Fintech Giant Icapital Plans Major Expansion In Asia-pacific Amid Growing Wealth Management Opportunities
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Fintech platform, iCapital, is reportedly planning to expand its presence in the Asia-Pacific region, including in cities such as Hong Kong, Singapore, and Australia.
Expansion in Singapore
iCapital is currently relocating to a larger office in Singapore, fueled by an expanding team and increased client activity. The firm’s Head of International, Marco Bizzozero, reported that around 30 staff members are employed in the city-state, which constitutes half of the total headcount in Asia.
Moving to Larger Spaces
The fintech platform is also seeking a larger office in Hong Kong as part of its expansion strategy. The goal is to acquire more sales staff in both markets to support its growing operations. In addition to this, the firm is planning to open its first Australian office.
The Wealth Management Market
Marco Bizzozero pointed out that the wealth management sector is still in its early stages when it comes to integrating private markets into client portfolios. He noted that current allocations to private markets by the wealth management sector are low, averaging at around three percent. However, most wealth managers are now aiming for allocations between 10 and 20 percent. This trend presents significant opportunities for firms like iCapital.
Questions & Answers
What is iCapital’s expansion strategy in Asia-Pacific?
iCapital plans to expand its presence by relocating to larger offices in Singapore and Hong Kong. It is also looking to hire more sales staff in these markets and open an office in Australia.
How many staff members does iCapital currently employ in Singapore?
The fintech platform currently employs around 30 staff members in Singapore, which makes up half of its total headcount in Asia.
What trends in the wealth management sector present opportunities for firms like iCapital?
The wealth management sector is still in its infancy in terms of integrating private markets into client portfolios. However, with most wealth managers now targeting allocations between 10 and 20 percent to private markets, firms like iCapital stand to benefit significantly.