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2022 Envestnet Asset Manager Awards

Envestnet Names a Global Data Exec: Tech Roundup

by Jeff Berman

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What You Need to Know

  • iCapital is acquiring Stifel’s alternative investment feeder fund platform.
  • Broadridge's AI-driven digital trading platform completed its integration with the Charles River Investment Management Solution.
  • Luma Financial Technologies signed a deal with Morningstar to launch structured products data and analytics within Morningstar Advisor Workstation.

Envestnet has promoted Farouk Ferchichi to the position of global head of Envestnet Data and Analytics, which the company said Thursday brings together the combined capabilities of its Envestnet | Yodlee, Envestnet Analytics (Wheelhouse) and Abe AI businesses.

In his new role, Ferchichi will “advance the data and analytics business for Envestnet’s financial wellness ecosystem, harmonizing and connecting all parts of a person’s financial life so that their daily actions speak to and help support their long-term financial goals,” Envestnet said.

Ferchichi joined Envestnet in March 2021 as chief data and analytics officer and has been “focused on transforming Envestnet’s data strategy and laying the foundation to introduce innovative solutions to new markets,” according to the company.

Before joining Envestnet, he held global chief data analytics roles at USAA and Toyota.

iCapital to Buy Stifel Alt Fund Platform

Stifel Financial and iCapital said Thursday they entered into a definitive agreement under which iCapital will acquire Stifel’s alternative investment feeder fund platform in an expansion of their existing partnership.

Stifel’s feeder fund platform supports distribution of a suite of unique hedge fund strategies.

After the deal closes, iCapital’s white label technology will be “leveraged to streamline and automate the onboarding, subscription processing and lifecycle operations for Stifel feeder funds, while providing support to Stifel’s advisors and their high-net-worth investors,” the companies said in a joint announcement.

Stifel will continue to source alternative investments for its clients and offer them guidance on the role of alternative investments within a diversified investment strategy, the firms said. Investors in the funds will remain Stifel clients.

As part of the transaction, iCapital will offer employment to Stifel’s team of employees who currently support operations for the feeder fund platform. “The transitioning team will continue to support the fund portfolio and ensure the ongoing quality of service,” the companies said.

The transaction is expected to close later in the current quarter. Terms of the deal were not disclosed.

LTX-Charles River Integration Finalized

LTX, Broadridge Financial Solutions’ artificial intelligence-driven digital trading platform, completed its integration with the Charles River Investment Management Solution, the firms announced Thursday.

The complete integration allows Charles River’s order and execution management system users to better access aggregated liquidity and leverage transparency and price discovery within their existing workflows via their existing relationships with their dealers, the companies said.

The LTX e-trading platform uses data science and its own patented trading protocol, RFX, to provide the buy side and sell side with a more complete view into pre-trade and post-trade liquidity, which will ultimately help market participants “facilitate natural liquidity discovery and find best execution,” the firms said.

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To date, 24 dealers and over 50 asset managers have joined the LTX platform, giving it a significant liquidity pool. The number of RFX sessions on the platform has steadily grown since Jan. 1, 2021, and the total amount of bonds offered on the platform is almost $3 billion.

Luma Teams With Morningstar

Luma Financial Technologies announced it signed an agreement with Morningstar to launch structured products data and analytics within Morningstar Advisor Workstation.

Using Luma’s advanced analytics and data modeling, the addition of structured products to Morningstar Advisor Workstation “provides clear and objective information about alternative investment options,” Lumia said. “This allows financial professionals to both review structured products currently in market and seek suitable solutions for their clients in an effective and efficient manner,” it explained.

Morningstar will use the data provided by Luma to analyze, manage and allocate structured products in an overall client portfolio context. Subsequent enhancements to Advisor Workstation through 2022 will “build on Morningstar’s objective to provide deeper classification of structured products so financial professionals can more easily see the impact to a client’s investment plan,” according to Luma.

Subscribers will also be able to access Luma’s market-leading platform directly within the solution. To “fully transact in the marketplace, they can elect to enroll as a Luma client,” Luma said.

Private Equity Firm Lovell Minnick Invests in STP

STP Investment Services received a “significant growth investment” from Lovell Minnick Partners, a private equity firm focused on investments in financial services, fintech and related business services.

The investment will allow STP to “accelerate ongoing investments in innovation, technology, workflow, and talent,” the companies said Wednesday in a joint announcement.

STP intends to advance its “organic growth initiatives while also accelerating its strategy of pursuing impactful M&A opportunities in the future,” the companies said.

Terms of the transaction were not disclosed. Raymond James served as financial advisor and Fox Rothschild served as legal advisor to STP. Schulte, Roth & Zabel and Nishith Desai Associates served as legal advisors to LMP.

As a result of the investment, members of LMP’s team will join STP’s board and the STP leadership team will remain with the company.

STP is an end-to-end, tech-enabled investment operations service provider supporting more than $340 billion in total assets. Its clients include investment managers, funds, family offices, wealth managers and plan sponsors. STP acts as an extension of their middle- and back-office teams to expand their resources and alleviate operational burdens.

(Pictured: Farouk Ferchichi, global head of Envestnet Data and Analytics)

Jeff Berman

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