By Nancy Dahlberg
SMArtX Advisory Solutions, a West Palm Beach-based leader in managed accounts technology and turnkey asset management platforms, known as TAMPS, announced it has closed a $4 million equity financing round. The financing was led by ManchesterStory Group, a venture firm focused on fintech, and included 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 develop solutions for enterprise customers looking to provide their own proprietary managed accounts programs to financial advisors.
"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 CEO Evan Rapoport in making the announcement.
SMArtX has continued to expand its in-house built technology stack by expanding the features of its platform, the company said. SMArtX Advisory Solutions is a proprietary managed accounts technology provider and manages SMArtX, an asset management platform which offers 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.
"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.
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