WEST PALM BEACH, Fla., Feb. 20, 2020 — SMArtX Advisory Solutions (“SMArtX”), a leader in managed accounts technology and turnkey asset management platforms (TAMPs), today announced the closing of its venture financing round of $4 million in equity. The financing was led by ManchesterStory Group, a leading early to growth stage venture capital firm focused on FinTech, InsurTech and Healthcare, as well as existing investors including IA Capital Group.
With this round of funding, SMArtX will expand upon its tools for Registered Investment Advisors and Independent Broker/Dealers, to developing solutions for enterprise customers looking to provide their own proprietary managed accounts programs to financial advisors. These solutions will be an expansion of SMArtX’s proprietary, award-winning managed accounts technology and will bring evolutionary functionality to the TAMP industry.
“We believe our technology can have a far-reaching impact on global wealth management practices, and we’re excited to have earned the support of ManchesterStory Group and our existing partners to help finance these initiatives,” said Evan Rapoport, CEO of SMArtX Advisory Solutions.
“Managed accounts are migrating from off the shelf TAMPs to fully customized, bespoke platforms. SMArtX’s technological flexibility and APIs provide a clear pathway to meeting client demand now and in the future,” said Michael Finnegan, Director of Research at ManchesterStory Group.
“SMArtX’s proprietary technology is the next step in the evolution of managed accounts. Built from the ground up, it’s the most flexible technology we’ve seen to meet the modern demands of RIAs and BDs,” added Andrew Lerner, Managing Partner of IA Capital Group.
SMArtX has continued to build on its in-house built technology stack by expanding the features of the platform. Most recently the platform added a multi-tier enterprise system, full tax-harvesting capabilities, stock exclusions for SRI mandates and restricted stock trading, end client statements, and configurable benchmarks. Going forward SMArtX intends to extend its technology to be applied through open APIs to fully customize the use of its managed accounts technology.
About SMArtX Advisory Solutions (www.smartxadvisory.com)
SMArtX Advisory Solutions is the next generation, proprietary managed accounts technology provider and manages SMArtX, a turnkey asset management platform. It is the only TAMP to seamlessly offer traditional, alternative, and passive direct index strategies in a unified managed account structure. The firm also uses its proprietary trading and managed accounts technology to power SS&C Advent’s integrated unified managed account solution.
SOURCE SMArtX Advisory Solutions