Category Archives: AltsTech News

Allianz Guaranteed Income Product Will Be Available with SS&C

Allianz Guaranteed Income Product Will Be Available with SS&C

May 24, 2023 | SS&C

SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced it will be adding a guaranteed income product for defined contribution plans from Allianz Life Insurance Company of North America (Allianz Life) to its Retirement Income Clearing & Calculation (RICC) platform.

The Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit launched in defined contribution plans nationwide in November 2022. The fixed index annuity offers innovative design features including growth potential, protection from market loss and guaranteed lifetime income through the Lifetime Income Benefit. This benefit provides the opportunity to increase income annually for life to help address the effects of inflation. Guarantees are backed by the financial strength of Allianz Life.

SS&C’s RICC will bolster the distribution of the annuity across integrated recordkeeping platforms through its central one-to-many connection and will provide program oversight and a holistic participant experience for Allianz guaranteed retirement income solutions. The platform provides a seamless customer experience through coordination among recordkeepers, enrollers, managed account providers, middleware providers and other defined contribution plan partners

“We are pleased our innovative lifetime income solutions will be available for plans served by recordkeepers connected to SS&C’s RICC platform,” said Matt Gray, head of employer markets, Allianz Life. “This in-plan annuity was designed with streamlined recordkeeper connections with plan partners and their participants in mind. We’re proud to see our product with a middleware provider that has the open architecture to make our solutions accessible to a broader segment of the market so we can help more people prepare for a successful retirement.”

“We are excited to add Allianz Lifetime Income+ as the first fixed index annuity on our platform,” said Kevin Rafferty, General Manager, SS&C Retirement Solutions. “The market for lifetime income solutions is expanding rapidly as more Americans seek out guaranteed options in their employer-sponsored plans. As the platform of choice for retirement income technology connections and participant solutions, SS&C is committed to providing the best tools for innovators like Allianz to make their offerings easily accessible.”

SS&C developed the RICC middleware to help address the need for an efficient, scalable and cost-effective way for recordkeepers to gain access to multiple retirement income solutions through a single connection. Learn more here.

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America, one of the Ethisphere World’s Most Ethical Companies®, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2022, Allianz Life provided additional value to its policyholders via distributions of more than $7.7 billion. As a leading provider of fixed index annuities, registered index-linked annuities, and fixed index universal life insurance, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.

Additional information about SS&C (Nasdaq: SSNC) is available at



Private Credit Funds: Challenges and Opportunities

Private Credit Funds: Challenges and Opportunities

May 16, 2023 | SS&C

Changes in the mainstream lending landscape and the market’s less volatile nature drive more fund managers toward the private credit space. Preqin recently estimated the market’s growth rate is accelerating to 17.4% annually, with private debt becoming the second largest private capital asset class in 2023. Global Custodian sits down with Bhagesh Malde, global head of SS&C’s fund servicing unit, SS&C GlobeOp, and Karen Geiger, SS&C’s alternatives technology leader and co-head of SS&C Advent, to discuss opportunities and challenges in the market and how the firm’s private credit offering is standing out from the competition.

≡ Download Article

NexPoint’s VineBrook Homes Trust now available for trading on

NexPoint’s VineBrook Homes Trust now available for trading on

May 11, 2023 | LODAS

LODAS Markets announced today that VineBrook Homes Trust, which is externally managed by NexPoint Real Estate Advisors V, L.P. (together with its affiliates “NexPoint”), is now trading on, joining more than 30 non-traded and private REIT securities currently offered on the proprietary LODAS marketplace.

“We’re excited to offer VineBrook Homes Trust investors the secondary liquidity they may seek and appreciate the opportunity to partner with NexPoint, one of the leading – and most influential – managers of alternative investments,” said LODAS Markets CEO Brian King. “We look forward to building upon this relationship as we offer investors of all sizes the ability to buy when they want to buy and sell when they want to sell.” 

Today’s news follows the first-quarter launch of trading on LODAS in two important non-listed REITs whose investors may seek liquidity: Blackstone REIT (BREIT) and Starwood REIT (SREIT). LODAS currently has nearly $1 billion in buy side interest for BREIT alone and has a large stable of institutional and accredited buyers prepared to provide liquidity to securities offered on the LODAS marketplace.

The LODAS name underscores the company’s pledge to offer Liquidity On Demand As a Service, providing individuals and sponsors with liquidity on their terms. As the first fully-automated online marketplace matching buyers and sellers of alternative and real estate investments, LODAS operates like an exchange where assets like non-traded REITs, business development corporations (BDCs) and private real estate investments trade similar to corporate stocks.

LODAS was founded as Realto, Inc., in 2021 and offers trading in more than 30 non-traded and private REIT securities with its digital system executing trades quickly and settling in as few as five days, much faster than the multi-week process that’s long been industry standard. To date, LODAS has empowered a vast community of more than 1200 individuals and professionals to transact seamlessly across 46 diverse REITs and BDCs, ranging in value from $500 million to $71 billion, offering needed liquidity to investors that otherwise could not access liquidity in their investments.

About LODAS Markets

LODAS is committed to helping investors find liquidity – on their terms. Trading is offered through our subsidiary, LODAS Securities, Member FINRA/SIPC. Their SEC-registered online marketplace for buying and selling alternative and real estate investments operates similar to a traditional public stock exchange. We also integrate our technology with the client portals used by leading investment firms. Despite the merits of LODAS, there’s no guarantee that a market will develop for some securities, and as a result, they may remain illiquid. To open an account with LODAS, go to to complete our 5-minute process to open an account and post interest in selling shares.

Connect with us on our websiteLinkedInFacebookTwitter and YouTube.

About NexPoint

NexPoint manages $17 billion of alternative real estate investments and the firm is comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. NexPoint provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, and other strategies and vehicles. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces. For more information, visit

About VineBrook Homes Trust, Inc.

