iCapital, the global fintech platform driving the world’s alternative investment marketplace for the wealth management industry, announced that iCapital Network Canada Ltd., a Canadian investment fund manager and affiliate of iCapital group has been appointed Investment Fund Manager in Canada for Prime Quadrant Alternative Investment Access Funds, where iCapital will provide “all administrative functions associated with managing these funds.”
Prime Quadrant is an advisor and consulting firm “for ultra-high-net-worth families in both Canada and the US.”
This partnership, in addition “to iCapital Canada’s 40+ Canadian funds and a previously announced partnership with Sterling Global, firmly positions iCapital Canada as a trusted technology partner to deliver a comprehensive digital investing experience for Canada’s leading wealth advisors and asset managers.”
Lawrence Calcano, Chairman and CEO of iCapital said:
“Prime Quadrant is an innovative industry leader within the high-net-worth community, and iCapital is honored to be entrusted with the investment fund management responsibilities of their Access funds. We believe that the multi-family office, independent RIAs, and the dealer wealth channel represent an outstanding opportunity for us to create industry-leading solutions. Our goal is to provide a single platform that utilizes our market-leading technology and operating system, offering advisors the tools they need to achieve better scale and efficiency for their alternatives business.”
This is the first time iCapital has established “a strategic partnership with a family office advisory firm to manage the administration of an existing platform.”
This partnership represents the type of opportunities iCapital can “provide for firms in the independent wealth space to more efficiently scale their alternative investing businesses.”
These strategic partnerships are a natural evolution and “extension to the transactions iCapital, as a leader in alternative investment technology, has done with many of the leading global bank platforms.”
iCapital Canada assumes the administrative functions “associated with the running of alternative funds for Prime Quadrant’s clients, while Prime Quadrant remains the portfolio manager handling the selection of the underlying investment managers and strategies.”
Prime Quadrant has built a world-class platform, which “includes top-tier private equity, real estate, private debt, venture capital, and hedge fund Access funds.”
iCapital’s technology will be leveraged “to streamline and automate the onboarding, subscription processing, and lifecycle operations for Prime Quadrant Access funds while providing support to the firm and its ultra-high-net-worth clients.”
In addition to managing Prime Quadrant’s existing alternatives Access funds, iCapital Canada will provide administrative “support to the firm when launching new alternatives products in the future.”
Mo Lidsky, Chief Executive Officer of Prime Quadrant said:
“Our relationship with iCapital will ensure Prime Quadrant can scale its ability to meet and exceed our clients’ expectations by leveraging iCapital’s technology and resources to continue developing creative solutions for our families. We are excited to benefit from iCapital’s complete end-to-end solution and operating system to help simplify the many post-trade management activities for our families.”
Terms of the agreement were not disclosed.
