Cloud-based asset management company Asset Vantage has acquired Santa Clara-based portfolio management firm, Financial Navigator, for an undisclosed amount.
With the acquisition, Asset Vantage aims to mark its expansion in North American wealth management market, as per an official statement. Post the deal, the entire team of Financial Navigator will join Asset Vantage’s team.
Launched in 2012 by UniDEL group, Asset Vantage offers financial advisory support to family offices. Its services include portfolio reporting, reconciliation, data aggregation and analytics tool encompassing all asset classes, currencies and geographies.
Commenting on the development, Mark Rogozinski, CEO, Asset Vantage, North America said, “Our goal is to expand the capabilities of the combined entity in order to increase our market share, initially focusing on families in North America with over $25 Mn in assets, estimated at 200K households, and families in India with over $5 Mn in assets, estimated at 250K households. The US and India are strategic markets for us – they represent the world’s largest and fastest growing wealth markets, respectively, and will be the foundation in building our global footprint.”
Founded in 1983, Financial Navigator provides accounting and financial services to single-family offices, multi-family offices, CPA firms and trust and estate managers, among other customers. It offers an end-to-end software that enables clients to aggregate data from multiple managers and reporting entities, analyse investment performance and risk, prepare financial statements and consolidated reports, and confidentially share selected information with financial advisors.
In May 2016, Bengaluru-based online investment advisory platform Goalwise raised $1 Mn in angel funding from undisclosed investors. In July 2016, wealth management app WealthTrust raised an undisclosed amount of seed funding from India Quotient. In October 2016, Delhi-based online advisory platform, Bharosa Club secured an undisclosed amount in a bridge financing round from the company’s management and investors.
Other players in the segment include Tavaga, Scripbox, RKSV etc.
