ICapital New York-based alternative investment platform iCapital has added a regulatory expert to its board of directors.Īgnes Bundy Scanlan, the president of The Cambridge Group, has been appointed to the iCapital board effective Jan. They can also create, manage, assign and trade model strategies while with integrated reporting, analytics and dashboards to best understand and monitor their clients' performance. With the new solution, asset managers can manage accounts across clients, advisors and firms. "If advisors would like to partner with a leading asset manager to help manage their clients' funds directly, we can help with that, too." "Now, even if advisors aren't sure how to approach digital assets, they can leverage the knowledge and strategies of the best in the business for their clients," Onramp said in the blog post. In a Wednesday blog post, Onramp leaders said they had been quietly building the offering, which will give advisors digital-asset models and indices that "can't be found anywhere else." Onramp Invest While reflecting on the "wild ride" that was 2022, cryptocurrency platform Onramp Invest announced the availability of a new separately managed account solution built to benefit advisors and asset managers. Scroll down to get caught up on other recent fintech news you might have missed in our Wealthtech Weekly recap. "We cannot emphasize enough how difficult it is for a software company with mostly fixed costs, greater than 95% revenue retention, and revenues linked to the market, to underperform the market by ~65% over five years," Impactive wrote in the letter. Envestnet's stock has underperformed in the years since current board chair James Fox joined the board in 2015, Impactive said. In its November letter, Impactive said that this was the first time it felt compelled to make public its communications with Envestnet's board. Stanton, a former executive vice president and chief financial officer for Diligent Corporation. Impactive nominated the following people to Envestnet's board: Taylor Wolfe former UBS Group Global Wealth Management Co-President Thomas Naratil Lane Holdings Chair Wendy E. In the meantime, the company continues to focus on achieving its strategic goals and creating value for shareholders," the statement said. "The board will present its recommendation regarding director nominees in the company's proxy materials. "Unfortunately, our efforts to collaborate privately were rebuffed, leaving us with no choice but to publicly express why change is required at Envestnet."Įnvestnet officials said in an emailed statement that the current board is committed to acting in the best interests of the company and all shareholders. "Over the past 18 months, during which Impactive has sought to productively engage with the board, we steadfastly expressed our view that Envestnet is a high-quality business with substantial opportunity for value creation, particularly given its dominant market position," Lauren Taylor Wolfe, co-founder and managing partner of Impactive, said in a statement. With the latter, Impactive said that Envestnet's current board had refused to engage with the shareholder in response to its request for a board seat. Impactive accused Envestnet of making decisions that resulted in "shareholder value destruction." Those decisions include dilutive capital allocation and a lack of focus on return on investment poor operating performance lack of shareholder alignment and a lack of commitment to good governance. "In the 32 trading days since Impactive made its' November 2022 letter to the board public, Envestnet's stock has returned 11%, almost double the company's cumulative return during the trailing five-year period, which Impactive contends underscores shareholders' profound dissatisfaction with the company's current direction and their desire for change," said the Impactive statement released this week.īut there's much more work to be done, the shareholder said. Impactive asserts that its moves are having a positive impact on Envestnet shares. But the shareholder pointed out that over the past five years, Envestnet has underperformed the S&P 500 by 61% and delivered a total return of just 6%, compared to more than 113% by its peer group. The statement said that Impactive firmly believes in Envestnet's business and future potential. Impactive Capital owns approximately 7.5% of the outstanding common shares of Envestnet, making it one of the firm's largest shareholders. Activist investment management firm Impactive Capital named its candidates earlier this week along with restated grievances about the company first aired last fall, including "persistent underperformance, poor governance and lack of shareholder alignment," according to a news release.
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