While we had plenty of wealthtech headlines to share with you last week, the Thanksgiving holiday has served to reduce the amount of fresh news this time around.
For once, however, I guess we can give thanks to traditional financial institutions, who are now publishing their end-of-2024 market recaps and their 2025 outlooks, and that’s where we’re going to start today. In fact, perhaps it’s best to start with the biggest asset manager’s 2025 thematic outlook, where BlackRock anticipates major tailwinds for the economy and many asset classes.
BlackRock’s reasoning, for the most part, seems to be shared across much of the investment industry (which leads me to believe that there’s likely considerable value in seeking out contrarian investment managers right now), arguing that a continued pattern of lower interest rates should support U.S. equities and non-cashflow paying assets like gold and bitcoin. BlackRock also believes that, since much of the next five years’ infrastructure spending is already baked in, elements of the physical economy like manufacturing and homebuilding stand to benefit. That sounds nice.
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But then BlackRock gives us confirmation in its third takeaway: the acceleration of artificial intelligence. BlackRock believes that the massive investment in AI in recent years really pays off in 2025, noting that the value of AI and analytics across industries is currently estimated at $15.4 trillion, a number that should continue to grow through the next year as more advanced hardware—including more powerful semiconductors—comes online, supporting more sophisticated and powerful artificial intelligence models. It’s worth noting that BlackRock still believes that the economy is still in a “build phase” when it comes to AI, rushing to build out the infrastructure necessary to implement the technology.
If BlackRock is right, it believes that investors have an opportunity to thematically position their portfolios—but what does all this mean for wealthtech?
I would expect a few wealthtech themes to play out over the coming months. One would be the expansion of the advisor technology stack to include more AI-infused, client-facing technology and more automation enabling the largest wealth management firms to continue reducing their overall headcount. As more sophisticated wealthtech comes available, advisor headcount will be reduced too, but that might not come into play in 2025.
More importantly, accelerating AI also means accelerating obsolescence for extant advisor and wealth technology. If a firm’s existing technology is unable to provide the efficiencies and depth of service that new artificial intelligence-enabled tools are providing, that firm is not going to be able to compete for next-generation investors. 2025 will be an opportunity for advisors to push out their old, non-intelligent technology and ring in the new.
Finally, AI will continue to force wealth managers to evolve their profession. Recent years have seen a retreat from the more investment- and technical-oriented brands of wealth management towards a model more influenced by behavioral psychology and relationship management—not only will this shift accelerate, but technology will begin to chip away at human financial advisors’ hold on behavioral financial management, and advisors will need to use 2025 to find some other way to justify their fees to the end investor.
We’ll mull over more annual lookbacks and outlooks throughout the winter months—for now, let’s get you to your wealthtech headlines.
Amber Group
iClick Interactive Asia Group Limited (“iClick” or the “Company”) (NASDAQ: ICLK) today announced that it has entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with Overlord Merger Sub Ltd. (“Merger Sub”), a Cayman Islands exempted company and a direct, wholly owned subsidiary of iClick and Amber DWM Holding Limited (“Amber DWM”), a Cayman Islands exempted company and the holding entity of Amber Group’s digital wealth management business, known as Amber Premium (“Amber Premium”). Pursuant to the Merger Agreement, Merger Sub will merge with and into Amber DWM, with Amber DWM continuing as the surviving entity and becoming a wholly-owned subsidiary of the Company (the “Merger”), and the shareholders of Amber DWM will exchange all of the issued and outstanding share capital of Amber DWM for a mixture of newly issued Class A and Class B ordinary shares of the Company on the terms and conditions set forth therein in a transaction exempt from the registration requirements under the Securities Act of 1933.
The Company is valued at US$40 million by equity value, and Amber DWM is valued at US$360 million by equity value on a fully-diluted basis (assuming the completion of certain restructuring as set forth in the Merger Agreement). Upon completion of the Merger, the Amber DWM shareholders and iClick shareholders (including holders of ADSs), in each case, immediately prior to the Merger, will own approximately 90% and 10%, respectively, of the outstanding shares of the combined company, or 97% and 3% voting power, respectively. The Merger Agreement also contemplates that, upon the closing of the merger (the “Closing”), the Company will change its name to “Amber International Holding Limited” and adopt the tenth amended and restated memorandum and articles of association of the Company, in each case immediately before the effective time of the Merger (the “Effective Time”), following which the authorized share capital of the Company shall only consist of Class A ordinary shares and Class B ordinary shares (with different voting powers but equal economic rights), a par value of US$0.001 each. Please refer to the Merger Agreement filed as Exhibit 99.2 to the Form 6-K furnished by the Company to the SEC on November 29, 2024 for more details.
The Company’s board of directors (the “Board”) approved the Merger Agreement and other transaction documents, including but not limited to the voting agreement entered into by and among certain shareholders of the Company (who holds approximately 36% of the outstanding shares representing 71% voting power of the Company as of the date of this press release), the Company and Amber DWM (the “Voting Agreement”) (collectively, the “Transaction Documents”), and the transactions contemplated thereunder (the “Transactions”), with the assistance of its financial and legal advisors. The Board also resolved to recommend that the Company’s shareholders vote to authorize and approve the Transaction Documents and the Transactions when they are submitted for shareholder approval.
