Allianz Life Ventures and Broadridge Financial Solutions join asset manager, rounding out global investment in modernized model
FLX Networks, the technology platform modernizing the engagement between asset and wealth management firms, announced a capital raise of $10 million. The growth equity round, which values the company at approximately $50 million, was led by global investment manager Barings, with participation from industry leaders Allianz Life Ventures and Broadridge Financial Solutions.
The raise reflects cross-industry confidence in the platform and coincides with several milestones for FLX Networks. The Company, which will celebrate its third anniversary in December, achieved over $1 billion in investment product sales, saved member asset managers more than $10 million in discretionary costs, and surpassed 1,000 in overall industry membership. To continue momentum, the new capital will be allocated to technology builds and new personnel.
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“This solidifies FLX as a leader in simplifying the asset manager-to-financial advisor engagement,” said Brian Moran.
“At Barings, we have seen firsthand how FLX is able to simplify the engagement between asset managers and the wealth management community to expand access to institutional-quality investment strategies,” said Tom Bavin, Head of Corporate and Product Strategy at Barings and a FLX Networks Board Member. “We believe this latest funding round will help to accelerate FLX’s mission and scale the technology platform.”
Since its launch in December 2019, FLX Networks has overcome – and excelled during – the COVID pandemic and its resulting remote work environment, market volatility, and record inflation by addressing a shifting asset-to-wealth manager engagement paradigm. Its simplified, modernized engagement model has resonated with firms of all sizes, as it enables them to leverage synthetic scale and strategic partners rather than allocating resources to costly, time-consuming services. Currently nearly 60 asset management firms save significant time through its centralized resource platform and have access to strategic partners providing services ranging from lead generation to video production to dynamic product management solutions.
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“These strategic investments solidify FLX Networks as a leader in modernizing and simplifying the engagement experience between an asset manager and the financial advisor,” commented Brian Moran, FLX founder and CEO.
“Data and analytics is critical to distribution and this investment is a natural fit for Broadridge as it will help empower asset managers’ growth through sales, marketing, and product management initiatives,” said Dan Cwenar, president of Broadridge Data and Analytics. “We look forward to complementing the innovative distribution model FLX has pioneered with our industry leading data and analytics solutions.”
“The ways that financial professionals want to engage with asset managers has changed drastically over the past few years, with more and more people looking for easy to use, digital capabilities,” said Chad Virgin, managing director, Allianz Life Ventures. “FLX can help make this entire process more efficient, and provide opportunities for asset managers and insurance carriers to tap into new insights and data they might not have had previously.”
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