VineBrook Homes Trust, Inc. (“VineBrook Homes”) is an externally advised real estate investment trust. VineBrook Homes is focused on acquiring, developing, renovating, leasing and operating single-family rental properties primarily located in the midwestern, heartland and southern United States markets. According to VineBrook’s most recent filing on Form 10-K, it owns single family assets with a gross asset value of $3.9 billion and a net asset value of $1.9 billion and owns almost 25,000 single family homes focused on the affordable sector. For more information, visit Additionally, their public filings may be accessed on the Securities and Exchange Commission’s public database, EDGAR, at EDGAR Search Results (


LODAS Markets
Randy Williams

Altigo Surpasses $3B in Alts Transactions

Altigo Surpasses $3B in Alts Transactions

May 11, 2023 | Heather Acey

Less than a year after hitting the $2 billion mark, Altigo has crossed $3 billion in alternative investments completed on the platform, a new milestone revealing enduring demand for transformative alts technology and amplified interest in alternatives as a way to weatherproof investor portfolios during turbulent economic times.

Since reaching $2 billion in June 2022, Altigo’s growth and adoption continued with alternative investment sponsors including CAI, CIM, Cottonwood, Hamilton Point, Hines and Livingston Street joining the platform as well as firms such as Alliance Global Partners, Newbridge, ProFi, and Realized Financial. With over 260 alternative investment offerings currently “live” and accepting investments on the platform, Altigo’s latest milestone represents more than 12,000 alts subscriptions since its debut in mid-2019.

Altigo’s success and high rate of adoption shows how straight-through processing technology for alternative investments is swiftly moving from something that firms consider “nice to have” to something they now need to stay in sync with the next generation of advisors’ and investors’ digital-first expectations. Altigo’s success is also due to the meaningful results it provides for users such as reduced NIGO (not-in-good-order) paperwork error rates, which can be as low as 4%.

Altigo streamlines investment processing and compliance by providing access to all firm-approved alts offerings in a single white-labeled portal. The platform also includes custom firm forms and custodian partners’ letters of investment authorization within the workflow. Altigo integrates with popular CRM and compliance and risk management tools as well.

“We look forward to Altigo setting a new standard of service for our affiliated registered representatives and advisors as well as for their supervision,” said Newbridge CTO Kurosh Golchubian. “The home office is prioritizing automation of our core capabilities to up our service game and to stay in sync with rising demand for digital-first solutions. Straight-through processing provides reduced regulatory risk and the satisfaction of knowing that submissions will be in good order the first time—giving our supervisors more time to supervise rather than micromanage paperwork.”

Today, Altigo supports a range of alternative investment offerings from more than 100 sponsors, including non-listed REITs, qualified opportunity zone funds, non-listed preferreds, interval funds, direct private placements, DSTs, private equity funds, and non-listed BDCs.

“Altigo’s continued growth demonstrates that firms and sponsors are still seeking digital solutions for their alts business to meet investor demand despite the recent market slowdown,” said Bill Robbins, CEO of Altigo. “We’re already seeing signs of a resurgence in the industry and will continue to provide our clients with solutions that make it easier for them to do business.”


Zero-Click Content

Zero-Click Content

May 1, 2023 | Marketing Intent

If something says, “Read Here,” are you apt to click? Or does that call to action make you feel inconvenienced or bored and you move on?


People Are Becoming Click-Averse

At one time, gated content was the thing to do in marketing. Tease content and then require someone to submit their contact information to you so they could access the full content. This allowed marketers to understand who was reading their content and to market to them going forward.

Today’s marketing landscape has changed, and so have our readers’ attention span and patience. People now find gated content annoying and the teasers boring. They won’t take the time to access the larger piece of content – even if it’s just a click away. Marketers have had to elevate content, shorten it and bring it to the forefront, making it more broadly and immediately accessible to their target audiences.

What is Zero-Click Content?

Zero-click content is publishing your full content upfront with no clicks required. Gasp! We know…it’s uncomfortable! This means no data on who clicked and few performance metrics.

But, it becomes a better user experience with shorter content, clear points and impactful messaging. As you engage your audience, they will voluntarily click to read more of your content. You’ll track and engage prospects with other marketing efforts that don’t put up a barrier for your target audiences. The effort you put into your content – and the content itself – won’t get lost in the abyss of “click here to read more.”

Accessible Content Builds Trust

By making your content more accessible, you will be getting your point across more quickly, building a presence, building trust, and advisors will remember how easy it was to read your firm’s content. This can help build your reputation as an educator – you’re serving your target audience and not just selling to them.



Expect more from a full-service alternative investment transfer agent

Expect more from a full-service alternative investment transfer agent

May 1, 2023 | Computershare

Growing your alternative investment portfolio is challenging – there are risks everywhere. Managing complex stakeholder engagement and mitigating risk across board composition, voting, corporate secretarial responsibilities, tax and regulatory reporting, and corporate events can be complex and time consuming. Alternative investments have unique obligations in these areas, and not all transfer agents have the expertise to help you succeed, cost effectively. To meet your financial and regulatory requirements, you need resources, automation, and expertise – without adding headcount, cost, and complexity – to get everything completed on time. This allows you to focus on your strategic priorities with insight, comfort, and the assurance that your governance is working well. Consolidating your service providers to one strategic partner with the experience to manage all your governance and compliance obligations is essential to success. If your current provider does not assist you in the following areas, it may be time to switch.

One provider for all services

As your company grows and evolves, does your transfer agent offer an ecosystem of services?

With years of experience in the alternative investments industry, Computershare delivers the breadth and depth of services your company will need at every lifecycle stage. From capital raising, distributions and day to day servicing of registered investment advisors (RIAs), advisors, brokers, and custodians to listing events, mergers and acquisitions, and other types of corporate actions, we have the expertise to manage your transactions no matter the size or complexity.

We also offer support for shareholder communications, shareholder meetings, and proxy voting. With in- house print and mail capabilities, all your statements, checks and other mailings are taken care of.

