GeoWealth Separately Partners With iCapital-BlackRock, Goldman Sachs on Strategic UMA Solutions
Financial technology firm GeoWealth announced its latest efforts to help registered investment advisers and the accredited investors they serve.
Most recently, iCapital – in collaboration with GeoWealth and BlackRock (NYSE: BLK) – said its technology is now powering a custom platform experience for RIAs, which enable firms using GeoWealth to more easily include private assets within unified managed accounts, or UMAs. The experience is available for eligible advisers accessing custom model portfolios provided by BlackRock while leveraging GeoWealth’s investment implementation platform.
With the partnership, GeoWealth, a proprietary technology and turnkey asset management platform serving the RIA channel, will provide advisers with intuitive workflows, efficient reporting tools, and comprehensive investment management capabilities throughout the investment’s lifecycle, while iCapital’s multi-investment workflow tool streamlines the entire alternative assets investing experience.
Also this week, Goldman Sachs Asset Management announced an agreement with GeoWealth to offer investment solutions tailored to help RIAs advise on the complex investing needs of high-net-worth investors. RIAs will now be able to offer a total portfolio solution personalized at scale for each investor. This innovative solution will be implemented in single accounts using GeoWealth’s UMA platform.
Goldman Sachs will partner with GeoWealth, RIAs, and their chief investment officers to build open-architecture custom models that reflect RIA’s views and selections. These models will be designed using separately managed accounts, ETFs, direct indexing, mutual funds and alternatives, and can be personalized by the RIA for each investor’s tax situation, preferences, and objectives.
Regarding the iCapital-BlackRock collaboration, Colin Falls, chief executive officer of GeoWealth said: “Modern RIAs require solutions to provide high-net-worth clients access to alternatives at scale. The industry is racing to solve the challenge of implementing alternatives into model portfolios, while GeoWealth’s proprietary UMA technology will make this possible. We look forward to continuing to work with BlackRock and iCapital to offer this practice-differentiating offering to RIAs.”
The integration streamlines access to BlackRock custom models that are intended to incorporate private markets, direct indexing and fixed income SMAs – in addition to traditionally offered ETFs and mutual funds – in a single account.
Regarding the Goldman Sachs UMA agreement, Padideh Raphael, global head of third-party wealth at Goldman Sachs Asset Management said: “Advisers are continually seeking better investment outcomes for their clients. We can help RIAs enhance their portfolio construction and management to provide customized solutions at scale, leveraging our decades of asset allocation experience on behalf of the world’s most significant institutions. GeoWealth’s technology solution will unlock valuable time for RIAs to focus on their existing clients’ planning needs and to attract new clients.”
“We are excited to bring the institutional investment capabilities of Goldman Sachs Asset Management to our client base as we enter our next phase of growth,” added Falls. “Our flexible, innovative UMA technology lets advisers create their own models and combine them with multiple managers in a single account. This advanced ‘sleeving’ capability makes capitalizing on the flexibility of UMAs more efficient by streamlining operational complexity and enhancing peace of mind.”
Flagship model portfolios (including mutual funds and ETFs) from Goldman Sachs’ multi-asset solutions team are currently offered on GeoWealth’s platform. Goldman Sachs will work with GeoWealth to further develop custom model portfolios comprising mutual funds, ETFs, alternatives and SMAs, including direct indexing and fixed income.
GeoWealth is a turnkey asset management platform, or TAMP, and financial technology solution built specifically for the needs of RIAs. Founded in 2010, GeoWealth is headquartered in Chicago.
iCapital is a global fintech company supporting the alternative investments marketplace. Its solutions enable organizations to streamline and scale their operational infrastructure for alternative investments and to provide access to direct investments and feeder funds at lower minimums through simplified digital workflows. iCapital services more than $191 billion in global platform assets.
Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for institutions, financial advisers, and individuals. Goldman Sachs oversees approximately $3.1 trillion in assets under supervision as of Sept. 30, 2024.
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