Financial technology platform InvestCloud has appointed Jeffery Yabuki as its new chairman and CEO, succeeding Richard Lumb, a director on the company’s board of directors, who served as interim CEO since April. The company announced a shakeup in senior management in April, resulting in John Wise, the co-founder and CEO of InvestCloud, exiting the company.
Yabuki is currently the chairman and founding partner of Motive Partners, one of the private equity owners of InvestCloud, and he’ll continue in that role. Clearlake Capital and Motive recapitalized their investment in InvestCloud in 2021, and brought two other fintech firms, Tegra118 and Finantix, under the InvestCloud umbrella. That move brought InvestCloud into unicorn territory.
Prior to Motive, he was the CEO of Fiserv, a payments and financial tech company. Motive acquired Fiserv’s investment services business in 2020, and rebranded it Tegra118. Yabuki served as executive vice president and chief operating officer at H&R Block prior to that.
“Financial services—and wealth management in particular—is in the early stages of a technology transformation, which we believe will create meaningful opportunities to redefine the future of wealth and asset management,” Yabuki said in a statement. “I believe InvestCloud is well-positioned to partner with its clients to lead this change around the world.”
The company now supports over 550 wealth and asset managers worldwide, representing more than $6.4 trillion in assets across its platforms, which include UMA/SMA portfolio management, trade execution, accounting, model management and performance measurement.
CityWire recently reported that Wise and InvestCloud co-founder Colin Close had created a new software investing company, Just Build It. In October, ESG Book, an environment, social and governance (ESG) data platform, announced that Wise, one of WealthManagement.com's Ten to Watch in 2016, had joined as chair of the board.