NEW YORK, ZURICH, SINGAPORE – iCapital,1 the leading global fintech platform driving access and efficiency in alternative investing for the asset and wealth management industries, today announced that iCapital has acquired Bank of Singapore’s in-house private market feeder fund platform. With the deal, iCapital takes over the management and operation of the bank’s private market feeder funds while Bank of Singapore retains client servicing responsibilities.
Following the close of the transaction, iCapital services approximately US$114 billion in global private assets, of which more than US$27 billion are from international investors (non-US Domestic), across more than 940 funds.
The deal builds on a long-standing partnership between the two companies. Bank of Singapore previously tapped iCapital to build out a technology and feeder fund solution to offer the bank’s advisors a seamless, intuitive platform for selecting private market investments for inclusion in client portfolios including private equity, private credit, and real assets.
“This transaction is the culmination of a highly collaborative relationship with iCapital,” said Leong Guan Lim, Global Head of Products at Bank of Singapore. “By partnering with the iCapital team on the management of our private market feeder funds business, we can ensure that our relationship managers and their clients have access to the industry’s leading technology and education offerings within the private market investing space.”
“We are excited to forge a deeper relationship with Bank of Singapore as we expand our offering to a growing base of clients and investors throughout Asia,” said Lawrence Calcano, Chairman and CEO of iCapital. “Our team works tirelessly to evolve with the investor demands of the international marketplace and we are grateful for the support of Bank of Singapore as we work together to further our mission.”
Bank of Singapore will continue to source and monitor private market investments for its clients and provide ongoing advice to its clients on private market investments within a diversified investment strategy. iCapital will become the provider of custom private market funds for the bank’s high-net-worth clients.
As part of the transaction, the bank’s wealth managers also gain access to AltsEdge, the comprehensive educational platform sponsored by the iCapital Foundation and CAIA, designed to help wealth managers better understand alternative investments and how they can leverage them to improve client outcomes. The program consists of ten guided modules covering the private markets, various types of strategies and product structures and portfolio construction.
Asia is expected to grow its ultra-high-net-worth-investor (UHNWI) population by close to 40 percent over the next five years, significantly above the global average of 27 percent2, and interest in alternative investments by Asian UHNWIs has steadily increased in recent years.
“This deal is a key milestone in iCapital’s expansion strategy in APAC and attests to our ability to be a partner of choice for Wealth Managers as they make private markets a strategic priority and a more accessible component of a diversified portfolio,” said Marco Bizzozero, Head of International at iCapital. “Bank of Singapore is a recognized leader, and this partnership strengthens iCapital’s leadership in providing the global wealth management community with a best-in-class digital experience when accessing the private markets.”
The transaction with Bank of Singapore was completed on February 28, 2022.
Founded in 2013 in NYC, iCapital is the leading global fintech company powering the world’s alternative investment marketplace. It has transformed the way the wealth management, banking, and asset management industries facilitate access to private markets investments for their high-net-worth clients by providing intuitive, end-to-end technology and service solutions. Wealth management firms use iCapital’s solutions to provide clients with quality funds at lower minimums and simplified digital workflows. Asset managers, RIAs and banks leverage iCapital’s technology to streamline and scale their alternative investments operational infrastructure. Additionally, the iCapital ‘flagship’ platform offers wealth advisors and their high-net-worth clients access to a curated menu of private equity, private credit, hedge funds, structured notes, and other alternative investments to help meet their investing needs for return and diversification. iCapital’s research and diligence team offers robust analysis alongside the firm’s extensive suite of advisor education, compliance, portfolio management, and portfolio analytics tools and services. iCapital was recognized on the Forbes FinTech 50 list in 2018, 2019, 2020 and 2021, the Forbes America’s Best Startup Employers in 2021, and MMI/Barron’s Industry Awards as Solutions Provider of the Year in 2020 and 2021. As of January 31, 2022, iCapital services $112 billion in global client assets, of which more than $25 billion are from international investors (non-US Domestic), across more than 940 funds. Employing more than 750 people globally, iCapital is headquartered in NYC and has offices in Zurich, London, Lisbon, Hong Kong, Singapore, and Toronto.
For additional information, please visit the iCapital website at www.icapitalnetwork.com | LinkedIn: https://www.linkedin.com/company/icapital-network-inc | Twitter: @icapitalnetwork
See disclosures here.
About Bank of Singapore
Bank of Singapore is the dedicated private banking subsidiary of OCBC Bank. It has a strong Aa1 credit rating from Moody’s and offers a unique value proposition as a safe Singapore-registered private bank.
It operates on an open-architecture product platform and has strong research capabilities, especially in emerging market research, to help its clients make the right decisions for fixed income, equities and money market investments as well as portfolio management, trust and insurance services. Over the years, it has built Managed Investments capabilities and premium trust and advisory services, supported by one of the largest research teams in Asia.
Beyond private banking services, clients of Bank of Singapore have access to personal and business banking services, as well as investment opportunities offered by OCBC Bank or its subsidiaries.
It is able to leverage OCBC Bank’s commercial banking capabilities to extend its clients a broad array of consumer and corporate banking, corporate finance and treasury services across the OCBC Bank’s regional and international network.
Bank of Singapore serves high net worth individuals and wealthy families in its key markets of Southeast Asia, Greater China, Philippines, India Sub-Continent and other International markets. Headquartered in Singapore, Bank of Singapore has branches in Hong Kong and Dubai International Financial Centre, with a representative office in Manila. It offers wealth management services in the European Economic Area under the BOS Wealth Management Europe brand name. In Malaysia, it serves its clients through BOS Wealth Management Malaysia.
Its strong performance has won it numerous industry recognitions. Bank of Singapore was most recently named the Best Private Bank for Digital Innovation and Services by Asian Private Banker and Best Asia-based Private Bank Active in the Middle East and North Africa (MENA) by WealthBriefing in 2021.
For more information, please visit www.bankofsingapore.com.
iCapital Media Contacts
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(1) Institutional Capital Network, Inc., and its affiliates including iCapital Securities LLC (together, “iCapital Network” or “iCapital”)
(2) Knight Frank 2021 Wealth Report