Fintech platform iCapital Network is continuing in growth mode with the acquisition of Stifel Financial Corp.’s alternative investment feeder fund platform.
The deal is expected to close later this month. Terms were not disclosed, but iCapital Chief Executive Lawrence Calcano confirmed that “several billions of dollars” worth of alternatives strategies are being acquired to be managed by iCapital.
According to the announcement, the conclusion of the deal will push iCapital’s platform assets to more than $118 billion.
“We’re acquiring the Stifel alternatives platform and will automate and help scale the future of alternatives for their clients,” Calcano said. “The iCapital platform will be plugged in to Stifel, and their advisers will have the ability to leverage the technology we provide.”
Stifel’s feeder fund platform supports the distribution of a suite of unique hedge fund strategies, and iCapital’s white-label technology will be leveraged to streamline and automate the onboarding, subscription processing and lifecycle operations for Stifel's feeder funds, while providing support to Stifel’s advisers and their high-net-worth investors.
Stifel will continue to source alternative investments for its clients and provide them with guidance on the role of alternative investments within a diversified investment strategy. Investors in these funds will remain clients of Stifel.
As part of the transaction, iCapital is offering to hire the team of Stifel employees who currently support operations for the feeder fund platform. The transitioning team will continue to support the fund portfolio and ensure the ongoing quality of service.
“We look forward to expanding our partnership with iCapital to continue offering our clients access to high-quality alternative investment opportunities on an updated platform that offers increased transparency and streamlined workflows,” Tom Lee, Stifel senior managing director, said in a statement.
“After careful consideration, we concluded the iCapital technology and team are best qualified to take over the ongoing service of our feeder fund platform,” Lee said.
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