Bank of America (BoA) has made an undisclosed strategic investment in wealth management tech platform iCapital.
iCapital was founded in New York in 2013 and provides access to alternative investments to wealth and asset managers. It currently has more than $130bn (£104bn, €121bn) in platform assets.
The two companies have been partners since 2018.
Following the original partnership, the fintech company acquired BoA’s alternative investment feeder fund operations in 2019. This led to the bank streamlining and automating fund operations and administration services for Merrill and Private Bank advisers and their clients.
“We are honoured to have the support of Bank of America to further iCapital’s mission to provide financial advisers with a complete alternative investing solution,” said Lawrence Calcano, chairman and chief executive of iCapital.
“We look forward to continuing to work with the Bank of America team to enhance our platform to best meet the needs of its Merrill and Private Bank advisers seeking a range of alternative investments for their high-net-worth clients.”
Nancy Fahmy, head of alternative investments, specialty asset management and investment solutions specialists for BoA, added: “iCapital and Bank of America share the belief that alternative investments are an important component of a well-diversified portfolio and it is critical to increase access, education and service to advisors and their clients.
“Deepening our support of iCapital through a strategic investment is emblematic of the success of our collaborative relationship.”
