Wealth management platform Vestrata has launched to “address many of the key challenges facing the industry”.
It was created by a team of senior financial services executives from JP Morgan and UBS, following a funding round of $4m (£3m, €3.3m).
Vestrata will deliver a range of discretionary, advisory, alternative and ESG investment propositions to help wealth managers improve client engagement, control risk and reduce costs, the platform said.
Its services are developed in collaboration with asset managers, research houses and alternative providers, which will be delivered through an “integrated, scalable and modular platform”.
The business will be led by Mark Le Lievre, co-founder and chief executive, who was previously global head of products and platforms at JP Morgan Private Bank, and head of investment content at UBS Wealth Management.
The remainder of the senior management team includes:
- Doug Wurth, chairman, who formerly led the international private bank and alternatives businesses at JP Morgan;
- Kim Lennen, chief technology officer and co-founder, former chief technology officer of JP Morgan Private Bank (Europe);
- Lea Blinoff, head of solutions, former managing director at JP Morgan;
- Arun Sinha, chief marketing officer, former chief marketing officer of JP Morgan Wealth Management;
- Eric Laget, chief legal officer, former in-house counsel at JP Morgan Asset Management;
- Tim Riseborough, chief financial officer/chief operating officer, former chief operating officer at HSBC Commercial Bank; and,
- Sarah Newman, chief commercial officer, former head of investment products at Barclays Wealth Management.
Engage with ‘entire business’
Le Lievre said: “We are entering an era where wealth managers will no longer be able to rely on market appreciation to drive revenue growth. We know from first-hand experience the significant and accelerating financial and regulatory challenges faced by the wealth management industry.
“Firms now need to focus not only on managing their cost base but growing their revenues via enhanced client engagement.
“We understand these challenges and have built a solution to address them. If firms are to engage with clients most effectively, they need to deliver differentiated investment solutions and use a sophisticated platform to enable advisers to engage their entire book of business.”
Blinoff added: “Our ambition is to fuse high-quality and differentiated investment solutions with advanced technology.
“Vestrata integrates a variety of investment solutions, products and asset classes with powerful portfolio analytics, reporting and a robust risk management framework to ensure advisors can deliver advice specifically tailored to their clients’ needs, in a scalable and compliant way.
“We enable the firms we work with to deliver more ideas to more clients, leading to revenue growth, improved control and enhanced client engagement.”