The deal, whose financial terms were not disclosed, was first announced by the company in May this year.
Simon, which spun out of Goldman Sachs Group, is expected to bolster iCapital’s investment menu, education offerings, technical capabilities, and support services for advisers and their clients.
iCapital said that the acquisition would enable it to set up a single source of alternative investment strategies from nearly 300 asset managers and product manufacturers.
The firm will add Simon’s structured investments, annuities, digital assets and risk-managed product offerings to its menu of private offerings.
The integrated platform will also include tools for compliance, alternative allocation analytics and portfolio construction to support advisors in their efforts to optimize client portfolios.
iCapital chairman and CEO Lawrence Calcano said: “As advisors seek access to non-traditional investment structures to help clients meet long-term financial objectives, they can be best supported by a full-service platform offering a comprehensive set of strategies and tools to meet their needs.
“Incorporating Simon’s tremendous capabilities into our already robust offering is further demonstration of our commitment to provide the wealth management industry with an unparalleled alternative investing experience.”
As part of the transaction, former Simon CEO Jason Broder joined iCapital as managing director, and head of iCapital Solutions. Broder will oversee market development and sales of iCapital’s of technology offerings.
Simon’s team of nearly 200 employees have joined iCapital along with Broder to ensure the continuity of support for clients.