FOTechHub Bulletin: Family Office Technology News Roundup – June, 2024

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Company News 

 

AltExchange Raises $3M

• Altexchange has raised $3 million in a recent funding round to accelerate the development and deployment of its automation solutions for managing alternative investments for financial advisors, asset managers and family offices.
• Altexchange streamlines the complex processes around distributions, capital calls, and account balances through its data aggregation, management, and reporting, replacing legacy processes that are often a jumble of portals, PDFs, and emails.
• The round was led by Motley Fool Ventures, Broadhaven Ventures, Ritholtz Wealth Management, and notable industry executives.
• Other firms offering solutions for managing alts data that recently closed funding rounds include: Arch (Nov 23), Accelex (Nov 23) and Canoe Intelligence (Feb 23). 
• Michael Sidgmore, co-founder and partner of Broadhaven Ventures, founder of Alt Goes Mainstream content platform, a user of AltExchange and an investor in multiple private markets-related companies commented:

“Private markets require a re-architecting of how post-investment data is tracked, managed, and analyzed, which is even more acute as the wealth channel becomes increasingly involved in private markets. AltExchange has built critical market infrastructure that is providing connective tissue and interoperability for private markets…”

See also Michael’s post that breaks down what BlackRock’s acquisition of Preqin means for private markets and how BlackRock could be playing the long game in the convergence between public and private markets.

 

Rockit Solutions Becomes Fi-Tek Wealth Solutions

• Fi-Tek, LLC, a wealth tech company, announced the transformation and expanded service offering of their wholly owned subsidiary, Rockit Solutions LLC, now operating as Fi-Tek Wealth Solutions (FWS) 
• Acquired by Fi-Tek in 2016, Rockit Solutions is a provider of integrated family office solutions. Its proprietary platform, Rockit Command, was purpose-built by the Rockefellers to manage one of the world’s most complex multi-generational family offices.
• FWS leverages Rockit Command, Fi-Tek’s Global WealthES for trust and wealth management, and HedgeTek for alternative investments. 
• With teams based in India and the US, FWS also consolidates technology-enabled services for all wealth segments (HNW, UHNW, family offices, trusts, RIA’s and funds) and streamlines existing offerings around operations, fund administration, cash/tax/GAAP accounting, alternative asset servicing, performance and consolidated financial reporting.

 

PhilTech: Foundation Source Introduces Managed Website Services for Private Foundations

• Foundation Source has launched a new suite of managed website services designed to help private foundations enhance their digital presence and engage with stakeholders.
• This is the first joint initiative from Foundation Source and its recently acquired  planned giving division, PG Calc.
• The service includes content development, branding, design with features such as grant application management, hosting, analytics, site optimization and maintenance, as well as monitoring and detection tools to quickly catch and respond to security incidents.

 

SS&C Expands Fund Administration Business in India with GIFT City Office

• SS&C Technologies has expanded its fund administration business with a new office in India’s Gujarat International Finance Tec-City (GIFT City). This move aims to enhance SS&C’s service capabilities for alternative investment funds (AIFs) and other funds domiciled in the economic opportunity zone. 
• The fund administration offering in GIFT City complements SS&C’s fund administration business in India, established in 2003. The company manages over $19 billion in assets through its 12 offices with 7,500 employees across the country. 

 

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Product Updates and Partnerships 

 

ORCA Partners with Guirbaden to Improve Entity Management and Compliance

• ORCA, an entity management software, has partnered with Guirbaden, a consulting firm specializing in legal data and information processes. 
• The partnership will capitalise on Guirbaden’s expertise in legal and compliance issues, enhancing ORCA’s software capabilities in entity management and corporate compliance. 
• Guirbaden will closely collaborate with ORCA’s product team and assist clients with implementing ORCA’s solutions. 
• ORCA was founded in 2017 and is headquartered in Zurich, Switzerland. 

