Fintech platform iCapital Network, which connects advisers and investors with alternative investment managers, has agreed to purchase the assets of AI Insight for an undisclosed amount.
AI Insight is an alternative investment education and compliance platform. It offers investment research, training, qualification, and compliance support for financial advisers across a spectrum of alternative investments.
These include private capital, hedge funds, non-traded REITs and BDCs, as well as alternative mutual funds.
Moreover, the learning management system developed by AI Insight offers fund-specific e-learning modules on private investment strategies to independent broker dealers and RIAs looking to bolster their offerings.
The deal will enable iCapital to expand the alternative investment education suite for financial advisors.
iCapital chairman and CEO Lawrence Calcano said: “The growing interest in alternative investments and a regulatory environment expanding access to these opportunities are heightening the demand for in-depth and accessible education and compliance support.
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“The acquisition of AI Insight supports our ongoing mission to equip independent advisers with comprehensive education and resources to ensure they are fully versed in the complexities of these funds and how they are best integrated in client portfolios.”
As part of the deal, AI Insight president and CEO Sherri Cooke and COO Jennifer Simon are expected to join the iCapital team along with their team of eight employees.
This team will focus on ensuring the quality of ongoing services to AI Insight’s clientele.
Cooke said: “We have been committed to educating advisers and supporting their research process to help them appropriately position complex products within client portfolios while supporting their compliance needs.
“In reviewing opportunities to expand the services provided to our clients, iCapital was the obvious choice because, like us, they are committed to helping advisers and their clients have successful outcomes with alternative investing.”
In September last year, iCapital purchased portfolio analytics tool, factorE, to evaluate and manage complex portfolios that hold a mix of traditional and alternative investments.
Last March, iCapital raised $146m to support its growth as an independent company.
In May 2020, the firm entered into a deal to acquire Artivest, which enables financial advisers and HNWIs to access and invest private equity, real assets and hedge funds.
In 2019, American investment bank Morgan Stanley agreed to offload its alternative investments feeder fund business to iCapital.