You will work with a single provider that can do it all, managing daily tasks for you while delivering the services you need, efficiently and cost-effectively.

Access to capital

Can your transfer agent help you raise capital?

We understand that capital raising is a key priority for your company. With Computershare, you have access to capital through non-traditional techniques such as continuous preferred stock offerings.

In addition, we offer a total, streamlined solution, consolidating the subscription agent, escrow agent, and other services to complete multiple closings each month.

Innovative technology

Does your provider offer technology to streamline your daily tasks?

At Computershare, we are committed to continuously investing in digital technology and innovation. We offer an Alternative Investment Portal with access to the information advisors and custodians need most.

With our Alternative Investment Portal, advisors can easily access and download investors’ information including shares, price, value, and account number, see balances by date, view transaction history, and get statements and tax documents, all in one place. Custodians have quick access to investor position reports, as well as investor statements, confirms and tax forms, and daily transaction activity reports.

Specialized alternative investment teams

Does your transfer agent provide dedicated support?

When you choose Computershare, you will have the support of specialized alternative investment teams. Our experts are dedicated to engaging with your key stakeholders, and addressing their many transactional requests and questions, freeing up your time to focus on other business priorities.

ESG best practices

Is your provider committed to ESG?

Increasingly, investors expect the companies they invest in to uphold environmental, social and governance (ESG) best practices, and to continue to make advancements in this area. When you partner with Computershare and Georgeson, we can help you align corporate reporting and disclosures, and understand how ESG influences voting. We will work with you to gain an ESG advantage.

To learn more about how Computershare can be your strategic partner in growing your alternative investment portfolio, contact our team.


Automation is critical to modernizing the loan market

Automation is critical to modernizing the loan market

April 27, 2023 | Steve Sulecki | SS&C

With institutional investors allocating to debt funds in growing numbers, it’s not surprising private equity and hedge fund managers are interested in diversifying into this sector. However, they are navigating significant operational and accounting challenges. 

Despite the growth and sophistication of the loan market, it is still largely paper-based and dependent on manual processes. Loans are arguably the most complex asset class for accounting and reporting. Loan facility documentation is often unique to each lender and the structures, terms and covenants are often highly tailored to the borrower. With little standardization and few opportunities for automation, firms find it challenging to achieve processing efficiency and speed to make the business scalable and profitable.

Portfolio accounting systems built for traditional equity or fixed-income investments cannot handle the many moving parts associated with a bank or private debt. Firms often resort to spreadsheet-based workarounds to calculate the valuations of their loan holdings and allocate payments to investors. This manual process is inefficient, time-consuming and increases the risk of errors. Even firms tracking their loans in investment management systems struggle to gather the data points required to formulate positions on trade dates. While these details may be available in the credit agreement, it entails parsing large amounts of information to extract the correct data elements required by the system.  

≡ Continue Reading

Trend following and the diversification potential of positive skew

Trend following and the diversification potential of positive skew

April 26, 2023 | Andrew Snyder | CAIS

Investors tend to rely upon well-known risk-adjusted return measures—such as Sharpe and Sortino ratios—when using alternative strategies to build diversified portfolios and extract differentiated returns. But are investors sometimes forgetting about other important properties that may create a well-diversified portfolio?

What you’ll learn:

Trend following is one of the largest and most established hedge fund strategies, which aims to diversify against negatively skewed portfolios.

• With negative correlation to global equities and a shallower max drawdown, trend following may serve as a diversifying complement to a traditional equity allocation.

• In tempering volatility and drawdown, investors would have historically enjoyed a smoother ride with an allocation to trend-following funds.

• In this piece, we will investigate the potential benefits of incorporating investments with characteristics of positive skew into a portfolio, specifically, trend-following strategies.

≡ Continue Reading

UPREITs: Keeping Real Estate Investments in Play

UPREITs: Keeping Real Estate Investments in Play

April 11, 2023 | Altigo

Asset managers know there’s more than one way to invest in real estate, and many of them manage multiple funds with different strategies and structures to give investors options. Those choices might include either a Delaware Statutory Trust (DST) or a Real Estate Investment Trust (REIT)—tax-advantaged alternative investment products that grew in popularity after the economic crisis of 2007-09.

More recently, sponsors have begun equipping their DSTs with an exit strategy that lets investors keep their investment in play without taxation by bridging it from a less-liquid DST to the operating partnership (OP) of a REIT, while staying with the same sponsor. These special property-to-OP unit conversions are known as UPREITs, or umbrella partnership real estate investment trust transactions. UPREITs have emerged as the latest evolution in the DST space, which last year raised a record $9 billion, according to data from Mountain Dell Consulting. Sponsors employ UPREIT transactions because they create a more stable investment compared to the DST structure, which for tax purposes has many restrictions that limit the ability to hold investments long-term, add capital, and maximize a property’s value. Advisors recommend them because they offer their clients more liquid investment options, tax planning flexibility, and portfolio diversification. And investors prize their ability to increase access to economies of scale—exposing them to the larger, diversified, better-capitalized portfolios of properties that REITs manage through the operating partnership, which can potentially reduce their exposure to risk.

“Three years ago, 100% of our exit planning practice with respect to 1031 exchanges was concentrated in traditional DSTs,” said Carl Sera, President of Sera Capital Management, a registered investment advisor and real estate consultant. “Now it is about 30% with the UPREIT solution at 70%. Once people analyze the differences, it becomes obvious which way they should go.”

Why the upward trend in UPREITs? In short: DSTs are maturing and the UPREIT reflects adoption of the structure commonly used by institutions for decades. As more financial professionals and individual investors learn about this exit option, and their potential benefits, the more word spreads about them. UPREITs were pioneered by Sam Zell in the 1980’s and, over the last five years, by sponsors Dividend Capital (now Ares Management), JLL, and others who broke into the wirehouses with this type of DST structure and where, to date, the most volume in UPREIT transactions has occurred. DSTs typically consist of a single property, have a holding period of about 5-7 years, and are largely illiquid. Selling a DST investment to another accredited investor can be logistically difficult, and 1031 exchanges—”like-kind” exchanges that let investors roll proceeds from one property into another—while also tax-advantaged, are typically less flexible than UPREITs.

