NEW YORK, June 21, 2017 /PRNewswire/ -- iCapital Network, the financial technology platform focused on democratizing access to alternative investments for the high-net-worth community, today announced multiple milestones solidifying its overall hedge fund capabilities. Since acquiring the HedgeFocus platform from Credit Suisse in early 2016, iCapital has deepened its hedge fund diligence bench strength, bolstered its hedge fund menu and reinforced its strategic relationship with Fidelity Institutional in response to recent investor demand.
iCapital regularly surveys its member network — composed of approximately 1,600 registered investment advisors (RIAs), financial planners, wealth managers, brokerage representatives, private bankers, family offices and other sophisticated investors — regarding alternative investment appetite, current allocations, preferred strategies and projected future investments. Most recently, iCapital's survey findings revealed that more than 75% of respondents say they are likely to invest in hedge funds over the next 12 months.
"We constantly listen to our network about what they want in terms of products. In this case, we're hearing from our advisors and investors that hedge funds are an important part of their efforts to build thoughtfully constructed, diversified, institutional-quality portfolios," said Lawrence Calcano, Chief Executive Officer of iCapital Network.
Deeper Bench Strength
iCapital has bolstered its due diligence capabilities with the appointment of Joseph Burns as its Head of Hedge Fund Origination & Diligence where he will be responsible for building relationships, identifying high quality fund opportunities, overseeing the firm's hedge fund diligence efforts, and developing the hedge fund pipeline. Prior to joining iCapital, Mr. Burns was a Founding Partner and Co-Chief Investment Officer at hedge fund specialist, Pulse Capital Partners. Previously, he was COO and Chief Risk Officer at TCS Capital Management, a global equity hedge fund, the Head of Global Research at Ivy Asset Management and a portfolio analyst at Soros Fund Management.
"Joe's deep experience in hedge fund manager selection and his extensive industry network make him the ideal fit to assume responsibility for our hedge fund origination and diligence efforts," said Nick Veronis, iCapital Co-Founder, Managing Partner and Head of Origination and Due Diligence. "Our top priority is to offer our investors, RIAs, broker-dealers, private banks and family offices access to the highest caliber alternative investment opportunities, and Joe's contributions will be a critical part of our effort to deliver on that priority," said Mr. Veronis.
Extended Menu of Hedge Fund Offerings
iCapital offers a curated selection of alternative investments, including private equity, private credit, real estate, venture capital and hedge funds, to its private network of qualified investors and advisory professionals.
Since the HedgeFocus acquisition, iCapital has concentrated on filling out its hedge fund menu with a range of managers across key categories, offering two or more managers and fund options in each category and multiple off-shore options for investors. Collectively, the hedge fund managers on the iCapital platform oversee more than U.S. $100 billion in assets.
"As we consolidate our position as the preferred alternative platform, a robust hedge fund menu is central to our commitment to offering a broad array of outstanding asset classes, capabilities and strategies to our network," said Eileen Duff, Managing Partner and Head of Distribution for iCapital. "Since acquiring the HedgeFocus platform from Credit Suisse more than a year ago, we have selectively and methodically concentrated on evolving our hedge fund footprint to ensure a compelling offering for advisors and their high-net-worth clients," said Ms. Duff.
Expanded Fidelity Relationship
iCapital has expanded its strategic relationship with Fidelity Clearing & Custody Solutions — the division of Fidelity Investments that provides clearing and custody services to registered investment advisors, broker-dealers, family offices and banks. Fidelity's intermediary clients will now have direct access to iCapital's hedge fund offerings. This latest development builds on iCapital and Fidelity's relationship, announced last year, which provided Fidelity's financial intermediaries access to iCapital's private equity fund offerings.
iCapital's proprietary technology is fully integrated with Fidelity's advisor platform Wealthscape and available through Fidelity's Alternative Investments Product Center, and provides advisors with access to investments at minimums as low as $100,000. iCapital provides a full array of due diligence support and educational materials to accompany the expanded hedge fund offerings on the Fidelity platform.
"Advisors continue to look for efficient ways to incorporate alternative investments into their clients' portfolios. Our expanded relationship with iCapital Network provides them with access to more hedge fund offerings and the tools to evaluate them," said Gary Gallagher, Senior Vice President, Investment Products at Fidelity Institutional.
About iCapital Network
iCapital Network is a financial technology platform that provides modular alternative investment solutions for registered investment advisors, broker-dealers, private banks, family offices and other sophisticated investors. The state-of-the-art online portal offers a curated menu of private equity, private credit, venture capital, real estate and hedge funds, extensive due diligence support, an automated subscription process and integration with a wide range of custodial platforms and reporting packages. The firm's customizable technology and specialized suite of services is also used by asset managers and financial institutions to streamline and automate their private fund operations. For additional information, please visit the Company's website at www.icapitalnetwork.com | LinkedIn: https://www.linkedin.com/company/icapital-network-inc | Twitter: @icapitalnetwork
Disclosures: This material is provided for informational purposes only and is not intended as, and may not be relied on in any manner as legal, tax or investment advice, a recommendation, or as an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security offered by iCapital. Past performance is not indicative of future results. Alternative investments are complex, speculative investment vehicles and are not suitable for all investors. An investment in an alternative investment entails a high degree of risk and no assurance can be given that any alternative investment fund's investment objectives will be achieved or that investors will receive a return of their capital. The information contained herein is subject to change. The award referenced herein makes no guarantee as to future performance and may not be representative of a platform user's experience. Securities may be offered through iCapital Securities, LLC, a registered broker dealer, member of FINRA and SIPC and subsidiary of Institutional Capital Network, Inc. iCapital is a registered trademark of Institutional Capital Network, Inc. All rights reserved.
iCapital is an independent company and unaffiliated with Fidelity Investments. There is no form of legal partnership, agency, affiliation, or similar relationship between this third-party service provider and Fidelity Investments. Fidelity Clearing & Custody SolutionsSM provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. 805935.1.0
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