/wealth management

News and resources on wealth, investment management, robo and advisor markets worldwide.

BofA invests in iCapital

Bank of America has built on its partnership with iCapital Network by making a strategic investment in the alternative investment platform.

Be the first to comment

BofA invests in iCapital

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Terms of the deal were not disclosed, although iCapital says the investment was at the same $6 billion-plus valuation as its $50 million funding round in December.

Founded in 2013, iCapital is used by the wealth management, banking, and asset management industries to facilitate access to private markets investments for their high-net-worth clients.

The firm has been working with BofA since 2018 and the following year acquired the bank's alternative investment feeder fund operations. This enabled BofA to streamline and automate ongoing fund operations and administration services for Merrill and Private Bank advisors and their clients.

Nancy Fahmy, head, alternative investments, speciality asset management and investment solutions specialists, BofA, says: "iCapital and Bank of America share the belief that alternative investments are an important component of a well-diversified portfolio and it is critical to increase access, education and service to advisors and their clients."

Sponsored [Webinar] SEPA Inst Mandate: Impacts on Day 1, Day 90 – and beyond?

Comments: (0)

[New Report] Payments Modernisation: The Big Survey 2024Finextra Promoted[New Report] Payments Modernisation: The Big Survey 2024