The Last Stop

Every UPREIT transaction will be structured differently, but they allow investors to break out of repetitive cycles of 1031 exchanges and avoid cashing out early and face tax consequences.

“An UPREIT is your last stop,” said Jay Frank, President of Cantor Fitzgerald Asset Management. “But it potentially allows investors to get partial liquidity over time from a REIT’s OP. While it can cause a taxable event, it may provide investors additional flexibility and liquidity which you wouldn’t have in a DST. There are also ways to manage any tax liability created.”

Carl Sera says UPREIT transactions are popular with many older first-time DST investors. “These are investors who have made the decision to move from active ownership to passive ownership. Once an investor decides to move to passive ownership, they don’t revert to active.”

Taxation and Administration

An UPREIT transaction allows investors to exchange property for OP ownership in a standard REIT. UPREITs are subject to Title 26, Section 721 of the Internal Revenue Code, which specifies that property-to-share conversions are not generally considered taxable events. Otherwise, UPREIT structures are taxed similarly to that of standard REITs, which are not taxed on most of their earnings, as the taxes are paid by investors when they claim dividends as income. Following completion of the 721 exchange, the UPREIT sponsor owns the newly acquired property and manages its administration. In return, the seller gains operating partnership units that can be converted into REIT shares (a taxable event) or put toward other investment strategies. REITs have the potential to generate risk-adjusted returns through rental and other related income. They are required to return 90 percent of earnings to investors in the form of dividends. While some REITs are traded on public exchanges like NYSE and NASDAQ, non-traded REITs are sold by individual broker-dealers. Investors that UPREIT into a publicly registered non-traded REIT can potentially benefit from the various investor protections inherent in a public company including the transparency that comes with financial record keeping and reporting. Asset managers have sole discretion over how UPREIT transactions are administered, and typically dictate in the private placement memorandum whether or not the option is included. These types of exchanges cannot be guaranteed to happen—they’re strictly optional—and a minimum of two years must go by before an investor can elect to make the exchange. The sponsor then dictates when the elected exchange occurs, not the investor.

Perhaps another reason 721 exchanges are on the rise is due to persistent bipartisan scrutiny that 1031 exchanges have garnered from the last three presidential administrations, all of which have sought to scale back 1031 exchange tax benefits.

“1031 has been attacked in the past. Under the Tax Cuts and Jobs Act, 1031 was limited to real property and no longer applies to personal property,” said Cantor’s Jay Frank. “Real estate survived, but it could be looked at again. Getting into a REIT structure mitigates the legislative risk of Section 1031—or Section 721—being materially altered.”

Increased interest in UPREITs also comes as rising interest rates and recession worries have put downward pressure on real estate and reduced demand for DSTs. While this has forced some sponsors to scale back property purchases, other firms like Capital Square started 2023 off by completing the acquisition of multiple multifamily properties for both DST and Opportunity Zone Fund offerings. The industry is currently in a process of “price discovery” as buyers and sellers come to terms with the new reality around debt terms.

“At Capital Square, we view the UPREIT as a method of adding value to quality multifamily investments that otherwise have to be sold to comply with DST tax rules,” said Louis Rogers, founder and Co-CEO of Capital Square. “The IRS revenue ruling requires sale of DST properties when the mortgage matures, and it is not possible to refinance or recapitalize even when it would be in the best interests of the investors. This means that quality real estate that should be held long-term must be sold, with the funds returned to DST investors who will likely structure another 1031 exchange to continue the tax deferral.”

As with any real estate investment, especially alternative investments like DSTs and REITs, there are a number of risk factors that should be considered, such as declines in market value, local economic conditions, operating costs, and more. Current economic conditions around real estate underscores the importance of educating investors on the long-term nature of alts.

CAIS Modernizes Brand to Reflect Role in Transforming the World of Alternative Investing

CAIS Modernizes Brand to Reflect Role in Transforming the World of Alternative Investing

March 28, 2023 | CAIS

CAIS, the leading alternative investment platform, today announced a modernized brand refresh to reflect CAIS’ leadership role in transforming the world of alternative investing as we enter a “New Era of Access.”

With financial advisors and alternative asset managers engaging at unprecedented levels, this “New Era of Access” is being driven by a confluence of tailwinds. Led by financial advisors who seek the performance benefits of a modern, three-dimensional portfolio1, additional tailwinds include asset managers who recognize the growth opportunity within the wealth channel2, regulatory changes to the definition of accredited investor3, and technology advancements that pave the way for efficiency.4

“We’ve reached a major inflection point, and the industry expects trillions to be reallocated to alternative investments over the next decade5,” said Matt Brown, Founder and CEO, CAIS. “We are proud to have set the standard for this ‘New Era of Access.’”

A recent CAIS-Mercer survey6 found that nearly 88% of financial advisors intend to increase their allocations to alternatives over the next two years, signaling a rising demand for alternative asset classes amid a backdrop of one of the lowest annual performances of the 60/40 portfolio over the last two decades.7 That same study also found that 89% of alternative asset managers and other financial professionals surveyed have identified the private wealth channel as a greater priority for their firm compared to two years ago.

“The CAIS brand is built on core values that were uncovered during empirical brand research,” said Abby Salameh, CMO and Managing Director of CAIS IQ. “What our clients and stakeholders revealed was that CAIS is trusted, inventive, connected, transformative, and vital. We are excited to share our modernized brand as a reflection of our role and commitment to transforming the world of alternative investing.”

