iCapital Network to buy Credit Suisse's HedgeFocus business
iCapital Network has agreed to acquire HedgeFocus business from Swiss bank Credit Suisse.
iCapital Network, a financial technology platform that provides the HNW market with access to alternative investments, has agreed to acquire HedgeFocus business from Swiss bank Credit Suisse.
The HedgeFocus portfolio comprises over 20 hedge fund access vehicles representing about $1.8bn in assets in a combination of event driven, multi-strategy, directional, relative value and tactical strategies.
The acquisition of HedgeFocus portfolio expands iCapital’s offering to independent wealth advisors and boosts platform assets to more than $2bn.
As part of the deal, iCapital will be responsible for the ongoing administration and servicing of the investments for all existing investors, as well as marketing, administration and servicing for new investors subscribing through iCapital.
iCapital offers a range of alternative investments, including private equity, credit, real estate, venture capital and hedge funds, to its private network of registered investment advisors, broker-dealers, family offices and individual HNW investors.
iCapital online platform was created to provide next generation fund diligence, including presentation materials, due diligence reports, competitor benchmarking, manager profile videos and historical fund performance.
The platform has been built on proprietary technology that enables electronic fund subscriptions and redemptions and automates capital confirmations, fund statements, tax reporting and investor reporting to deliver the consummate investor relations experience backed by personalized, professional support.
iCapital Network managing partner Lawrence Calcano said: “This acquisition is a natural extension of our business strategy, helping us expand our footprint in ways that align with the critical investment priorities of the high-net-worth community for access, choice and transparency.
Credit Suisse head of alternative investments private banking North America Eileen Duff Blalock said: “This deal is the culmination of a highly collaborative and close working relationship with iCapital Network that dates back to the firm’s inception in 2013.”
iCapital Network co-founder and managing partner Nick Veronis said: “The acquisition of HedgeFocus fits seamlessly with that goal and places the firm and our clients squarely at the technological forefront of the alternative investments landscape.”