InvestCloud, a Los Angeles-based fintech firm whose services include a wealth management platform, has completed a recapitalization that includes capital from new investors led by Motive Partners and Clearlake Capital, as well as other InvestCloud client shareholders.
Under the terms of the agreement, InvestCloud will add two businesses from Motive Partners' portfolio businesses — Finantix and Tegra118 — creating a global software-as-a-service wealth solutions platform.
Tegra118 has the largest integrated platform in the U.S., the company said in a release, connecting leading fund sponsors with the largest broker-dealers.
The recapitalization values InvestCloud's business at $1 billion, the company said.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
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