ALTSMARK, LLC, a private capital portfolio management and services provider for the wealth management industry, has acquired London-based FINLIGHT, the ultra-high-net-worth solutions provider.
“We are excited to be bringing the FINLIGHT team in, expanding our European presence. They have done a great job on cross-asset class consolidation and reporting, developing cutting-edge natural language processing solutions. The combined technologies will power the first ever drop-n-drag alternative fund statement and notice reading tool right onto the desktops of our clients,” says Brian Shapiro, ALTSMARK founder and CEO.
He adds: “Our pursuit of the Private Capital Super Application and being able to provide “The ‘Copernican Leap’ in Private Wealth allowing our clients to offer their best products and capabilities to their customers is greatly enhanced by this acquisition.”
“ALTSMARK is ideally positioned to provide wealth firms, private banks and trust banks with the investment management software they so desperately need to power their private capital market initiatives. FINLIGHT’s unique NLP technology combined with ALTSMARK capabilities empowers us to tackle future growth opportunities.” says Natacha Beaumont, of Beaumont Wealth, a Belgium-based family office, FINLIGHT client, and board participant.
“This is an obvious partnership for rolling out our alternative investment solutions and services globally. We share a common vision of the importance of private capital in the broader wealth management market,” says Jean-Bernard Tanqueray, founder and CEO of FINLIGHT. “ALTSMARK has solved the core challenges surrounding the pre- and post-trade complexities of alternative investments, including all-in-one hedge fund, private equity, venture capital and real estate support, coupled with high fidelity aggregation of data at scale. For FINLIGHT, the opportunity to partner in developing a one-of-a-kind global alternative wealth platform was too compelling to pass up.”
Integration of the two firms’ technology is underway, and a consolidated platform should be ready by summer of 2022. Jean-Bernard will assume the role of General Manager Europe and Middle East. FINLIGHT employees will be an integral part of the new company and will provide local support, training and operations in the U.K. and Europe, which will be fully GDPR-compliant.
“This acquisition is a natural and important step in fulfilling our global vision of private capital markets participation up and down the wealth spectrum and will allow tens of thousands wealth firms and banks globally, to rely on ALTSMARK and its infrastructure,” says Shapiro.