InvestCloud acquires rplan for $20m in asset management advance
InvestCloud has acquired London-based rplan for $20 million as it plans to extend its direct-to-consumer (D2C) offering for asset managers.
According to InvestCloud, rplan’s client base includes four of the top eight (and unnamed) institutional asset managers in the UK. rplan enables asset managers to digitise their existing retail clients.
The acquisition will see rplan’s capabilities made available to InvestCloud’s client base of more than 700 firms, including financial institutions in North America.
John Wise, chairman and CEO of InvestCloud, says: “In the UK, D2C has been popular for several years, and hence more common as a channel. In the US, fund managers have been traditionally concerned about channel conflict. But the success of Vanguard with significant inflows is changing the landscape and the approach of other US fund managers.”
InvestCloud says rplan’s technology is like its own, API-based and cloud-native, and “addresses the requirements of a heavily regulated and international marketplace”.
The rplan solution is also modular, “enabling it to be integrated with any platform”.
There were no details concerning what happens to rplan’s employees.