As a result of this seismic shift, CAIS has continued to pave the way with its innovative technology and world-class personalized service. To reflect this paradigm, CAIS’ newly unveiled brand refresh, which includes the launch of a new public website, displays CAIS’ role in transforming the world of alternative investing for each stakeholder in the independent wealth ecosystem including the advisor, the home office, and the alternative asset manager. The visual elements of the new brand represent the movement of this trend. The CAIS Wave symbolizes transformation, connectivity, ease of use, and transparent flow of information among these core constituents, while the CAIS Dot pattern reflects the Company’s sophisticated technology, which ensures a seamless platform experience for all members of the CAIS ecosystem.

About CAIS

CAIS is the leading alternative investment platform for independent financial advisors who seek improved access to, and education about, alternative investment funds and products. CAIS provides financial advisors with a broad selection of alternative investment strategies, including hedge funds, private equity, private debt, real estate, digital assets, and structured notes, allowing them to capitalize on opportunities and/or withstand ever-changing markets. CAIS also offers custom solutions for advisors seeking to create custom fund vehicles around ideas they source.

As an extension of the platform, CAIS also delivers an on-demand, online learning experience, CAIS IQ, which is designed exclusively to help financial advisors deepen their knowledge and increase their confidence in alternative investment strategies.

Most funds listed on the CAIS Marketplace undergo Mercer’s independent due diligence and ongoing monitoring. Mercer diligence reports and fund ratings are available to advisors on the CAIS password-protected platform. CAIS streamlines the end-to-end transaction process through digital subscriptions and integrated reporting with the leading US custodians and reporting providers, which make investing in alternatives simpler.

Founded in 2009, CAIS, a fintech leader, is empowering over 8,300 unique advisor firms/teams who oversee more than $3 trillion in network assets. Since its inception, CAIS has facilitated over $21 billion in transaction volume as the first truly open marketplace where financial advisors and asset managers engage and transact directly on a massive scale. CAIS has offices in New York, Los Angeles, Austin, San Francisco and London. For more information about CAIS, please visit

Securities offered through CAIS Capital LLC, member FINRA, SIPC.
7 HFR, Venn as of April 2022, 60/40, Portfolio represented by S&P 500 Index and the Bloomberg Barclays Aggregate Bond Gross Index


Prosek Partners

PATRIZIA and iCapital Announce Partnership to Expand Private Wealth Offering

PATRIZIA and iCapital Announce Partnership to Expand Private Wealth Offering

March 28, 2023 |

PATRIZIA, a leading partner for global real assets, and iCapital, a global fintech platform driving access to alternative investment products in the wealth management industry, have partnered to provide wealth managers with access to certain PATRIZIA investment solutions available through Allfunds, the world’s largest fund distribution network, and a strategic partner of iCapital.

PATRIZIA will leverage iCapital’s technology platform and structuring solutions to provide wealth managers and their clients with access to PATRIZIA’s profound market expertise and suite of alternative investment strategies in direct real estate and infrastructure built over a period of almost 40 years. The partnership is an important milestone in PATRIZIA’s expansion into the private wealth sector, as it addresses the increasing appetite from ultra- and high net worth individuals for investments in alternative assets, by leveraging its long-standing expertise as an institutional-grade real assets manager. Through iCapital, institutional-quality real asset providers offer their products to investment professionals globally.

≡ Continue Reading

A.G.P./Alliance Global Partners Select Altigo to Streamline its Alts Program

A.G.P./Alliance Global Partners Select Altigo to Streamline its Alts Program

March 21, 2023 | Altigo

A.G.P./Alliance Global Partners, a full-service investment firm and SEC-registered broker-dealer, has chosen Altigo as its digital solution to streamline its alternative investment program. A.G.P. will benefit from platform features that make the subscription process easier and more efficient for both reps and the home office.

Altigo integrates all aspects of alternative investment subscription and compliance, while significantly reducing not-in-good-order (NIGO) errors and other administrative headaches. The platform will help A.G.P. manage its alts paperwork and grant approved reps access to all their firm-approved alternative investment offerings in a single, white-labeled portal.

Altigo’s Supervision Assistant feature will help A.G.P. establish thorough suitability review and other home office supervision processes that can be completed in one streamlined workflow, as well as simplify and condense document review using a repeatable digital process.

Altigo and WealthForge CEO Bill Robbins said, “Technology must be flexible enough to adapt to the way your clients want to do business, and we’re excited that Alliance Global Partners is working with our team to customize their alts investment experience. Straight-through processing is going to make it easier for A.G.P. to deliver value to their reps, increase the quality of their sales supervision and operational control, and simplify the compliance review process.”

About Alliance Global Partners

Alliance Global Partners (A.G.P.) is a regional investment and advisory firm that has been a member of FINRA and registered with the SEC since 1980. A.G.P. specializes in wealth management and the middle market institutional arena. We have Full-Service capabilities with a global ability to handle domestic as well as international customers. A.G.P. prides itself on providing its clients with boutique-level services along with the confidence of knowing their assets are held at Fidelity Clearing and Custody. Whether a client is looking for wealth management advice, Institutional services, or investment banking, we have a track record and a proven team to assist. We pride ourselves on long-lasting relationships with our clients, ranging from some of the largest institutions and crossing over to the individual investor. We strive to make sure your interests become our interests.

About Altigo

Altigo is the leading open network alts subscription technology used by a community of 300+ sponsors, broker-dealers, and RIA firms. The platform enables secure electronic alternative investment transactions between asset managers, wealth advisors, custodians, and transfer agents. With over 11,000 alts subscriptions completed on the platform since its debut in mid-2019, Altigo’s adoption reflects the valuable benefits it provides to reps and advisors including diverse product offerings, nearly error-free paperwork, and lightning-fast order entry. Altigo’s team of experienced professionals is committed to client experience, adding new features on a regular basis and helping its ever-expanding client base streamline investment workflows and eliminate reliance on outdated paper subscriptions and snail mail.

