Wealth management technology company InvestCloud is rebuilding its executive leadership team after a spring shakeup.
Heather Bellini, who has served on InvestCloud’s board of directors as chair of the audit committee since May 2022, has been named president and chief financial officer. Bellini will oversee finance, legal, human resources and business operations at InvestCloud.
The company is still conducting a search for a permanent CEO. Former InvestCloud CEO and co-founder John Wise departed the company in April, followed by four other executives. Richard Lumb, a partner with Motive Partners — a private equity firm that that, along with Clearlake Capital, has had a combined 88% stake in InvestCloud since 2021 — and member of InvestCloud’s board of directors, has served as interim CEO since.
“Few people know the software sector as well as Heather and I am delighted she will help lead InvestCloud into its next chapter,” Lumb said in a statement. “I have witnessed Heather’s talent as a leader first-hand during her time on the InvestCloud Board of Directors and I am very much looking forward to working alongside her in her new role.”
In May, Lumb told InvestmentNews that changes to InvestCloud’s leadership were driven by a need to bring in new skills to grow the company from a startup into a large, mature business. Bellini echoed this point, adding that she hopes to bring more operational rigor to InvestCloud.
“The types of people that are needed to go from point A to point C are different than those needed to go from point D to G,” Bellini told InvestmentNews.
Bellini most recently served as CFO of cybersecurity software company Deep Insight. Previously, she worked as a partner and managing director at Goldman Sachs, where she led the technology research group and worked as an equity analyst covering technology companies. Bellini led research diligence and investor education for 20 initial public offerings, something that could be on the horizon for a InvestCloud, though is likely still a few years away.
“Certainly, our goal is to provide not just exceptional software to our customers, but also exceptional returns to our shareholders,” Bellini said. “[An IPO] is one of the paths that we are looking at, for sure.”
Across the entire technology sector, companies that raised large amounts have had to bring in new leadership as they grow from startup into late-stage private companies, she said.
“It’s just the natural evolution in the cycle of the company,” Bellini said. “I’ve been a part of the board since May of last year, watching on the sidelines as a coach. Now I’m moving into a player role.”
Her focus is on establishing mature processes to bring products to market faster and build cohesion across an increasingly large company. InvestCloud now supports more than $6 trillion of assets from wealth managers, institutional investors, family offices and banks, and has offices in 20 cities around the world.
In her role at Goldman as well as previous positions at ISI Group, UBS Investment Bank and Salomon Smith Barney, Bellini often worked with registered investment advisors, asset managers and portfolio managers, giving her insight into the problems the industry needs a tech provider like InvestCloud to solve, she said. From a product standpoint, the goal will be to give advisors tools that make clients want to do more business with them.
“This is a market that, though they talk about innovation, I think has been behind in the technological evolution that’s been going on,” Bellini said. She points to other software-as-a-service companies like Salesforce as examples of using technology to provide a modern experience that keeps existing customers and grows new business. "I feel like the wealth management market is … ripe for digital transformation."
“Everything we do is oriented around how do we increase their share of wallet with existing customers and help them grow more customers,” she said.
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