The rapidly expanding global fintech platform and advisors’ services firm iCapital announced it has completed the acquisition of SIMON Markets, a New York City-based fintech company whose platform focuses on structured investments and annuity offerings, the two firms announced today.
Through the acquisition, iCapital, which is based in New York City, will be able to offer a digital platform designed to help financial advisors understand and manage alternative investments, structured investments, annuities and other risk-managed products, the company said.
The deal enables iCapital to offer a single source of alternative and structured investment strategies from more than 300 asset managers and product manufacturers, and “marks a milestone in the creation a comprehensive alternative investment marketplace for advisors by adding access to structured investments, annuities, and risk-managed solutions,” available to advisors with clients of all income levels, iCapital said.
“We have been trying to build a platform to connect buyers and issuers of alternative products, such as private equity, private credit and hedge funds, structured products and annuities,” and this acquisition helps achieve that goal, Lawrence Calcano, chairman and CEO of iCapital, said in an interview. “We want advisors to have all of the things they need to bring these products to their clients on one platform.”
“With our suite of products, advisors can offer more products from one platform,” Jason Broder, former SIMON CEO, who has joined iCapital as head of iCapital Solutions, said in an interview. “Formerly, advisors had to go to several different platforms to check different products,” he said.
The acquisition is iCapital’s 13th since 2015. The firm now has $134 billion in assets under advisement.