Collaboration between SS&C’s Black Diamond Wealth Platform’s and RightCapital

Collaboration between SS&C’s Black Diamond Wealth Platform’s and RightCapital

March 21, 2023 | Anika Sidhika | Private Banker International

SS&C Technologies Holdings, Inc. announced the creation of a new financial planning experience within the SS&C Black Diamond Wealth Platform that will cover a client’s financial life in the past, present, and future.

The SS&C team worked closely with RightCapital, a top software business specialising in financial planning in the Wealth Management market, to create the tool.

The Black Diamond Wealth Platform is one of SS&C’s top financial technology systems, serving over 2,000 advisory firms with wealth management capabilities.

This inclusive platform allows a cloud-based solution that includes accounting, consolidated reporting, compliance, portfolio management, trading, and data aggregation.

“To further power Black Diamond functionality, we are leveraging RightCapital planning data. The partnership is one of the deepest integrations we’ve ever created,” stated Steve Leivent, Co-General Manager, SS&C Advent.

“Together, we redefine the planning experience by saving time and enabling a more synchronized user experience —and significantly expands the capabilities within our already robust platform.”

≡ Continue Reading

A volatile and unpredictable market

A volatile and unpredictable market

March 14, 2023 | Winston Crowley, Stephen DuMont and Jason Weiler | UMB

Around this time last year, much of the U.S. Treasury curve was sub 2%, the consumer price index (CPI) year-over-year had steadily been climbing (7.9% in Feb. 2022 and still on the rise), core personal consumption expenditures (PCE) year-over-year was 5.40% and the Federal Open Market Committee (FOMC) was preparing markets for Fed target rate hikes. We ultimately saw liftoff with a 25 basis point (bps) hike on March 16, 2022.

Fast forward a year: Treasuries were well north of 4%, CPI year-over-year and PCE year-over-year have remained stubbornly high (6.4% and 4.70% respectively in Jan. 2023) despite the FOMC hiking 450 bps and potentially positioned for more.

What a difference a year makes (see chart). The sharp pace of the Fed Rate increases throughout much of last year and the subsequent climb in Treasury yields resulted in escalated unrealized portfolio losses industry-wide. Significant unrealized losses were something many were unaccustomed to seeing in their portfolios for several years during the low-rate era, but the combination of the lowest rates in history during the pandemic and the fastest pace of tightening in nearly 50 years produced runaway unrealized losses.

Yet, it is important to note, the other side of those unrealized losses is that today’s reinvestment yields are much higher. Thus, the laddered portfolio many built over the years should be able to reinvest roll-off in significantly higher yields.

≡ Continue Reading

Notes from the CEO: Perspective on the recent banking industry news

Notes from the CEO: Perspective on the recent banking industry news

March 16, 2023 | Mariner Kemper | UMB

The news cycle has been dominated by the banking industry, and specifically developments related to the failures of Silicon Valley Bank (SVB) and Signature Bank. I would like to provide an update and perspective that summarizes our reaction to the events and news.

Regarding stock performance, the entire banking sector saw a significant decline in stock prices on Monday. Investors reacted to the news media and other sources without the benefit of context from UMB. After the market closed, we filed a Form-8K to explain our position.

UMB shows up as having a high “unrealized loss” position. It’s important to note that any loss only becomes realized if it is sold prior to maturity. In the rapidly rising rate environment, all banks have experienced a reduction in the value of their securities portfolio, as represented by the unrealized losses, or “AOCI.” UMB’s AOCI represents approximately 10% of our available-for-sale (AFS) portfolio balances, which is in line with peer levels. This does not impact regulatory capital ratios, which is the true measure of safety and soundness. UMB doesn’t intend to sell AFS securities.

≡ Continue Reading

How Broker-Dealers Are Staying on the Right Side of Reg BI

How Broker-Dealers Are Staying on the Right Side of Reg BI

March 2, 2023 | John Rickman | Altigo

As more retail investors enter the market, regulators have moved to raise the broker-dealer standard of conduct beyond mere “suitability” obligations. Broker-dealers and their representatives are now expected to act in the “best interest” of the retail investor and be boldly transparent about any conflicts of interest that might arise from their sales activity.

The Securities and Exchange Commission first adopted its Regulation Best Interest (Reg BI) rules in 2019 to improve the quality and transparency of retail investors’ relationships with broker-dealers, bringing its legal and disclosure requirements in line with “reasonable investor expectations.” The agency then gave firms time to up their compliance game.

Now comes the enforcement push. In a January 30 risk alert, the SEC put firms on notice that recent retail-focused examinations of broker-dealer compliance practices revealed numerous “deficiencies and weaknesses” that could erode investor trust in the financial system. Many of the faults that agency examiners found were common pitfalls related to the rules’ disclosure and care obligation requirements such as:

• Generic written policies and procedures not tailored to a firm’s business model

• No clearly written procedures for creating, reviewing, updating, and distributing disclosures

• No process to show that disclosures had been provided to customers prior to or at the time of the recommendation

• Vaguely worded policies and procedures that make it difficult for firm representatives to consider “reasonably available” investment alternatives, investment costs, and methods for documenting the basis for a recommendation

The SEC has indicated it intends to continue its examinations and both it and the Financial Industry Regulatory Authority (FINRA), the self-regulatory organization that governs wealth managers, have already begun doling out sanctions against financial professionals for violating Reg BI. As early as September 2022, FINRA sanctioned one registered representative for “excessive” trading in a customer account.

As the crackdown ramps up, broker-dealers have begun sharing best practices amongst themselves, knowing that if one of its competitors gets sanctioned, so might their firm. Altigo has gleaned some of these best practices after years of onboarding dozens of broker-dealer firms that use our technology platform for alternative investments.

Many such best practices focus on how firms create, update, and distribute the three key disclosure docs they must file and furnish to investors (whether they make recommendations or not), specifically Form CRS—which summarizes material information about the firm and aims to helps its representatives develop trust with customers—and both the individual firm and registered representative Reg BI disclosures. These three forms are typically delivered to the customer together and are generally considered living documents in that they are regularly updated to reflect new disclosures or other information.

