Wealthforge Sells Altigo to SEI

SEI®, a financial services technology and investment solutions company, announced the acquisition of Altigo, a cloud-based technology platform that provides inventory, e-subscription, and reporting capabilities for alternative investments.

While not a material capital transaction, according to the recent release, SEI expects the acquisition of Altigo to drive growth and expand its strategic opportunity in the alternatives space. Financial terms of the transaction were not disclosed.

Ryan Hicke, SEI CEO, said, “We sit at the center of the financial services industry, which positions us to connect all components of the ecosystem in a way that others can’t. Our client footprint across financial intermediaries and fund sponsors—combined with the breadth of our capabilities across technology, operations, and asset management—gives us opportunities to transform private fund investing and widen access to alternative investment products for investors.”

SEI says that, as part of the transaction, it will welcome Altigo team members who collectively bring technical, sales, client service, and marketing expertise. The company intends to provide the distribution of and access to a selection of alternative investment products in a Software-as-a-Service model to its existing investment manager, advisor, and banking clients in the first half of 2024. The company states that the integration of Altigo with SEI’s capabilities across intermediary wealth channels will enable the delivery of a broader, end-to-end solution.

Kevin Crowe, senior vice president at SEI, said, “Investor expectations for a personalized wealth management experience continue to drive the demand for investment flexibility, and alternatives can play an important role in a diversified portfolio that meets an investor’s financial goals—but access to alternative investments is largely exclusive. Financial intermediaries often seek guidance on how to source and utilize these products, the process to invest in these products can be complicated and slow, and ongoing management is typically manual. This platform is built on the idea that investing in alternative securities could be made much more efficient and manageable using online technology tools and digital workflows.

“By leveraging our unmatched position to connect fund sponsors to intermediaries and intermediaries to investment options that cater to their clients’ goals, we believe we can enable distribution beyond today’s access points, empower financial professionals to make faster, more confident investment decisions for their clients, and drive future growth.”

Debuting in 2019, Altigo, a subscription automation platform for investing in alternatives, was built to address common industry roadblocks, enable marketplace connections, and facilitate alternative investment transactions between wealth managers and sponsors. As previously reported in The DI Wire, Altigo crossed the $2 billion mark in total lifetime alternative investment volume completed on the platform in 2022.

The Altigo platform was developed by WealthForge, a financial technology company and managing broker-dealer that helps automate investments into alternative securities.

SEI® (NASDAQ:SEIC) works with corporations, financial institutions and professionals, and ultra-high-net-worth families to deliver technology and investment solutions that connect the financial services industry. The company manages, advises, or administers approximately $1.3 trillion in assets.

Altigo is an open network alternatives subscription technology used by a community of more than 300 sponsors, broker-dealers, and RIA firms. The platform enables secure electronic alternative investment transactions between asset managers, wealth advisors, custodians, and transfer agents.

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