Fintech platform iCapital has brokered a deal to buy Simon Markets, a fintech platform that spun out of Goldman Sachs Group.
Financial terms of the deal were not revealed. The transaction is expected to conclude in the second half of the year, subject to regulatory approvals.
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Founded in 2018, Simon provides educational resources and analytical tools to help financial understand annuities, structured investments, target return ETFs, and alternative investment solutions, including digital assets.
Its platform offers a marketplace for risk-managed and alternative solutions, including traditional and progressive alternatives.
Simon is said to deliver integrations across more than 50 product manufacturers and over 50 wealth managers in addition to offering platform access to more than 100,000 advisors.
This February, the firm secured an undisclosed strategic investment from its long-time partner Citi.
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By GlobalDataThe acquisition will enable iCapital to further expand its existing education and analytics capabilities with the addition of Simon’s advisor education and analytical resources.
These include Simon Spectrum alongside product training for all levels, an extensive video collection with interactive product training, a dashboard to track advisor progress, and custom compliance tracking.
iCapital chairman and CEO Lawrence Calcano said that the deal would offer its advisers “a much more robust platform and suite of tools” that will help enhance investment outcomes for clients.
Calcano added: “Simon is a recognised leader in structured investments and annuities offering an exceptional user experience and a distribution network of impressive depth and breadth.
“We are thrilled to welcome the highly accomplished Simon team to iCapital with whom we share a mission to expand access and efficiency of alternative investing across the industry.”
As part of the deal, Simon CEO Jason Broder will become head of iCapital Solutions. Broder will also be a managing director and member of the operating committee at iCapital.
He will be responsible for the combined platform’s integration, market development, and sales of iCapital’s technology offerings suite.
iCapital will also extend offers of employment to Simon’s team of nearly 200 employees.
Commenting on the deal, Broder said: “After a highly collaborative exploratory process over recent months, it became abundantly clear that together we can create an unrivaled experience for our clients and set the stage for iCapital’s continued expansion of investment opportunities and support services for advisors.
“Together we’re delivering something the wealth management industry has wanted for a very long time – access to all alternative solutions under one, centralised platform.”
In March, iCapital finalised a deal to buy alternative investment feeder fund platform from Stifel Financial.