Other best practices these broker-dealer firms recommend include:

• Adding additional suggested questions to existing disclosure documents. These questions encourage customers to ask firm reps about potential conflicts of interest as well as help reps gather more information about their customers.

• Reviewing and updating on a quarterly basis firm and firm representative conflict registers, which help broker-dealers identify, mitigate, and remove potential conflicts of interest.

• Distributing disclosure docs prior to or concurrent with a recommendation. This is standard practice, but some firms have fallen into the bad habit of providing customers with disclosures as part of subscription paperwork. It’s too late by then because distributing disclosures along with “sub docs” suggests a recommendation has already been made.

• Reviewing Reg BI policies and procedures on a frequent basis to ensure firms stay current with the rules they write to stay compliant. Annual reviews are standard practice but that’s probably not enough in light of the enforcement push.

• Redistributing disclosures after each update to ensure customers always have the most up-to-date versions.

• Training registered representatives and other staff on a firm’s compliance processes, including Reg BI.

Concurrent with FINRA’s August 3, 2022 regulatory notice warning about electronic signature forgery, broker-dealers are also strongly urged to get prior permission from customers to send disclosures and other notices electronically. Emailed disclosures aren’t compliant if the customer hasn’t consented to electronic delivery.

Many of these recommendations can be automated and broker-dealers that employ technology solutions like Altigo to help document disclosure activity, among other compliance processes, are at an advantage. Should the SEC or FINRA come calling, digital solutions can also help firms automate disclosure updates and distribution, set guardrails that restrict premature disclosure distribution, and generate reports for auditors.


CAIS: Evolving Drivers Of Private Equity Value Creation

CAIS: Evolving Drivers Of Private Equity Value Creation

March 7, 2023 | Andrew Snyder | CAIS

Once considered by some to be “corporate raiders” who used junk-bond financing to take over companies, slashing spending and cutting workforce in an attempt to generate outsized returns, private equity has evolved.

As our analysis here aims to unpack, how private equity managers have driven value for their investors has changed over time as the industry has matured and managers have attempted to differentiate in an increasingly competitive environment.

As private equity has developed as an asset class through multiple market cycles, a variety of value creation strategies has emerged, going in and out of style and effectiveness. These strategies may focus on a portfolio company’s operations, capital structure, or governance—the combination of which may impact the company’s revenue, margins, cashflow, and ultimately, its valuation. Over time, as the private equity industry grew, certain strategies have become more commoditized; in other words, tactics that were once differentiators for an asset manager may have since lost their competitiveness.

≡ Continue Reading

First to market? Three questions for your fund distribution services partner

First to market? Three questions for your fund distribution services partner

March 7, 2023 | UMB

Asset managers seeking to be first-to-market with an investment strategy or product wrapper should develop a distribution plan as they develop the product itself. Understanding the current marketplace, onboarding requirements and platform fee economics is critical to the long-term success of your product. Due to the complex nature of distribution relationships and the many considerations that go into a successful product launch, we often consult with asset managers well ahead of any SEC filings, the drafting of a prospectus or any compliance reviews.

This upfront process allows managers to gain valuable insights from their potential distributions services partner and, when the time comes, to move faster and with greater assurance. Unfortunately, we have heard far too many times of asset managers going to market without the proper share class or fee structure to support their distribution efforts. These types of roadblocks or delays can be reduced by collaboration with an effective distribution partner in the early stages of product development.

≡ Continue Reading

Market opportunity and outlook for interval and tender-offer funds

Market opportunity and outlook for interval and tender-offer funds

February 24, 2023 | UMB

Unlisted closed-end funds (CEFs) have maintained their momentum even after several years of significant growth, surpassing $100 billion in assets under management (AUM) in 2022, an all-time record for the category, which is made up of interval funds and tender-offer funds.

Not surprisingly after colossal new-product growth in 2021, assets raised by new products slowed in 2022, which is shown in our latest research, compiled in partnership with FUSE Research Network.

The research indicates that the market for unlisted CEFs is beginning to show signs of maturation, but this set of fund structures continues to exhibit the potential for continued growth in assets.

≡ Continue Reading


It’s Time to Seriously Consider a Documentation Management Tool

It’s Time to Seriously Consider a Documentation Management Tool

February 22, 2023 | Debbie Miller | Docupace

Documentation management tools are a must for any wealth management business that wants a robust digital presence. And if that isn’t you yet, it should be. In recent studies, 77% of financial advisors reported losing business because they lacked the appropriate digital tools clients expected. The same research found that 85% of wealth management business leaders rated partnering with third-party companies as important in both the short and long term.

The need for online platforms that manage customer data, streamline business operations and improve customer satisfaction rates is only growing. Clients expect a seamless and personalized experience, which can only be delivered with the right software solutions. Turning traditional paper documents into cloud-based versions is one important piece of the digital transformation jigsaw.


≡ Continue Reading


Welton Investment Partners Announces Partnership With iCapital® to Provide the Wealth Management Community With Access to Its Multi-Strategy Macro Program

Welton Investment Partners Announces Partnership With iCapital® to Provide the Wealth Management Community With Access to Its Multi-Strategy Macro Program

February 15, 2023 | iCapital

Welton Investment Partners (Welton), the alternative investment manager focused on the pursuit of consistent returns across market environments, today announced the firm’s strategic partnership with iCapital, the leading global fintech platform driving access and efficiency in alternative investing for the asset and wealth management industries. The new partnership provides the wealth management community access to Welton’s systematic investment capabilities, including its multi-strategy macro program.

Last year, Welton announced the launch of its newly formed wealth management group, led by alternative investment strategy veteran William Marr. iCapital’s platform enables streamlined access to Welton’s institutional quality investment solutions to the wealth management community, including brokerage houses, RIAs, private banks, and family offices. The platform’s customized end-to-end technology solution digitizes the subscription, administration, operational, and reporting processes for investing in alternatives, creating more opportunities for wealth managers and their clients to efficiently access these investments.

