BlackRock Invests in GeoWealth TAMP to Further Support RIA Alts Offerings
GeoWealth, a proprietary technology and turnkey asset management platform aka TAMP, announced that it has closed a $18 million growth investment led by BlackRock. GeoWealth will use the funding to support the continued development of offerings that enable advisers to meet client demand for access to an increasingly broad range of alternative investment asset types in a unified account.
Kayne Anderson Growth Capital, which led GeoWealth’s Series B funding in 2021, participated in the round, as did J.P. Morgan Asset Management, an investor in GeoWealth since 2018.
“We’re thrilled to enter this next phase of our growth journey with the backing of BlackRock as a strategic partner and investor,” said Colin Falls, chief executive officer of GeoWealth. “As we continue to invest in our proprietary technology, we will build new offerings that provide [registered investment advisers] with a flexible, customizable and user-friendly platform. We’re deeply appreciative of our capital partners for their continued support of our business and growth ambitions.”
The capital will also be used to facilitate new growth initiatives led by Brendan Falls, executive vice president and chief growth officer, and new product initiatives led by Cliff Schoeman, executive vice president and chief product officer.
Planned product enhancements include the continued development of unified managed account capabilities and functionalities that support alternative investments reporting and tax management. These enhanced offerings are all designed to optimize the user experience for advisers, enabling them to provide flexible investment solutions to the clients that they serve.
“RIAs are in the DNA of GeoWealth. This investment and partnership emphasize our commitment to continual innovation for the benefit of RIAs, delivering more scalability, flexibility, customization and exceptional service,” said Jack Hannah, president and chief operating officer.
At the end of last year, GeoWealth’s platform supported more than $28 billion in assets, with more than 180,000 accounts managed by nearly 200 RIAs. Founded in 2010, GeoWealth is headquartered in Chicago.
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