Advice Intelligence brings together independent CRM solution, client engagement, goals-based advice, mobile, workflows and apps together in a single digital platform.

GBST said that the acquisition of Advice Intelligence is “highly complementary” to its recently purchased salesforce adviser solution WealthConnect.

It will also “further accelerate the company’s ability to offer both digital and hybrid advice to the global wealth market”, GBST added.

Robert DeDominicis, global chief executive of GBST, said: “The acquisition accelerates the delivery of our roadmap and positions GBST perfectly to capture a significant share of the growing advice practice management, digital and hybrid advice markets through the delivery of its market leading cloud-based portfolio of solutions.

“With the combined offerings of GBST, GBST WealthConnect and GBST Advice Intelligence to streamline advice and enhance client experience, GBST is well-equipped to expand its presence in the UK, Australia, and internationally.”

The acquisition will allow Backbase to incorporate Nucoro’s platform capabilities directly into the Backbase Engagement Banking platform, enabling its customers to launch digital end-to-end investment offerings, such as robo-advisory, trading, or hybrid advisory services.

Backbase said that the wealth management platform market eclipsed $3bn (£2.37bn, €2.77bn) in 2022 with analysts predicting a 10% compound annual growth rate in the next decade.

Jouk Pleiter, founder and chief executive of Backbase, said. “We see a trend where retail banks want to quickly launch differentiating investment propositions to complement their daily banking services. Think of capabilities like enhanced savings, pension products, stock trading, and portfolio management. With these services, they can generate extra revenue and expand their share of wallet with their most valuable customers.

“For private banks and wealth management firms, we see a growing demand to modernise their legacy point solutions and hollow out their bespoke core systems. I’m super excited about the potential of this powerful combined platform to provide instant end-to-end value for both retail and private banks.”

Lennart Asshoff, Nucoro co-founder and chief executive, added: “Backbase is an ideal partner to bring the next generation of wealth infrastructure to financial institutions around the world. As a trusted innovation partner to financial institutions, Backbase offers us the reach and technical expertise to take our vision further.”

BlackRock reported that it is making an undisclosed minority investment in Avaloq as part of the strategic partnership.

The firms said that the collaboration will enable wealth managers and private banks to enhance their operations throughout the entire client journey, encompassing onboarding, portfolio construction, client reporting and risk management.

They also said that the combination of Avaloq’s core banking, client relationship management and mobile banking services with the Aladdin Wealth platform’s risk analytics and portfolio-management capabilities would deliver “one of the most advanced technology offerings available to the wealth industry”.

Martin Greweldinger, co-chief executive at Avaloq, said: “This partnership will help us empower our clients to streamline processes, enhance risk analytics and make more informed portfolio decisions, ultimately delivering greater value to their clients.”

“BlackRock and Avaloq joining forces will help clients reduce the complexity and friction inherent in many of today’s digital transformations,” added Venu Krishnamurthy, global head of Aladdin Wealth Tech.

The round was led by Gradient Ventures, Google’s AI-focused venture fund.

The funding will be used primarily to grow the product and engineering teams to accelerate offerings to Range’s customers. Range plans to integrate its wealth management tools with various AI technologies to automate aspects of wealth and tax planning.

Fahad Hassan, co-founder and chief executive of Range, said: “We started this company to help families better manage their wealth.

“With our new investors and their experience in AI, we believe this partnership and financing will allow us to assist families during unprecedented times of economic change and uncertainty. Our products will allow everyone to access the advice and tools typically only available to the wealthy.”

It was led by FTV Capital, a sector-focused, growth equity investor, with 25 years’ experience in financial services and enterprise technology. Citi Ventures also participated.

Masttro, which has offices in Zurich, Monterrey, Mexico City and Santiago, said it has tripled its business over the last three years. Founded in 2010, its clients include family offices, financial advisers and large institutions managing the wealth of ultra-high-net worth families.

The company said the investment would accelerate its growth through market expansion and drive R&D for its software platform.

Padman Perumal, Masttro’s chief executive, said: “FTV’s extensive knowledge and track record in the fintech ecosystem combined with the firm’s vast network of global relationships within the broader financial services space will nicely complement our capabilities.

“This partnership will enable us to deliver on our mission to bring robust wealth data aggregation and synthesis to our clients, which we believe is the last frontier of total transparency in wealth management.”

Visibility for complicated wealth structures

Brent Fierro, principal at FTV Capital, commented: “FTV has a long track record in wealth management, and we’ve seen how challenging it is to understand total wealth, especially for those with complex financial pictures.

“Masttro’s end-to-end software as a service (SaaS) platform provides significant workflow and cost efficiencies, and visibility for even the most complicated wealth structures, while being universally applicable to both large and small institutions. We are excited to help Masttro continue to scale and revolutionize the digital wealth-management category.”

Fierro and Giovanni Bacarella, vice president at FTV Capital, will join Masttro’s board of directors. Kyle Griswold, partner at FTV Capital, will join as a board observer.

FTV Capital was founded in 1998 and has invested in more than 130 portfolio companies.