurich in 2018.
The fintech firm has appointed Marco Bizzozero as the head of International, a newly created position.
Bizzozero will operate out of Zurich and also be part of the firm’s executive committee.
He will assume the role on 1 December, with responsibility for leading iCapital’s expansion into the Europe and Asia.
Bizzozero most recently was the CEO of group wealth management at UniCredit.
His financial career of over 25 years also includes stints at Deutsche Bank, LGT Capital Partners, and UBS.
iCapital also hired Tom Slocock as the managing director and head of International Product Development & Origination.
Slocock will be based in London and report to Bizzozero.
He will be tasked with heading the development and launch of new investment products and manage the life cycle of existing offerings for the international marketplace.
Slocock previously worked at Deutsche Bank Wealth Management in London. He also worked as the managing director and head of International Private Banking at Credit Suisse.
iCapital chairman and CEO Lawrence Calcano said: “As appetite for private market investing continues to grow, our expanding team will deliver these strategies – powered by a robust technical infrastructure – to advisers and their clients across the globe.”
Developments at iCapital
iCapital, which connects advisers and investors with alternative investment managers, has been in the news several times this year.
In May, the firm announced the acquisition of Artivest.
In June, iCapital agreed to buy the alternative investments feeder fund platform from the Global Alternative Investments (GAI) arm of Wells Fargo.
In March, iCapital raised $146m in a funding round led by Ping An Global Voyager Fund.