Schwab Advisor Services has tapped iCapital to be the first platform provider on the Schwab Alternative Investment Marketplace.
The iCapital Network expanded its relationship with Schwab Advisor Services to improve its alternative investing experience for registered investment advisors (RIAs).
Schwab will provide shareholder servicing for funds serviced by iCapital, which in turn will be the first platform provider on the new Schwab platform. The agreement allows for automated alternative investing for advisors using Schwab.
“We’re excited to launch the Schwab Alternative Investment Marketplace platform and to welcome iCapital Network as the first third-party platform sponsor,” said Jalina Kerr, senior vice president, Client Experience, Schwab Advisor Services. “By working with firms that have experience and scale, we’re able to offer a more streamlined way for advisors to deliver alternative investment solutions to their clients.”
iCapital is active across the alternatives spectrum and earlier this year formed a partnership with Nasdaq to create liquidity via a private equity secondary market. The firm has strategic partnerships with wealth managers including Morgan Stanley’s Wealth Management Alternative Investments and Rockefeller Capital Management.
As of August 31, iCapital services more than $41 billion in invested capital across more than 100,000 underlying accounts.