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PCR passes USD250bn in assets under aggregation


Private Client Resources (PCR), a provider of total wealth data aggregation services to UHNW families, trust companies, private banks, and investment advisers, has reported a doubling of the assets the firm aggregates on behalf of wealthy families.

“Over the past few months we have had the most significant new business growth in the company’s history, leading to USD250 billion in assets under aggregation. Driven by many technological and operating model changes, PCR is now a scalable and secure alternative for large financial institutions striving to efficiently satisfy the demand for clean investment data for their UHNW clients,” says Bob Miller, PCR CEO and Vice Chairman. “The nature of these initiatives is far-reaching, illustrating the firm-wide commitment of our clients to institutionalise the wealth data management process. The impact on our business has been significant, with the value of new client contracts increasing by 4-6x annually.”
The company cites a number of product innovations brought to market this year as the foundation of the significant uptick in the use of its services. These include new digital enrolment technologies that streamline the on-boarding of new clients, a fully anonymised data architecture that protects client personal identifying information (PII) and satisfies numerous business and global regulatory concerns (e.g. GDPR standards in Europe), and a re-imagined architecture that goes beyond just feeds and makes data available in a fully extensible data warehouse from which data can be streamed and integrated throughout.
“Our business model has evolved. We are a ‘total wealth aggregator’ – not just passed-through custodial data or screen scraped assets. PCR is now the leading specialist in the hard-to-aggregate, hard-to-reconcile illiquid assets that dominate the portfolios of UHNW families. We are committed to providing a cost-effective model. We have eliminated the ‘assets based pricing’ used by most providers and implemented a simple account based model that reduces aggregation costs to fractions of a basis point – 2-3x less expensive than competitors,” says Miller.
The company also announced numerous new partnerships with wealth management technology providers. “There are estimates of 72,000 UHNW families in North America alone, and we believe our service is valuable to each and every one of them – regardless of the technology platforms they use for accounting, reporting or investment decision making. To best service them, we have embarked on numerous new partnerships in which firms such as InvestCloud, AltaReturn, HWA International, Ledgex and others are integrating our data aggregation capabilities into their offerings. We expect this trend to continue,” says Brian Shapiro, Head of Strategic Partnerships at PCR.

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