iCapital Network Inc., a financial technology company in New York City, has partnered with PGIM Investments to provide a customized technology solution that aims to benefit financial advisors and their high-net-worth clients, the companies announced today.
PGIM, the $1.4 trillion asset management arm of life insurance company Prudential Financial, has approximately $235 billion in assets under management across alternative products, while iCapital’s platform enables wealth management and asset management firms to access alternative investments.
iCapital’s technology is designed to overcome many of the long-standing challenges to investing in alternatives by providing a seamless end-to-end alternative investing capability that includes automated subscriptions, administration, document management and reporting.
iCapital's platform will augment PGIM Investments’ distribution and servicing capabilities, supporting financial advisors and their high-net-worth clients by allowing them to more easily access PGIM’s real estate, private credit and other private alternative investment solution.
“PGIM has a long history of managing alternative asset classes which have traditionally been offered to the firm’s institutional clients,” Stuart Parker, president and CEO of PGIM Investments, said in the news release. “We are excited to utilize iCapital’s intuitive technology platform to provide PGIM’s institutional-quality alternative investment solutions to our retail clients.”
A spokesperson for PGIM Investments said the companies anticipate rolling out the platform to financial advisors in early 2021.