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SEI has made its first strategic investment in AI developer and startup incubator TIFIN. This investment is aimed at rapidly iterating new ideas between the two parties. This will also give SEI access to artificial intelligence technology developed by TIFIN.
SEI manages, advises and manages approximately $1.4 trillion in assets across its platforms, which are used by thousands of advisors.
“Working with the right strategic partners in times of intense change can help you increase your speed, confidence and agility,” Sneha Shah, head of new business operations at SEI, said in a statement. .
In July 2023, previous investor JP Morgan made an additional investment in the company as part of the launch of TIFIN.AI, a subsidiary within TIFIN. Terms of JPMorgan’s investment and the involvement of other investors were not disclosed.
TIFIN’s last major funding was at the conclusion of a $109 million Series D funding round in May 2022. Franklin Templeton and Motive Partners were joined by investors Hamilton Lane, JPMorgan Asset Management, Morningstar and Broadridge.
Apex and Advyzon launch new integration
It’s been a busy few weeks for both Advyzon and Apex.
Most recently, the companies announced new storage and integration capabilities this week at Advyzon’s inaugural conference in Phoenix, Arizona.
These integrations cover several processes and areas, from new account opening workflows to account funding, fund transfers, custodian fee file submissions, and FIX trading support.
In a nutshell, Apex streamlines these processes, allowing them to be handled as directly as possible, and enabling Advyzon’s cloud-based platform (portfolio management, performance reporting, trading and rebalancing, client web portals, CRM, client (combined billing, document storage) made available to advisors. ) For example, initiate a new account opening for a client directly from within Advyzon.
All customer data within Advyzon’s CRM is pre-populated in account opening forms that can be sent and verified directly to customers through the company’s portal, along with any additional information and signatures required.
Similar efficiencies are built to support other features as well.
Just a week ago, the company’s TAMP, Advyzon Investment Management, announced an integration with Nebo Wealth. A month ago, Apex announced the new Astra user interface during its annual T3 conference.
Assetmark to spend $60 million on technology in 2024
Turnkey wealth management platform Assetmark held its fourth quarter earnings conference this week.
Recent wealthmanagement.com AssetMark CEO Michael Kim was asked in an interview and during this week’s earnings call about a December Bloomberg article that said major shareholder Hwatai Securities was considering a sale.
Kim said the company does not comment on rumors or stories of this kind, so her mother has not said anything about the matter. In response to a question from Raymond James stock and capital markets analyst Patrick J. O’Shaughnessy about Huatai, Kim said the investor continues to be “very, very supportive of the business and the entire management team.” “
From a technology perspective, Kim said he’s excited about 2024.
“This year’s capital budget is going to be over $60 million, but last year we spent about $45 million on technology. This is a meaningful increase and we are committed to it. ” he said. wealthmanagement.com.
TAMP supports more than 9,300 personal financial advisors, serves more than 250,000 households, and has $108.9 billion in platform assets.
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