The collaboration is intended to help advisors manage their accounts in BNY Pershing’s Wove across alternative and traditional holdings.
Custodian giant the Bank of New York Mellon Corp., (BNY Mellon) and iCapital, a fintech platform for investing, have allied to deliver an integrated offering through BNY Pershing’s Wove wealth management platform and BNY’s Alts Bridge system, officials say.
“Building on the alternative investment experience for BNY Pershing clients who access iCapital through Wove, this alliance will create streamlined access to investment products and further support growth across alternative asset managers and the wealth channel,” officials say.
“Shared clients will have access to funds managed and operated by iCapital delivered by both Alts Bridge and iCapital upon integration. Clients will also have access to iCapital’s suite of investment tools and capabilities from Wove. This integration will enable wealth advisors to manage their accounts in Wove holistically across alternative and traditional holdings,” officials add.
iCapital offers platforms to invest and manage alternative investments, structured notes, and annuities.
“Through this alliance, we are helping to unlock access for advisors to alternatives and private markets by delivering a streamlined experience and more comprehensive set of investment options,” says Ainslie Simmonds, executive platform owner, wealth service platform for BNY, in a prepared statement. “iCapital with Alts Bridge and Wove will create a user experience that will be unique in the market and continue to help advisors provide the investment solutions their clients are looking for.”
“By accessing this integrated solution, clients will have a more automated experience that is more transparent, efficient, and easier to manage, and allow advisors to focus on what matters most — helping clients achieve their financial goals with confidence,” says Steve Houston, managing director and co-head of iCapital Solutions at iCapital.
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