Persimmon Research Partners, developers of Advisorport, an ASP for the fee-based investment consulting industry, has closed a $5 million private equity financing led by Newhouse Special Situations Fund I.
The ADVISORport online platform has functions which include integrating separate accounts from money managers, operating multi-strategy accounts and offering mutual and hedge fund product solutions.
Advisorport has also signed an exclusive agreement with PFPC Inc, a member of The PNC Financial Services Group and a full-service mutual fund transfer agent.
Gregory S. Horn, founder and chief executive officer of Advisorport, says: "This completes Advisorport's capitalization plans during a very difficult period to obtain funding. It is a testimonial to the strength of our operating platform."
He says that the company is equally excited about its operating agreement with PFPC: "The added capability to rebalance, process and trade mutual funds seamlessly through PFPC greatly enhances our value proposition."