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Fintech platform iCapital has announced the acquisition of Citi Global Alternatives, an indirect subsidiary of Citi.
Details regarding the financial terms of the acquisition have not been disclosed.
This subsidiary serves as the advisor to Citi Wealth’s global alternative investment fund platform, which includes more than 180 alternative funds distributed worldwide.
The platform encompasses a variety of investment vehicles across multiple alternative investment strategies and asset classes, such as private equity, growth equity, private credit, infrastructure, venture capital, real estate, and hedge funds.
This acquisition aims to enhance operational efficiency and deliver a cohesive technology solution for partners.
Citi Wealth Alternatives and Investment Manager Solutions head Daniel O’Donnell said: “Citi Wealth already has a strong working relationship with iCapital on alternative solutions, and we’re excited to expand our relationship to bring greater integration of iCapital’s market-leading digital capabilities to our advisors, bankers, investment counselors and clients.”
Following the completion of this transaction, iCapital will take over the management and operation of the fund platform.
Citi will continue to act as the distributor of these funds and provide advisory services to clients regarding the integration of alternative investments into diversified investment strategies.
iCapital chairman and CEO Lawrence Calcano said: “We are excited to partner with Citi Wealth to drive growth for their alternatives business globally.
“iCapital’s technology platform will streamline the operations and management of their current and future alternative investment funds platform.”
In January this year, iCapital acquired Parallel Markets, a company specialising in reusable financial identification solutions.
"iCapital announces acquisition of Citi Global Alternatives" was originally created and published by Private Banker International, a GlobalData owned brand.
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