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Wells Fargo Copyright Justin Sullivan, Getty Images

Wells Fargo Becomes iCapital Network Investor

iCapital Network is buying an alts investment fund platform from the bank. Wells Fargo, in turn, is investing in the fintech.

Wells Fargo is selling its alternative investment fund platform to iCapital Network, as well as joining Goldman Sachs, BlackRock UBS Financial Services, Blackstone, BNY Mellon and others as a strategic investor in the alts-focused fintech, according to an announcement by iCapital.

Wells Fargo is turning over “approximately 70” investment vehicles from its Global Alternative Investments division as part of the deal, terms of which were not disclosed. The strategies exchanging hands cover private equity, private debt, private real estate, direct private investments and hedge funds.

The agreement means Wells Fargo will continue to provide its clients with existing investment services, while iCapital will work to automate ongoing fund operations and support Wells Fargo advisors and clients. The agreement will allow Wells Fargo to bring new offerings to market, said Darrell Cronk, president of Wells Fargo Investment Institute.

iCapital will extend employment offers to Wells Fargo employees supporting operations for the fund. The deal is expected to close the second half of 2020.

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