iCapital Network, a fintech providing access to alternative investments, announced on Wednesday as part of the recent closing of its acquisition of Artivest, it had divested its right to acquire a private client team to AlphaCore Wealth Advisory. iCapital reported it also took ownership of factorE, a portfolio and analytics tool designed to help advisors assess and analyze the performance and risk of alternative investments in client portfolios, from AlphaCore.
“iCapital immediately recognized AlphaCore as an appropriate fit for the PCG Team based on their long-standing relationship, the extent to which they have embraced the opportunities of alternatives for their investors and the PCG team members’ affinity for AlphaCore.”
Speaking about the acquisition, Lawrence Calcano, Chairman and CEO of iCapital Network, stated:
“iCapital was established to help wealth advisors successfully serve their clients. We have taken this step to stay true to our mission and ensure that iCapital is a facilitator of that success and not in competition with advisors for their clients. We were extremely thoughtful in making the right decision on behalf of the PCG team and their clients.”
iCapital noted it plans to evaluate how the factorE tool best fits into iCapital’s existing technology and service offerings. It will build out a tailored roadmap for the tool’s augmentation and integration into the firm’s advisor resources over the next several months.
Founded in 2013, iCapital Network’s mission is to power the world’s alternative investment marketplace, with Its financial technology platform seeking to transform the way alternative investments are bought and sold through the development of tech-based solutions for advisors, their high-net-worth client base, asset managers and banks.
Terms of the agreement were not disclosed.