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iCapital Network appoints CFO, CPO, CMO and General Counsel


Alternative investment marketplace iCapital Network has added of four senior leaders to is executive team: Michael Kushner, Chief Financial Officer; Jennifer Ashley, Chief People Officer; Diane Frankenfield, Chief Marketing Officer; and Stephen Jacobs, General Counsel.

iCapital, which offers advisors and their clients’ access to a curated menu of private equity and hedge funds. has experienced substantial growth in the last 12 months as it has significantly increased the number of advisors on its network, and expanded the scope of wealth management firms and general partners that leverage its technology to drive their growth. Alongside organic expansion, iCapital acquired the alternative investment feeder fund platforms of both Bank of America and Morgan Stanley in the first half of 2019. The iCapital platform now services approximately USD41 billion in invested capital for more than 100,000 accounts.
“iCapital is in an exciting period of growth, and as we expand, our continued success requires the strategic expertise of veteran leaders in their fields,” says Lawrence Calcano, Chief Executive Officer of iCapital Network. “We are fortunate to have found such leaders in Jennifer, Diane, Stephen and Michael, and we are honored to welcome them to our ranks.”
Kushner has joined iCapital as Managing Director and Chief Financial Officer. Kushner is responsible for the financial reporting, budgeting, capital and shareholder management, treasury, controllers, and tax functions.  Prior to joining iCapital, Kushner was with JPMorgan Chase & Co., for nearly 19 years, where he served in multiple senior finance and risk management positions, most recently as the Chief Financial Officer for Risk Management and Finance. Kushner was also with Credit Suisse for 3 years, his final position being Chief Financial Officer for the Global Investment Bank. 
Kushner started the first four years of his career in the finance and treasury functions of a multifamily asset management firm in Bethesda, Maryland. He is a former Certified Public Accountant, and holds a Master of Science in Accounting and a Bachelor of Science in Finance, both from the American University in Washington DC.
Ashley has joined iCapital as Managing Director and Chief People Officer. Prior to joining, Ashley was the Global Human Resources Leader for CBRE, the world’s largest commercial real estate services and investment firm that employs over 100,000 globally. In her almost fifteen-year career there, Ashley held various leadership positions in Human Resources, Marketing, and Sales & Strategy. Before joining CBRE, Ashley spent four years in the Aviation industry and was instrumental in Boeing’s acquisition of a mission-critical software development firm which she then helped manage and grow.
Ashley started her career as a change management consultant at Anderson Consulting and then went on to help found the Chief Executive Leadership Institute (now affiliated with Yale University). She holds a BS from the University of Michigan, an MA in Psychology from Hunter College, and a PhD in Psychology from Emory University.
Frankenfield has joined iCapital as Managing Director and Chief Marketing Officer, where she is responsible for the strategic direction and execution of all global marketing activities including brand, advertising, PR, creative, digital, channel marketing, content development, social media, research and business analytics. Prior to joining, Frankenfield held the positions of Managing Director, Head of U.S. Marketing at Legg Mason, and Senior Vice President and Head of Marketing at Oppenheimer Funds.
Frankenfield began her career at Blue Cross Blue Shield of Massachusetts where she ascended through the ranks developing highly successful sales and marketing programs that contributed to growth in both sales and market share. She gained deeper marketing experience as Executive Director of Advertising Finance at the New York Times, Boston Globe Division and Vice President of Global eBusiness at Monster Worldwide. She has a BA in Finance from Pennsylvania State University and an MBA, Business and Industry Economics from Bentley University.
Jacobs has joined iCapital as Managing Director and General Counsel leading the legal and regulatory operations of the firm. Previously, Jacobs was partner and co-chair of the Corporate Department at Herrick, Feinstein LLP.
Prior to joining Herrick, he served as Chief Operating Officer, General Counsel and Chief Compliance officer at Spectrum Group Management, a distressed credit and real estate-focused hedge fund and private equity fund. Before joining Spectrum, Jacobs was a corporate partner at Kramer Levin Naftalis & Frankel LLP, and he spent eight years in senior operating positions at portfolio companies sponsored by the private equity funds Quadrangle Group and Wasserstein & Co. Prior to these positions, Jacobs was assistant general counsel at AIG. Jacobs has a BA in Philosophy and Intellectual History from the University of Pennsylvania and a JD from Columbia University School of Law.

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