iCapital, a global fintech platform focused on alternative investments, has completed the acquisition of SIMON Markets. Financial terms were not disclosed.
iCapital said that, through the acquisition, it will create a single source of alternative investment strategies from nearly 300 asset managers and product manufacturers, adding SIMON’s structured investments, annuities, digital assets and risk-managed products offerings to its menu of private offerings that include equity, credit, real estate, infrastructure, direct deals, hedge funds, and other alternative investments.
Jason Broder, former chief executive officer of SIMON, has joined iCapital as managing director and head of iCapital solutions. In this role, he will lead market development and sales of iCapital’s technology offerings. Additionally, nearly 200 team members have joined iCapital.
According to iCapital, “the combination creates a technology solution for the wealth management industry with on-demand education, an intuitive marketplace, real-time analytics, and lifecycle management of alternative investments.” The integrated platform will also include tools for compliance, alternative allocation analytics, and portfolio construction.
“As advisors seek access to non-traditional investment structures to help clients meet long-term financial objectives, they can be best supported by a full-service platform offering a comprehensive set of strategies and tools to meet their needs,” said Lawrence Calcano, chairman and chief executive officer of iCapital. “Incorporating SIMON’s tremendous capabilities into our already robust offering is further demonstration of our commitment to provide the wealth management industry with an unparalleled alternative investing experience.”
iCapital was founded in 2013 and provides end-to-end technology and services to wealth management firms, asset managers, registered investment advisors. As of June 30, 2022, iCapital services more than $134 billion in global client assets, of which more than $30 billion are from international investors (non-US Domestic), across 1,065 funds. Employing more than 800 people globally, iCapital is headquartered in NYC and has offices worldwide including in Zurich, London, Lisbon, Hong Kong, Singapore, and Toronto.