 

Canoe and QPLIX Partnership

• Canoe Intelligence and QPLIX have partnered to enhance private equity fund management using AI and machine learning. 
• Qplix was founded in 2012 and is based in Munich, Germany. The wealth platform offers data aggregation, reporting and analytics to family offices, foundations, trusts, investment funds, asset managers, institutional investors, and private banks.
• This collaboration aims to streamline workflows for alternative investors by integrating Canoe’s data extraction, routing and mapping into QPLIX platform.
• In addition, Canoe leverages the collective intelligence of its clientele of over 300 alternative investors for insights on more than 37,000 funds. Through this network, clients can access and utilize data derived from system-wide learning, and create customized patterns tailored to their specific needs.

 

PhilTech: AssetMark and Tifin Give DAF Partnership

• AssetMark, a TAMP platform for advisors serving investor households, partnered with Tifin Give to integrate philanthropy into financial planning, making it easier for financial advisors and their clients to manage charitable donations with easy setup, management, and distribution of donations.
• AssetMark clients will gain access to Tifin Give’s DAF technology to facilitate effective philanthropic and tax planning into their personal and legacy plans.
• This presents a significant opportunity for Tifin Give as AssetMark oversees $116.9 billion in assets and supports over 9,200 financial advisors.
• Tiffin Give is led by Paul Lussow and Jeff Grossman, co-founders of Giving Place, a family office PhilTech platform recently acquired by Tiffin Give

 

First Rate Partners with Fispoke to Integrate Banking Solutions

• First Rate, a WealthTech company, has announced an investment and strategic partnership with Fispoke to integrate their private lending and banking solutions. 
• First Rate Ventures, the corporate venture capital fund arm of First Rate provided guidance and led the funding round for Fispoke. 
• Robert Clare, CEO of Fispoke, said, “We are bridging the gap between traditional wealth management and banking services through a comprehensive, unified platform”​.
• In our last bulletin, we highlighted a new brand by First Rate: Vistarra.ai – it appears the brand was short-lived; the page now redirects to First Rate Global.

 

1fs Wealth Partners with Albourne to Enhance Hedge Fund Benchmarking

• The London-headquartered 1fs Wealth and Albourne Partners partnered to integrate hedge fund benchmarking into 1fs AI-driven global wealth intelligence platform. 
• Albourne is a non-discretionary independent advisor specializing in alternative assets, founded in 1994.
• 1fs users can now benchmark their investments against Albourne’s Hedge Fund Indices, which were initiated in 2002 and include more than 6,500 funds. 

 

Altoo AG and Divizend Partner to Launch Dividend Payment Forecasting

• Altoo AG and Divizend GmbH have launched an automated dividend payment forecasting feature for security holdings held on the Altoo Wealth Management Platform.
• This feature, utilizing Divizend’s database of some 20,000 top dividend stocks and their tax parameters, allows clients to predict and track future dividend payments, improving the accuracy of cash flow assessment and liquidity planning. 
• Both companies are Swiss fintech startups and members of the Swiss OpenWealth Association, promoting global API standards for Open Finance.
• Divizend’s B2C software helps private investors to reclaim their foreign dividend withholding taxes by automating the refund process. Altoo caters to investment professionals, family offices and UHNWI.

 

Cross Country Consulting Partner with Workiva for Regulatory Reporting

• CrossCountry Consulting, a provider of specialized finance, operations, and technology advisory services for the office of the CFO and private equity sponsors has announced a strategic partnership with Workiva to enhance financial reporting and regulatory compliance for its clients.  
• CrossCountry will be able to utilize Workiva’s deep expertise in financial reporting, governance, and risk. 
• Workiva is used by accounting, finance, sustainability, audit, and risk professionals at over 6,000 global organizations for reporting and regulatory requirements such as financial and annual reports, proxy statements, other SEC filings, SOX compliance, internal audit management, ESG reporting solutions, etc..

 

Trustate Introduces Automation with Zapier Integration

• Trustate, a provider of estate management solutions, integrated with Zapier to automate and streamline their trusts and estate administration tasks by connecting Trustate’s platform with over 7,000 apps available on Zapier.
• Main features are data synchronization across platforms, no-code Integration and security standards in compliance with SOC 2 Type II.

