Tool to further enhance iCapital’s alts technology toolkit to help financial advisors assist their clients in analyzing and managing alternative investments
iCapital Network, the leading global financial technology platform driving access and efficiency in alternative investing for the asset and wealth management industries, announced today that as part of the recent closing of its acquisition of Artivest, it had divested its right to acquire a private client team to AlphaCore Wealth Advisory. In the same transaction, iCapital also took ownership of factorE, a portfolio and analytics tool designed to help advisors assess and analyze the performance and risk of alternative investments in client portfolios, from AlphaCore. Terms of the agreement were not disclosed.
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iCapital Network Divests Right to Acquire Private Client Group to AlphaCore and Takes Ownership of Portfolio and Risk Analytics Tool @icapitalnetwork
iCapital Network Divests Right to Acquire Private Client Group (PCG)
As part of the Artivest acquisition, iCapital inherited rights to purchase the Private Client Group (PCG), a La Jolla-based team of six professionals serving over 600 high-net-worth family relationships in August 2020. However, consistent with iCapital’s focus on serving the needs of financial advisors – rather than individual investors – iCapital worked closely with the PCG team during the Artivest negotiations to identify a wealth management firm where the needs of the PCG clients would be well-served.
iCapital immediately recognized AlphaCore as an appropriate fit for the PCG Team based on their long-standing relationship, the extent to which they have embraced the opportunities of alternatives for their investors and the PCG team members’ affinity for AlphaCore. Through his former role as a partner at Altegris, AlphaCore’s Founder and CEO, Dick Pfister, is well acquainted with the PCG team, having forged a strong relationship before Altegris merged with Artivest in 2018. Recognizing the obvious synergies, iCapital reached an agreement for AlphaCore to acquire the team immediately after the Artivest transaction closed.
“iCapital was established to help wealth advisors successfully serve their clients. We have taken this step to stay true to our mission and ensure that iCapital is a facilitator of that success and not in competition with advisors for their clients,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital Network. “We were extremely thoughtful in making the right decision on behalf of the PCG team and their clients,” said Mr. Calcano.
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