J.P. Morgan Wealth Unit Launches QuickDeposit: Tech Roundup
Palazzo joined Envestnet in 2021 as group head for Envestnet MoneyGuide. Before joining Envestnet, she was with Morgan Stanley for 13 years, most recently as a managing director and head of financial planning for its wealth management business.
ICapital Expands Global Development Team
Fintech firm iCapital will expand its global development team with more than 100 new hires, the company said Thursday.
Open positions include software engineers, product managers and infrastructure developers, working from offices in New York, Greenwich, Connecticut, and Lisbon, Portugal.
As of Nov. 30, iCapital serviced more than $149.3 billion in global client assets, of which about $30.5 billion was from non-U.S. investors across over 1,180 funds, it said. The firm now employs 1,050 people globally.
Wealthcare Acquires Another RIA
Wealthcare Advisory Partners acquired Sommers Financial Management, an RIA with advisors in Scappoose, Oregon, and Tucson, Arizona, that was founded in 2002 and advises on over $100 million in assets under management.
The deal represents Wealthcare’s third RIA acquisition in the past six months and expands the company’s presence in the direct advisory market, it said Thursday. Financial terms weren’t disclosed.
Following the purchase, Wealthcare’s advisor team includes over 150 wealth management advisors across the U.S. with $5 billion in AUM, it said.
Principal Enhances Fintech-Enabled Model Portfolios
Principal Asset Management said Thursday that it’s enhancing its fintech-enabled model portfolio solution by incorporating individual bonds as an option for model portfolios.
Principal collaborated with YieldX and Smartleaf Asset Management to offer what the companies called the “only full portfolio direct indexing solution, enabling financial advisors to expand the capabilities of direct indexing beyond equities to individual bonds.”
Principal launched fintech-enabled model portfolios last year in collaboration with SAM to make it easier to construct and manage custom portfolios.
“Through the addition of capabilities from YieldX, advisors will now have the option to include individual fixed income securities, similar to how direct indexing has delivered custom individual equities to clients,” according to Adam Green, YieldX CEO.
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