Wealth management platform Simon Markets has announced an undisclosed strategic investment from its long-time partner Citi.

Launched in 2018, Simon’s platform provides a marketplace for risk-managed and alternative solutions, such as annuities, structured investments, and traditional as well as progressive alternatives.

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Citi’s financial professionals under its wealth management division use Simon’s investment platform and the lender has been an issuer of the firm’s structured investments.

As part of the investment, the two companies will work together to expand partnership opportunities between their businesses.

Citi managing director and head of Americas Sales for Solutions for Financial Intermediaries Fabrice Hugon will join Simon’s directors board.

Simon CEO Jason Broder said: “Citi is forward-thinking and has been an innovative force in the structured investment market. We value their market perspective, dedication, and stature.

“By joining us now as an investor, which builds on the partnership we’ve developed over the years, Simon is proud to bring together our shared vision—to help advisors embrace evolving investment opportunities, with technology.”

Hugon said that Citi plans to closely collaborate with Simon in a number of areas and deliver the best solutions possible for financial professionals.

Citi Institutional Clients Group Digital head and CIO Sandeep Arora added: “Citi and Simon are both focused on creating new opportunities for clients and improving client experiences.

“Simon has built an impressive digital approach to portfolio management. Digitisation creates momentum, new opportunities for clients, and ultimately, the best user experiences. We’re excited to join this journey with Simon and support their continued growth.”

In July last year, Simon concluded the first tranche of a strategic financing round of up to $100m to further enhance its core offering across structured investments and annuities.