Addepar, a U.S.-based wealth manager with $2.5 trillion of assets on its platform, says its goal has always been to offer investors and advisors with the data required to “optimize” how the world’s capital is “put to work.”
The Addepar team noted in a recent update that they’re taking another step toward “realizing that global vision by opening our first office outside the U.S. in Edinburgh, Scotland.”
Addepar’s management wrote in a blog post, dated April 26 2021:
“Establishing a presence in Europe will give us a five-hour head start on validating the data that drives your business. We’ll be able to establish a data feeds team in Edinburgh to increase feed build capacity and interact with providers—especially those based in Europe—to more efficiently and effectively meet advisor and client needs and support business expansion.”
While sharing other reasons for opening their first European office, the Addepar team said they had been wanting to expand their business operations globally, and we’re looking for “the opportunity to tap into a wealth of talent based in Europe.”
Going on to comment on why they chose Edinburgh, Addepar said that their Scotland office (at least initially) will be focused on research and development work (R&D). The wealth manager also mentioned that it “carefully evaluated a number of markets based on location, industries supported and the local talent pool” and that Edinburgh “met all [their] criteria.”
The criteria, according to Addepar, includes:
- Talent—”A highly educated pool, with software engineers holding computer and data science degrees from world-class universities”
- Industries—”Not only a technology hub with start-ups and leaders in data analytics, big data, and blockchain, but also hosting major financial services firms”
- Location— “A culture of innovation, plus a favorable business environment”
Addepar confirmed that it intends to have a physical office based in Scotland “when it is safe to do so, according to local health guidelines” and “in the meantime, we are hiring for roles remotely.”
Addepar also mentioned:
“We anticipate growing our European presence over time and this will be part of a carefully planned strategy to expand our business worldwide. We’re thrilled to be taking this important step to put down roots in the European market and adding great talent in Scotland to our already great team in the United States. We look forward to continuing to enhance our service to RIAs, family offices and clients around the globe.”