iCapital, a global fintech platform focused on alternative investments, has agreed to purchase the alternative investment feeder fund platform of Stifel Financial Corp. (NYSE: SF) in an expansion of their existing partnership.
Stifel’s feeder fund platform supports distribution of hedge funds, which will use iCapital’s technology to streamline and automate the onboarding, subscription processing and lifecycle operations.
The company said that Stifel will continue to source alternative investments for its clients and provide guidance on the role of alternative investments. Investors in these funds will remain clients of Stifel.
“Stifel is an industry leader and iCapital is honored to be entrusted with the management of their feeder fund business,” said Lawrence Calcano, chairman and chief executive officer of iCapital. “We are grateful for the industry’s adoption of our technology as the standard alternative investing operating system, which provides a best-in-class digitalized investing experience.”
As part of the transaction, iCapital will offer employment to the team of Stifel employees who currently support operations for the feeder fund platform.
The transaction is expected to close later this quarter. Financial terms were not disclosed.
Stifel Financial Corp. is a financial services holding company headquartered in St. Louis, that conducts its banking, securities, and financial services business through several subsidiaries. The firm’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, including its Eaton Partners business division; Keefe, Bruyette & Woods; Miller Buckfire & Co., and Stifel Independent Advisors.
iCapital was founded in 2013 in New York City and provides end-to-end technology and services to wealth management firms, asset managers, registered investment advisors. Additionally, its ‘flagship’ platform offers wealth advisors and their high-net-worth clients access to private equity, private credit, hedge funds, structured notes, and other alternative investments. iCapital’s research and diligence team provides analysis alongside the firm’s advisor education, compliance, portfolio management, and portfolio analytics tools and services.
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