Broadridge Financial Solutions
LTX, an AI-powered fixed income trading platform backed by global Fintech leader, Broadridge Financial Solutions Inc. (NYSE:BR), today announced its strategic partnership with TransFICC, a leading provider of e-trading technology for fixed income markets. This collaboration enables dealers to more quickly and efficiently onboard and connect to LTX, via TransFICC’s One API for eTrading platform.
Venue onboarding can be a complex and time-consuming task exacerbated by limited technical resources for the fixed income sector. TransFICC’s high-performance and reliable technology tackles the challenges of fragmentation, complex workflows, data throughput, and regulation associated with fixed income trading. Corporate bond dealers specializing in U.S. Investment Grade, High Yield, and Emerging Market credit products can leverage TransFICC’s One API for eTrading solution for direct integration with LTX, simplifying workflows, reducing complexities, and enabling faster access to LTX’s AI-powered corporate bond e-trading platform.
This integration is designed to assist dealers and other market participants in more quickly onboarding to LTX, joining the 40+ dealers and 90+ asset managers already on the platform. By simplifying connectivity and improving integration efficiency, TransFICC’s technology allows market participants to seamlessly join LTX’s ecosystem of liquidity providers.
Communify Fincentric
Communify Fincentric, the leader in unifying market and client data through best-in-class digital experiences, today announces the appointment of Jennie Wang as Chief Client Solutions Officer, effective immediately.
Wang, a seasoned technology and product leader, brings a wealth of experience in delivering complex data solutions and transforming them into scalable products. Most recently, she served as Chief Experience Officer at InvestCloud, where she led key initiatives in product delivery, client engagement, and operational transformation. At InvestCloud, Wang played a critical role in scaling the platform to manage over $6 trillion in assets, driving personalized client experiences and enabling large-scale implementations for wealth managers. Prior to that, she managed the end-to-end development of data-intensive financial products tailored to meet the demands of top-tier fund administrators.
At Communify Fincentric, Wang will focus on streamlining the delivery of next-generation client portals, advisor portals, and market portals with integrated market and client data. Her role will also include building a delivery hub in St. Petersburg, Florida, which will serve as a cornerstone for Communify’s client solution offsites and a hub for innovative product execution.
Envestnet
Envestnet, Inc. (the “Company” or “Envestnet”), a leading provider of integrated technology, intelligent data and wealth solutions, today announced the close of its acquisition by affiliates of vehicles managed or advised by Bain Capital at $63.15 per share, representing a transaction value of approximately $4.5 billion.
Reverence Capital and Norwest also participated in the transaction. In addition, strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors, who hold minority positions in the private company, participated in the transaction.
With $6.5 trillion in platform assets, more than 20 million accounts and serving more than 111,000 financial advisors, Envestnet is transforming the way advice is delivered through its ecosystem of connected technology, advanced insights, and comprehensive solutions, to help financial advisors drive business growth, productivity, and deliver better outcomes for their clients.
IRALOGIX
IRALOGIX, a leading retirement industry fintech provider, today announced the appointment of Tom Albergo as Chief Operations Officer. Albergo will assume his new position on December 2, report to Peter de Silva, Chief Executive Officer, and be a member of the Company’s Executive Leadership Team. Albergo succeeds Christine Skatchke, who is retiring at the end of December.
Most recently, Albergo served as Senior Vice President of Retirement Operations for Ascensus. He was responsible for growing business operations, driving process improvements, and enhancing line quality and service. He oversaw two retirement operating centers, two offshore service centers, and a $25 million P&L. Before Ascensus, Albergo held senior operations roles at ING.
Luma Financial Technologies
Luma Financial Technologies (“Luma”), a global leader in structured products and insurance solutions, is proud to announce the expansion of its long-standing collaboration with Hexure, a provider of sales and regulatory automation solutions for the life and annuity industry. This partnership now expands Luma’s award-winning platform to include Hexure’s Firelight® life insurance capabilities, enabling financial advisors to seamlessly manage both life insurance and annuity products in one comprehensive system.
Expanding their established partnership into life insurance, this extended collaboration reflects Hexure and Luma’s shared dedication to enhancing efficiency and supporting advisors in meeting their clients’ evolving needs.
By leveraging Firelight® for life insurance, Luma strengthens its ability to deliver a seamless, end-to-end process for learning, comparing, and managing both life insurance and annuities. This integration ensures greater transparency and more streamlined workflows for financial professionals.
Masttro
Masttro, the global leader in wealth tech solutions for family offices, RIAs, wealth managers and wealth owners themselves, today announced the launch of its next-generation platform, setting a new standard for easier and more powerful wealth data management.
