InvestCloud wins deal with South African wealth manager
US-based InvestCloud has a spring(bok) in its step as it has been appointed by South Africa’s Anchor Private Clients to provide digital client communication and client reporting solutions.
Johannesburg-headquartered Anchor Private Clients, the private client division of Anchor Group, specialises in investment management and advice for private clients across South Africa and internationally. Its parent company Anchor Group manages ZAR 48 billion ($3.6 billion) of assets under management.
The wealth manager will be using the InvestCloud Blue suite of financial apps, which provides automated client communications capabilities along with consolidated reporting, portfolio management, CRM and sales support.
Brendan Gace, head of Anchor Private Clients, says it is “impressed with InvestCloud’s easily customisable digital platform” – which means it “didn’t have to invest significant time and resources in building our own system, yet the result is exactly how we want it to be”.
Anchor Private Clients will also be able to use the InvestCloud Digital Warehouse. According to InvestCloud, this can “pull together millions of pieces of content – from news and social media to market data and information on investments – to ensure its data provides a single version of the integrated truth for its clients”.
Headquartered in Los Angeles, InvestCloud established its first international office in the UK in 2016.
This year, it opened its first fintech accelerator and incubator, the InvestCloud Innovation Centre, at its Pacific Design Centre in LA.
It also acquired Babel Systems in London for $20 million. Babel provides a modular and API-based trade and accounting platform, while InvestCloud has over 660 clients with “accounting needs served by legacy accounting systems that were designed in the last century”.
In 2016, JP Morgan Chase and InvestCloud partnered to develop digital capabilities for individual investors at both the JP Morgan and Chase franchises.
JP Morgan also made an equity investment in InvestCloud, but didn’t reveal the figures. This investment is just one part of JP Morgan’s three-year $300 million digital strategy to improve in asset management.