Two new hires of veteran wealth management executives afford iCapital the potential to grow its assets well beyond the U.S.
Marco Bizzozero, who will be based in Zurich, Switzerland, and Tom Slocock, who will be working in London, both have been charged with accelerating iCapital’s international growth and better serving its expanding international client base.
With a total of $65 billion in client assets, currently iCapital has $8 billion in assets from non-U.S. investors.
“iCapital’s latest international investments demonstrate our commitment to bringing the opportunities of private investments to international advisors and investors and fulfilling our mission of powering the global alternative investing ecosystem,” said Chairman and CEO of iCapital Network Lawrence Calcano. “As appetite for private market investing continues to grow, our expanding team will deliver these strategies — powered by a robust technical infrastructure — to advisors and their clients across the globe.”
Bizzozero joins on December 1 and is head of international and a member of the iCapital executive committee, reporting to Calcano. In this newly created role, Bizzozero will head the firm’s expansion into European and Asian markets.
Bizzozero brings with him a lengthy resume having recently worked at UniCredit, where he was CEO of Group Wealth Management. Prior to that he was at Deutsche Bank for 14 years, holding the role of head of wealth management and CEO of Deutsche Bank Switzerland. Prior to that he was the global head of private equity for the bank’s wealth management division, a business that was acquired by iCapital in 2017.
He has also worked at LGT Capital Partners as head of private equity secondary investments and at UBS in a number of roles in investment banking and private equity in Zurich, London and New York.
Slocock will report to Bizzozero and lead the development and launch of new investment products and manage the life cycle of existing offerings. He brings to iCaptial a career-deep understanding of the investment product needs of advisors and their high-net-worth clients in Europe and Asia.
Prior to joining iCapital, Slocock was with Deutsche Bank Wealth Management in London for more than 10 years, most recently serving as head of the global funds group and head of the global investment group. Prior to those roles he was the CEO of the U.K. Wealth Management business. Slocock was managing director and head of international private banking at Credit Suisse in London, prior to joining Deutsche Bank.
According to iCapital, the pair will complement iCapital’s existing international leadership team of Vinod David Berchtold and Wes Sturdevant. Berchtold joined iCapital in 2018 and is the COO for the international business. Based in Zurich, Berchtold opened iCapital’s first international office.
Sturdevant is managing director for international enterprise solutions and joined the firm’s New York office in 2017 from Deutsche Bank.
Portfolio allocations to alternative investments such as private equity, private credit, hedge funds, and real estate among non-U.S.-based investors have grown significantly in recent years with projected global allocations growing by 8% annually from 2019-2024, officials said.
A significant amount of iCapital’s asset growth in recent years has been driven by global strategic investors and partners which includes many of the world’s leading asset and wealth managers. Led by Hong Kong-based Ping An Global Voyager Fund, iCapital’s latest US$146 million funding round included commitments from strategic partners and investors: BlackRock, Blackstone, Goldman Sachs, Affiliated Managers Group, Hamilton Lane, WestCap, UBS, BNY Mellon and Wells Fargo. Additional existing strategic investors in iCapital include The Carlyle Group, Credit Suisse, JPMorgan Chase & Co, and Morgan Stanley Investment Management.
With the appointment of two notable industry insiders as senior executives to lead iCapital’s international growth strategy, plans for new offices spanning Europe and Asia, and the agreed-upon acquisition of a 65-person technology team in Portugal, iCapital has expanded its global foothold to deliver its best-in-breed alternative investments platform to the international wealth and asset management community.
Earlier this month, iCapital entered into an agreement to acquire the tech team from Portugal-based product development company, Runtime Group, Ltd. As part of Runtime, this team has provided dedicated support to iCapital’s technical development since 2014. Under the agreement, these experts join iCapital’s existing team of engineers, developers, and designers dedicated to the ongoing technological innovation of iCapital’s offerings.
The transaction is expected to close by yearend and will add a new Lisbon office for the firm. In addition, iCapital will open offices in London and Singapore in the first half of 2021 to support its recent senior hires and growth in the European and Asian markets.
“This is an exciting moment in iCapital’s trajectory, and we stand ready with the expertise, relationships, exceptional technology, and customized solutions to meet the needs of rapidly evolving international markets,” said Calcano. “The asset and wealth management industries have embraced the opportunities an automated and transparent approach to alternatives can offer. We are building a future where all parties across the globe benefit from the establishment of a robust, transparent, and highly efficient marketplace.”