 

Dynamo Software has upgraded its investor portal: The new or improved features of Dynamo Investor Portal v3.0 include: Enhanced Document Management with filters and categorization; Tax Center Integration with features like electronic consent for investors to access and download K-1s; Tailored features for real estate investors, including Google Maps integration; and digital fundraising for private capital raising.

Entole product updates: Entole, a ‘centralized command center’ for family offices, has introduced several enhancements. These include expanded support to track BOIR status by entity, simplifying the visibility of filing status; improved bot support for document interaction within the ‘Deal,’ ‘Boards,’ and ‘Committees’ sections; and synchronization of Microsoft’s OneDrive folders with Entole’s records, ensuring a shared version history.

Magpie product updates: Magpie, an inventory and sales management system for collectible sellers, rolled out new features to automate and streamline the listing process, including predefined descriptions, custom pricing and default policies per channel. 

Addepar launches new R&D blog titled Engineering Capital that highlights the company’s technical expertise and innovative initiatives. The initial posts cover the evolution of Addepar platform, the role of AI in enhancing security measures, and effective team structures for tech leadership. 

Vyzer product update: Vyzer, a wealth platform for investors, introduced several updates and a better mobile experience. Updates include Role Management for customized collaborator access, simplified Crypto Management with expanded analytics, enhanced connectivity with financial institutions via Plaid, Akoya, and SaltEdge, and standardized Exit Flow procedures for sales, exits, closures, and investment terminations.

Intapp and Bite Investments have partnered to enhance investor management by integrating Bite Stream’s data with Intapp DealCloud. This collaboration offers DealCloud clients a unified platform for managing investor lifecycle, fund performance, and deal pipelines. 

Orion has launched an upgraded billing and reporting system to streamline advisor workflows and increase efficiency through features like bill generation wizard, automated cash flow, organized fee schedules, a billing compare tool, and a better reporting platform.

Landytech has launched a comprehensive brand refresh. See more here.

 

Moving & Grooving

 

Risclarity Expands Leadership Team with Mark Wickersham

• Risclarity has hired Mark Wickersham as the new senior vice president of strategic marketing and business development. 
• Mark comes with nearly thirty years of experience in fintech working with family offices and advisors, including roles at Thomson Reuters, Fidelity, Family Office Metrics, ByAllAccounts, Broadridge, Oakbrook Solutions and AgilLink (an RBC company) – accounting and bill payment provider and a major partner of Risclarity. 
• Founded in 2010 and based in Golden, CO, Risclarity focuses on reporting solutions for family wealth management firms through integration between general ledger and portfolio accounting, including alternative investments. 

Charmaine Tang Becomes CEO of ORCA Americas 

• Charmaine Tang was promoted to CEO of ORCA Americas (subsidiary of ORCA AG). She has been with ORCA since October 2022, and was previously president. She’s based in New York and Dallas. 
• Charmaine has 25+ years of finance experience, as an investment banker, private banker, and equity research analyst at top global firms. She’s also an advisor to Gore Range Capital, a New York/Dallas-based VC firm.

Ken Denman Joins TIFIN’s Board of Directors

• TIFIN has appointed Ken Denman to its Board of Directors to aid TIFIN in leveraging AI for wealth management solutions. Denman, an entrepreneur, investor, and executive with experience building, scaling, and exiting tech companies, has held roles at Emotient, Openwave Systems, and iPass Inc. 
• He is currently a General Partner at Sway Ventures and serves on the boards of Costco and Motorola Solutions. 

 

BlackCloak Appoints Ryan Black as Chief Information Security Officer

• BlackCloak welcomed Ryan Black as its new CISO to lead digital executive protection and concierge cybersecurity & privacy initiatives. 
• Ryan brings extensive experience in cybersecurity, having led security initiatives at various companies including Mandiant, facilitating its acquisition by Google Cloud.  
• BlackCloak protects corporate executives and high-profile individuals from cybersecurity, privacy, financial, and other reputational risks. Founded in 2018 and headquarted in Orlando, Fl, the firm is led by Dr. Chris Pierson.