Different funding platform iCapital signed a definitive settlement to purchase AI fintech platform AltExchange for an undisclosed quantity. AltExchange makes use of AI and machine studying to mixture knowledge and handle and full reporting on different investments for monetary advisors and asset managers. As a part of the acquisition, AltExchange CEO Kareem Hamady will be part of iCapital.
AltExchange’s expertise aggregates and converts unstructured knowledge from a number of paperwork and multi-format knowledge feeds into structured insights to supply real-time info and streamline tax reporting. Its AdvisorVue platform helps monetary advisors mixture shoppers’ portfolios, standardize knowledge and paperwork and automate the reporting course of. The agency’s Digital Custodian Platform additionally permits asset managers to standardize post-investment reporting, automate investor reporting and assist make integration with advisors’ techniques extra seamless.
“AltExchange has developed one of the crucial superior doc retrieval options that’s related to stylish mapping, routing expertise and LLM (giant language mannequin)-based doc extraction,” mentioned Lawrence Calcano, chairman and CEO of iCapital, in a press release. “This acquisition enhances the investments we’re making in our inner R&D to additional improve our knowledge administration capabilities. Mixed with our present options, it permits us to ship on our purpose of making dependable end-to-end knowledge administration companies for all our shoppers.”
It is iCapital’s second enhancement this week in what has been a busy yr of bulking up for the alts platform. It additionally introduced a partnership with asset administration large BlackRock and turnkey asset administration platform GeoWealth to permit RIAs who use BlackRock’s customized mannequin portfolios to put money into personal property alongside conventional investments in unified managed accounts.
Each strikes, in flip, observe iCapital’s latest launch of its Multi-Funding Workflow Software, which goals to streamline the choice investing expertise for RIAs.The device, which iCapital debuted earlier this month, permits advisors to course of a number of investments in a single setting.
As well as, again in April iCapital introduced its acquisition of Mirador, a fintech platform offering knowledge aggregation and monetary reporting for each different and conventional investments.
Based on Hamady: “We’re thrilled to affix iCapital and supply our collective shoppers automated knowledge aggregation, reporting and direct integrations with main asset and wealth administration techniques, offering a seamless expertise for advisors and their shoppers.”
