One of the leading women in wealthtech, Tricia Rothschild, has resigned from her position as president of Apex Fintech Solutions, an API-driven alternative to traditional custodians, according to a company announcement.
Rothschild made a quiet exit from the firm as part of a company release earlier this month about Apex’s additions to the helm, including bringing on Andy Lientz and Lindsey Becker as chief technology office and chief marketing officer, respectively. Most recently under Rothschild’s leadership, Apex partnered up with media and fashion luminary Joanna Coles’ special purpose acquisition company, Northern Star Acquisition Co., to take Apex public in a deal that puts the combined company’s value at $4.7 billion.
Apex’s chief administrative officer, William Brennan, will assume an expanded leadership role in Rothschild’s absence, including management of operations, risk, sales, client services, legal, compliance and human resources. Apex did not provide any details on whether the firm is set on hiring a new president and did not respond to requests for comment.
"We are thrilled to welcome Andy and Lindsey to the firm and for Bill to take on increased responsibilities within the organization, as we continue to lay the groundwork for long term success," said Apex CEO William Capuzzi. "We thank Tricia for her contributions to Apex and wish her well."
The company noted that Rothschild decided to leave Apex to pursue other opportunities, but it is unclear where Rothschild might head next. Prior to Apex, where she served as president for a year, she was most notable for her 26-year tenure with Morningstar, where she was chief product officer.
Apex is expected to become a publicly listed company on the New York Stock Exchange under the ticker symbol APX during the third quarter. The wealthtech launched in 2012 as an API-driven alternative to traditional custodians and previously served as the custodian for firms like Wealthfront and Robinhood, two of the most successful fintech startups. Both companies have since left Apex to build their own custody platforms.
Apex has approximately $100 billion under custody currently, according to the announcement. Year to date, Apex Clearing has provided custody for $14 billion in new assets and serves more than 200 clients representing more than 13 million customer accounts, 3.2 million of which have been opened in 2021 alone and more than 1 million new crypto accounts.
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