iCapital Acquires Citi Global Alternatives: Transforming Wealth Management with Innovative Fund Platform
In a significant move for the fintech sector, iCapital has announced its acquisition of Citi Global Alternatives, a pivotal step that promises to enhance the landscape of alternative investments. This acquisition will empower iCapital to broaden its offerings and leverage advanced technology to streamline operations within the alternative investment space.
Overview of the Acquisition
Citi Global Alternatives, an indirect subsidiary of Citi, has been a key player in advising Citi Wealth’s global alternative investment fund platform. This platform comprises over 180 alternative funds distributed worldwide, covering a wide array of strategies and asset classes:
- Private Equity
- Growth Equity
- Private Credit
- Infrastructure
- Venture Capital
- Real Estate
- Hedge Funds
Statements from Leadership
Lawrence Calcano, Chairman and CEO of iCapital, emphasized the benefits of this acquisition, stating, “iCapital’s technology platform will streamline the operations and management of their current and future alternative investment funds platform.” He added that the acquisition would enhance Citi Wealth’s global sales capabilities by introducing a dedicated team specializing in alternative investments.
According to Calcano, this team will:
- Cover all asset classes and product structures.
- Collaborate closely with Citi and general partners.
- Support the growth of the alternative investment platform.
Daniel O’Donnell, Head of Citi Wealth Alternatives and Investment Manager Solutions, echoed Calcano’s sentiments. He expressed excitement about the expansion of their relationship with iCapital, aiming to integrate its market-leading digital capabilities more deeply into their advisory services.
What’s Next for iCapital and Citi
Upon completion of this strategic transaction, iCapital will take on the management and operational responsibilities of the fund platform. Meanwhile, Citi will continue its role as the distributor of these funds and advise clients on incorporating alternative investments into their diversified strategies.
The financial specifics of the deal have not been disclosed, but the collaboration is expected to yield significant advantages for both iCapital and Citi in the alternative investment sector.
For more information about alternative investments and fintech innovations, visit iCapital Network or explore Citi’s official site.