≡ Continue Reading

When Might “Golden Vintages” Appear in Private Markets?

When Might “Golden Vintages” Appear in Private Markets?

January 24, 2023 | CAIS

In our previous analysis, we found that private equity funds that deployed capital in relatively lower valuation environments and recessionary environments tended to outperform those with other vintages. In the following article, we expand the analysis to the sub-asset class level and assess the potential importance of entry point and vintage diversification as it relates to recessions.

≡ Continue Reading

Creating A Powerful Fact Sheet

Creating A Powerful Fact Sheet

February 22, 2023 | Marketing Intent

If you’ve seen one fact sheet, you’ve seen them all. Stats are crammed in and there’s no white space. That poor fact sheet is trying to fit every little bit of information about your product into one page, because we all know the second page is full of disclosures.


Beyond the Numbers

When creating a fact sheet, go beyond the numbers. While your stats are important, they don’t all need to be on the fact sheet. Highlight some key points advisors need to know, but don’t include every single bit of information. Keep in mind you can also create other pieces, like a terms sheet that details the exact terms of the offering. Sometimes our focus gets so granular that we forget to think outside the box.

Highlight Your Firm’s Best Qualities

The next focus should be to highlight your firm’s qualities on your fact sheet. What is your firm known for? What about your firm stands out with advisors? Where is your experience focused? Investment objectives and legalese are a dime a dozen…bring out what really makes your firm unique.

Make Your Images and Graphics Stand Out

We often see asset managers wanting to make their fact sheets look just like other firm’s fact sheets. While we agree there are some key components to fact sheets, they don’t need to all be identical. Use graphics and images to make your fact sheet easier to read and to help get your story across. They say a picture is worth a thousand words, and that works here too. If you have the right graphics, you’re going to pique their interest.

You’re motivating advisors to reach out to your wholesalers, ask questions and even to set up meetings. It’s a conversation piece to drive towards the end goal of getting their business.


Gentry Mills Joins Altigo’s Growing Roster of Sponsors

Gentry Mills Joins Altigo’s Growing Roster of Sponsors

February 15, 2023 | John Rickman | Altigo

Real estate investment firm Gentry Mills Capital has signed with Altigo, expanding the pool of asset managers on the platform and making investing in alts easier for the 200+ transactional broker-dealer and RIA firms that use Altigo. In partnering with us late last year, Gentry Mills had the distinction of being the 50th sponsor in 2022 to sign with Altigo.

After hearing about Altigo from their distribution partners, sponsors are discovering the benefits of investments being completed quickly and correctly the first time. Altigo integrates all aspects of alternative investment subscription and compliance, while significantly reducing not-in-good-order (NIGO) errors and other headaches. The platform will help Gentry Mills manage paperwork and make their real estate investment offerings available in a single, white-labeled portal.

“We’re excited about our partnership with Altigo and the positive impact it will have on our processes, especially in terms of making things more convenient for our clients who are financial advisors,” said Gentry Mills President Billy Glass. “Any tool that makes us more accessible or user friendly to our clients is a tool we want to utilize.”

Altigo allows asset managers to invite their distribution partners to their own branded portal on the platform to view available offerings, or to add their offerings to their partners’ portals. In either case, Altigo streamlines the alts investment process through the use of digital workflows and by bringing the process and all of its participants under one virtual “roof.”

Altigo Chief Revenue Officer Mat Dellorso said, “Altigo’s scalable subscription technology and compliance services for alternative investments are pillars supporting an overall mission to increase transparency, efficiency, and access to alternative investments for issuers and advisors. We welcome Gentry Mills to the platform and look forward to collaborating with their team on making their offerings easy to access and subscribe to.”

About Gentry Mills Capital

Gentry Mills Capital is a real estate investment firm whose purpose is to seek out, package, and provide quality commercial real estate investment opportunities. We have raised over a quarter of a billion in capital with over $1 billion in assets acquired and over $500 million in AUM. With a wealth of experience in the commercial real estate industry, our success is a result of our commitment to quality investment opportunities, transparency, and unsurpassed customer service.

About Altigo

Altigo is the leading open network alts subscription technology used by a community of 300+ sponsors, broker-dealers, and RIA firms. The platform enables secure electronic alternative investment transactions between asset managers, wealth advisors, custodians, and transfer agents.

With over 11,000 alts subscriptions completed on the platform since its debut in mid-2019, Altigo’s adoption reflects the valuable benefits it provides to reps and advisors including diverse product offerings, nearly error-free paperwork, and lightning-fast order entry.

Altigo’s team of experienced professionals is committed to client experience, adding new features on a regular basis and helping its ever-expanding client base streamline investment workflows and eliminate reliance on outdated paper subscriptions and snail mail.

How the Inflation Reduction Act levels the renewable energy playing field for municipalities

How the Inflation Reduction Act levels the renewable energy playing field for municipalities

January 30, 2023 | Scott Crist | UMB

The recently passed Inflation Reduction Act has changed the way municipalities can structure and finance their renewable energy projects. Local governments can now access renewable energy incentives directly, a means of financing projects historically unavailable to them.

Municipalities considering renewable energy projects for their communities just received a big boost from the Inflation Reduction Act (the Act) enacted by Congress in August 2022. Historically, development of renewable energy projects has been driven by federal and state incentives, including federal tax credits. Since municipalities and other 501(c)(3) organizations don’t pay taxes, they haven’t been able to take advantage of many of these incentives directly. As a result, most projects have been structured and financed through private ownership, at least for a period of time, in order to fully capture the benefit of these tax credits.

The newly created provisions of the Act changed all of this. Now there’s a new alternative that allows municipalities and tax-exempt organizations to access certain incentives directly through the receipt of direct payments from the U.S. Treasury in lieu of receiving tax credits. This provision seeks to level the playing field between taxpaying and non-taxpaying entities and eliminates the need for private ownership of renewable energy projects.

≡ Continue Reading