Veriti Management, a direct indexing and technology company and investment advisor, has been acquired by a venture capital and private equity firm, the two firms announced today.
First Trust Capital Partners, a private equity firm based in Wheaton, Ill., has acquired Veriti Management in a deal that will close at the end of the month. The purchase expands the investing options for institutions and advisors who are clients of First Trust by adding direct indexing options to the platform.
“Customization through direct indexing empowers the advisor to deliver personalized and tax-advantaged solutions that better align with the investment objectives, values and interests of their clients,” Ryan Issakainen, senior vice president and ETF strategist at First Trust, said in a statement.
Veriti, which has $1 billion in assets under management, was created to provide direct indexing solutions to institutions and wealth management firms by making investing strategies scalable. It enables tax advantaged returns and customization for individual investors, Veriti said. First Trust now has $203 billion in assets under advisement.