Alternative Investments: iCapital To Provide Alternative Investment Solutions to PGIM’s Retail Clientele
iCapital will power a “seamless alts experience” for PGIM Investments’ High Net Worth (HNW) advisor channel.
PGIM Investments is the retail distribution arm of PGIM, Inc, the $1.4 trillion investment management business of Prudential Financial, Inc. (NYSE: PRU). It has tied up with iCapital Network, a financial technology platform focused on alternative investing, for a customized technology solution to support PGIM’s high net worth clients and financial advisors. The latter will get access to PGIM’s real estate, private credit, and other private alternative investment solutions. These were hitherto only available to the firm’s institutional clients. (Wealth Adviser)
Advisor community to benefit from alternatives technology
PGIM Investments has gone the extra mile to bring the benefits of iCapital’s alternative investing technology to financial advisors.
PGIM has about $235 billion in AUM in alternatives such as private real estate debt and equity, private credit, hedge fund, and infrastructure products.
Advisors will now enjoy automated subscriptions, administration, document management, and reporting amidst streamlined distribution and access. They will, therefore, be able to provide exceptional levels of service in alternative investments to their clients.
“PGIM has a long history of managing alternative asset classes which have traditionally been offered to the firm’s institutional clients,” said Stuart Parker, President and CEO of PGIM Investments. “We are excited to utilize iCapital’s intuitive technology platform to provide PGIM’s institutional-quality alternative investment solutions to our retail clients.”
“Supporting the high-net-worth advisory space with innovative technology has been the enduring priority for iCapital since we started the business, and our fully digital offering has proven to offer a distinct advantage as advisors execute remote business operations,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital Network.
March fundraise by iCapital
In March this year, the fintech platform raised $146 million to enhance its platform technology and expand functionality for alternative investing.
BlackRock (NYSE: BLK), a long-standing strategic partner of iCapital, agreed to acquire a significant minority stake in the company.
Related Story: iCapital Network Announces $146 Million Funding Round
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