Wells Fargo has become the latest wealth management firm to add alternative investment options to its UMA platform. Wells Fargo’s Wealth & Investment Management division formed a partnership with fintech firm InvestCloud to make alternative assets available through the wirehouse’s personalized UMA program.
The UMA program now includes a full range of alternative investment options, from private equity and private debt to hedge funds and real assets. The program uses both perpetual and drawdown fund structures.
Wells joins a spate of firms that have recently added private market options to UMA platforms, including Fidelity and Goldman Sachs.
“We are committed to providing new technologies that deliver personalized, scalable and data-driven client experiences,” Greg Maddox, product management executive at Wells Fargo Investment Management, said in a statement. “We are proud to offer industry-leading investment capabilities and find new and innovative ways to make the company an easier place for advisors and clients to do business.”
Earlier this year, InvestCloud struck a partnership with alternative asset manager Apollo Global Management to become part of its Private Markets Account (PMA) Network, which combines public and public assets in a single platform. As a result, InvestCloud’s clients get access to Apollo’s private market model portfolios and multi-manager models in their managed account programs.
Offering private market investment options through custom model portfolios, UMAs and SMAs is becoming a must for intermediaries as financial advisors seek exposure to alternative assets through semi-liquid funds. Several weeks ago, Vestmark announced that it partnered with alternative investment platform iCapital and asset management giant BlackRock to add private market assets to its tax-managed UMAs for RIAs on the Dynasty Financial Partners’ network.
Vestmark’s rival Envestnet also struck deals with BlackRock, Franklin Templeton, State Street Global Advisors and Fidelity to develop custom investment portfolios for advisors using its platform. In a similar vein, last year, Goldman Sachs Asset Management partnered with TAMP firm GeoWealth to build open-architecture custom models for the latter’s UMA platform.
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