UBS Financial Services has made a strategic investment in iCapital Network, a New York-based fintech platform offering alternative investments for high-net-worth individuals and their financial advisers.
iCapital, which also has BlackRock as the lead investor, offers access to alternative investments including hedge funds and private equity funds through its online platform. It also automates the subscription, administration and reporting of these investments.
iCapital said that it will use the latest funding to develop core functions of its platform. The terms of the deal have not been revealed by the companies.
At the same time, UBS also announced plans to integrate iCapital’s technology into its private fund operations in order to streamline its alternative investment proposition.
UBS managing director and head of alternative investments for wealth management Americas Jerry Pascucci said: “We are excited to re-engineer our alternatives infrastructure and equip our financial advisors with the efficiencies, intelligence and controls of tech-enabled workflows.
“iCapital’s proprietary technology and end-to-end service offering provide a seamless operational solution, making these strategies and exposures more accessible and helping advisors deliver better service to their ultra-high-net-worth clients.”