The platform upgrade comes at a time of rising global asset valuations and an increase in the complexity of estates as more wealth owners acquire illiquid alternative investments. Family offices and wealth managers responsible for record-keeping and reporting often have limited visibility into asset management and performance without significant manual data aggregation efforts. Adding to this challenge is the need to support the great generational wealth transfer – estimated at $84 trillion over the next two decades – to more tech-savvy owners expecting real-time, interactive views of their total wealth with a click of a button.
Masttro’s next-gen platform introduces a powerful component-based architecture that combines AI-driven automation with a user-centric design to meet the demands of modern wealth management.
Metalpha
Metalpha Technology Holding Limited (Nasdaq: MATH) (the “Company” or “Metalpha”), a global digital asset-focused wealth management company, today announced the appointment of Mr. Pengyuan Fan as Chief Financial Officer of the Company (“CFO”), effective on November 28, 2024.
Mr. Pengyuan Fan brings over 15 years’ experience of key positions at a leading high-frequency trading firm, Royal Bank of Scotland and UBS in London. Mr. Fan graduated with both Bachelor of Arts (BA) and Master of Arts (MA) in Engineering from the University of Cambridge UK, and is a Fellow of Chartered Accountant (FCA) of ICAEW.
Mr. Xiaohua Gu, who had served as CFO since 2016, is stepping down voluntarily to pursue new opportunities. The Company wishes to express its profound gratitude for Mr. Gu’s contributions over the years. The transition is amicable, and both parties remain aligned in their shared commitment to Metalpha’s success.
Range
Range, the all-in-one AI WealthTech platform, raised $28 million in Series B funding, led by Cathay Innovation and joined by Gradient Ventures and other investors. This round brings the company’s total funding to $40 million.
Traditional financial advisors have offered the same types of wealth management services to consumers for decades. Range is overhauling the sector with a new AI engine they created named: Rai. As a result, they are able to provide superior advice 10-20x faster and save their members 75-90 percent more in fees than traditional wealth advisors.
The wealth management industry is witnessing a seismic shift, and Range is at the forefront of this transformation,” said Fahad Hassan, co-founder and CEO of Range. “Within 10 years, 95 percent of the population will rely on a trusted platform like Range. We’re not just building another fintech solution—we’re fundamentally democratizing access to sophisticated wealth management for all Americans.
Strive Asset Management
Strive Asset Management (“Strive”) today announced that its Direct Indexing, powered by Vestmark VAST™, is now available on both the Fidelity Investments and Charles Schwab platforms.
Strive’s Direct Indexing allows investors to track an index’s performance through ownership in individual stocks, instead of through an ETF or mutual fund, while providing enhanced customization and ownership control. The strategy can also deliver potential tax benefits, including daily scanning for tax loss harvesting opportunities and the option for in-kind transfers from existing equity portfolios.
Strive’s Direct Indexing focuses on the best financial outcome for the client and includes full proxy voting coverage and corporate engagement from our in-house corporate governance team without regard to ESG or DEI constraints.
TIFIN
Alera Group, a leading independent national insurance and financial services firm, announced today the selection and deployment of the TIFIN @Work AI-powered workplace benefits and wealth management platform. Alera Group’s Retirement Plan Services practice has integrated TIFIN @Work with its FinWell Connect financial wellness program. Together, these platforms offer comprehensive financial support to employees and create growth opportunities for advisors.
The Alera Group-TIFIN partnership underscores TIFIN @Work’s role in addressing evolving retirement plan needs while fueling advisor growth. Insights from Franklin Templeton’s Voice of the Field Survey confirmed the rising demand for actionable, workplace-based financial solutions, positioning TIFIN @Work as an optimal bridge between retirement benefits and wealth management.
Through TIFIN @Work’s AI-driven platform, Alera Group’s retirement plan participants will receive personalized, tailored guidance, seamlessly connecting them with financial experts. The platform dynamically serves up the appropriate Alera Group solution—across insurance, benefits, or wealth management—at the moment participants need it.
Trade Republic
Just in time for the Christmas season, customers can now use Trade Republic’s new gifting feature to gift stocks and ETFs with just a few clicks directly in the app. Gifts can be personalised and made to existing customers as well as interested ones, to support their long term saving journey. From now on, the bank enables its users to make gifts that have the opportunity to become a long term contribution to their family and friends pension planning. In the month of December, gifters also have the opportunity to participate in a give-away to earn up to 10,000 euros for themselves.
The new feature is now available to all Trade Republic users, making gifting stocks and ETFs easier than ever before. In the app, users can select the desired asset, set the amount, and specify the recipient. A personal message rounds off the gift, which can be shared via email or as a printed gift card under the Christmas tree. Gifts can also be scheduled in advance, so customers can take care of tomorrow’s surprises today.
The launch of the new feature is accompanied by the “Wealthman” campaign – a contrast to Santa Claus – making gifts that last. With this campaign, Trade Republic sends the message that gifting can be more than a fleeting moment. It’s an invitation to think about gifts that not only bring immediate joy but also create lasting value – a thought that perfectly aligns with the spirit of the Christmas season. It’s the first extended video format produced in-house.
