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Alternative Investment

Financial Tech Roundup: News from Orion, Broadridge,Fidelity, CAIS and More

“Once the technology is integrated, Advisor360° will be able to seamlessly support investment and insurance accounts at every major custodian and clearing firm and offer a wider range of integrations with industry-leading CRM providers,” it said.

The acquisition, Advisor360°’s first, was completed Dec. 23. The transaction included the transfer of technology, intellectual property, clients, and professionals from Agreement Express’s wealth management business. Financial terms weren’t disclosed.

Agreement Express’s payment solutions business was acquired by NMI, a full-commerce enablement technology company, in early December.

“Advisor360° expects its existing platform will be enhanced by the newly acquired assets in other areas, including expanded automation and streamlining of paper and electronic workflows; simplified information gathering, organization, and bundling; new digital signing features; and bulk advisor onboarding for team hires or new office acquisitions,” it said.

The Agreement Express acquisition also expands Advisor360°’s increasingly global footprint and talent pool by adding staff from the company’s workforce in Canada. In 2022, Advisor360° opened its first non-U.S. location with new offices in Bengaluru, India.

“In the near term, the transaction will not impact Advisor360°’s operations, employees, or service and support of current clients,” the company said. “The team that supports Agreement Express’s existing wealth management business and clients will continue in their current roles at Advisor360°.”

The company added that, “over time, all Advisor360° clients — including those from Agreement Express — will have the opportunity to benefit from enhanced platform innovation and integrations that result from the transaction.”

CAIS Adds Select Reverence Strategies

Reverence Capital Partners, a global investment firm focused on private equity and structured credit, will onboard select alternative investment strategies to the CAIS platform, CAIS announced Wednesday.

The addition “aligns with CAIS’ commitment to make alternative investment opportunities available to the independent wealth channel to ensure these financial advisors have the same access as large institutional counterparts,” the company said.

The onboarded Reverence funds are being made available to the thousands of RIAs and IBDs that use the CAIS platform for access to alternative investment funds, CAIS said. The Reverence funds underwent a third-party due diligence approval conducted by Mercer, CAIS added.

Reverence will also participate in the second annual CAIS Alternative Investment Summit, to be held Oct. 16-18 at the Beverly Hilton in Los Angeles, California.

Reverence participated in CAIS’ $340 million equity raise in 2022, along with Apollo, Motive Partners, Franklin Templeton, Hamilton Lane, and Stone Point Ventures, CAIS said.

Zoe Wealth Platform Launches

Zoe Financial announced the public launch of the Zoe Wealth Platform on Wednesday.

The new tool enables clients to open investment accounts instantly while working with an advisor, the company said.

The platform also features account funding, automated rebalancing and commission-free fractional trading.

(Image: Shutterstock) 

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