Phrases of the deal weren’t disclosed, though iCapital says the funding was on the similar $6 billion-plus valuation as its $50 million funding spherical in December.
Based in 2013, iCapital is utilized by the wealth administration, banking, and asset administration industries to facilitate entry to non-public markets investments for his or her high-net-worth shoppers.
The agency has been working with BofA since 2018 and the next 12 months acquired the financial institution’s various funding feeder fund operations. This enabled BofA to streamline and automate ongoing fund operations and administration companies for Merrill and Personal Financial institution advisors and their shoppers.
Nancy Fahmy, head, various investments, speciality asset administration and funding options specialists, BofA, says: “iCapital and Financial institution of America share the idea that various investments are an vital element of a well-diversified portfolio and it’s important to extend entry, training and repair to advisors and their shoppers.”,Financial institution of America has constructed on its partnership with iCapital Community by making a strategic funding within the various funding platform.,
