Software firm WealthTouch raises money for European expansion

WealthTouch Inc., which offers a consolidated investment-reporting platform on the web for the wealth management industry, today announced that it has raised $11 million in private money to allow it to expand in Europe. The “handful” of investors, according to Norman Jones, chief executive of WealthTouch, come from the company's client roster — and many have already invested in the firm. “It's a combination of seeing a good investment opportunity and having a deep understanding of the platform,” Mr. Jones said in an interview. “I really want this business to be user-owned. It's very important to have our clients to be owners and big contributors to this business. It helps you stay well ahead of what your clients are looking for, and they can provide tremendous fuel for the future.” Mr. Jones said WealthTouch will start a few pilots with European families soon, with an eye toward possible expansion in Europe early next year. WealthTouch now has about $15 billion in assets reported on its systems, up from $400 million about 18 months ago. The WealthTouch software offers wealthy families a consolidated reporting option — including all asset classes — that WealthTouch said can be updated much more frequently than most other systems. It also offers users expense management and bill pay. WealthTouch competes against Rockefeller & Co. Inc.'s Rockit Solutions LLC, among other companies, as well as some banks' proprietary reporting systems.