iCapital and Citi have announced that the global fintech platform will acquire Citi Global Alternatives, the advisor to Citi Wealth’s global alternative investment funds platform. Through this transaction, iCapital will manage and operate the funds platform, while Citi will remain the distributor of these funds and continue to guide clients on the role of alternative investments within a diversified investment strategy.
This platform represents more than 180 alternative funds distributed worldwide. It includes investment vehicles across a diverse range of alternative investment strategies and asset classes, including private equity, growth equity, private credit, infrastructure, venture capital, real estate, and hedge funds.
“iCapital’s technology platform will streamline operations and management of Citi’s current and future alternative investment funds platform,” said Lawrence Calcano, Chairman and CEO of iCapital. “In addition, we will enhance Citi Wealth’s global sales capabilities with a dedicated alternative investments team, equipping advisors with more resources focused on pre-sale, sale, and post-sale investment activities,” he added. The team will cover all asset classes and product structures, working closely with Citi and general partners to support the growth of the alternative investments platform, the executive explained.
“Citi Wealth already has a strong working relationship with iCapital in alternative solutions, and we are pleased to expand our partnership to deliver deeper integration of iCapital’s market-leading digital capabilities to our advisors, bankers, investment counselors, and clients,” said Daniel O’Donnell, Head of Citi Wealth Alternatives and Investment Manager Solutions.
