iCapital, an alts platform provider for the wealth management industry, Tuesday announced plans to acquire Mirador, which provides technology-enabled investment data aggregation and financial reporting.
This strategic move aims to augment iCapital's offerings in data management and reporting, catering to a diverse client base that includes wealth management professionals, family offices, and institutional investors such as endowments and foundations.
Mirador, known for its broad range of services tailored to advisors serving high-net-worth investors, family offices, and institutional segments, offers consolidated financial reporting, support for private investments, and management of offline and alternative investment data, among other capabilities.
"Mirador has set the industry standard for managing data with leading third-party performance reporting providers," Lawrence Calcano, chairman and CEO of iCapital, said in a statement.
Emphasizing the acquisition's strategic significance, Calcano said the deal will enhance and broaden iCapital's service model through its market-leading alternative investment operating system, achieving its goal to create a reliable end-to-end data management capability for the industry.
He also noted that the integration of Mirador's financial reporting capabilities would provide a comprehensive solution for both wealth and asset managers.
Recent research from Cerulli suggests consolidated reporting is the next must-have capability in wealth firms’ tech stacks, with 98 percent of HNW practices surveyed saying they offer the service.
Joseph Larizza, CEO and president of Mirador, expects his firm’s data aggregation, reporting capabilities, and customizable service model will provide a “robust suite of enhanced resources” in conjunction with iCapital’s scale and leading tech solutions.
“Together, we meet clients precisely where they are and provide an experience without rival when integrating alternatives into investment portfolios,” Larriza said.
iCapital – whose alts platform includes private equity, real assets, hedge funds, structured investments and annuities – expects to fold more than 180 employees from Mirador into its organization as part of the transaction.
In an aggressive move last month, the wealth tech giant made its alts portfolio construction tool available on its iCapital Marketplace platform, unlocking access for more than 350,000 advisors in the US.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
