Goldman Sachs sells personal financial management business to Creative Planning
The move is part of the bank’s continued shift to focus on serving ultra-high-net-worth individuals.
Investment, Asset & Fund Management
Video: How fintech is transforming the private equity and private credit markets
We ask Arbour Partners CEO James Newsome how fintech has impacted the private equity and private credit landscape.
FinTech Futures: Top five stories of the week – 25 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Citi debuts first LatAm fintech investment with stake in Peruvian FX platform Rextie
Rextie becomes Latin America’s first FX fintech to receive an investment from Citi.
Yahoo Finance builds out investor insights with Commonstock acquisition
Launched in 2020, Commonstock is backed by investors including Coatue, QED and Floodgate.
Morgan Stanley hit with £5.41m fine after energy traders used WhatsApp to discuss market transactions
It is the first-ever electronic communication fine issued in Great Britain relating to trading energy products.
Trading Technologies enhances buy-side appeal with Abel Noser Solutions acquisition
The deal is expected to close on 31 August.
SEC hands fintech investment advisor Titan $850,000 penalty for misleading clients
The SEC says the fine should serve as “a warning for all advisers to ensure compliance”.
WealthKernel confirms Aqsa Tariq as new chief financial officer
Tariq joins WealthKernel from FNZ Group, where she was group head of business intelligence for three years.
US fintech Stash names Chien-Liang Chou as new CTO
Chien-Liang Chou joins Stash from banking app start-up Dave, where he worked as CTO.
White paper: Make aggregated data your most valuable asset
Discover the four factors of superior aggregation for enterprise level investment use cases.
Singapore’s MVGX launches carbon SaaS subsidiary, appoints ex-BSI exec to take the lead
Frank Zhang, “a fintech, ISO standard certification and sustainability veteran”, will lead the new subsidiary.
SEC brings the hatchet down on Wall Street’s bad recordkeeping with $289m in fines
The SEC has leveraged 30 enforcement actions to date against firms failing to comply with recordkeeping requirements.
DBS completes acquisition of Citi’s consumer banking business in Taiwan
DBS has also absorbed close to 3,000 employees from Citi Consumer Taiwan.
Nationwide Building Society transfers financial planning service to Aegon UK
The transfer is set to take place in early 2024.
Nutmeg and Chase UK CEO Sanjiv Somani resigns
According to a Companies House filing, Somani has resigned as head of Nutmeg and JP Morgan Europe.
Naga integrates Rezolve AI into its social trading platform
The integration is also set to extend to Naga’s e-payments solution, Naga Pay.
Banque de France, ERAFP, Generali Group tap Iceberg Data Lab for ESG data solutions
The clients will be able to access Iceberg Data Lab’s ESG dataset available via its impact calculation platform.
Singapore’s Endowus raises $35m as it eyes regional expansion
The round saw participation from existing investors including UBS Next, EDBI and Prosus Ventures.
Hong Kong fintech Micro Connect raises $458m Series C funding
According to Forbes Asia, the funding round values the start-up at $1.7 billion, making it Hong Kong’s latest unicorn.
MarketAxess acquires Pragma to leverage quantitative trading technology
MarketAxess aims to accelerate the development of quantitative execution algorithms for fixed-income products.
Challenging funding environment pushes LedgerEdge into administration
David Robert Baxendale and Edward John Macnamara have been appointed as joint administrators.
Allfunds acquires local paying agent business of Iccrea Banca
The acquisition enables Allfunds to develop its position in Italy as a local paying agent business.
ICYMI fintech funding round-up: Giraffe, eflow Global, Galaxy Ventures & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Robinhood reignites plans for UK expansion with chief exec hire
According to an FCA filing, Jordan Sinclair has been appointed as UK chief executive for Robinhood.
BlackRock and Jio Financial Services to launch joint asset management venture in India
The announcement follows JFS’s recent demerger from Reliance Industries.
UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
ICYMI fintech funding round-up: Anduin, Thunes, Portrait Analytics & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
FusionIQ integrates with wealth management platform Blueleaf
The integration seeks to provide wealth managers with the tools needed to boost their digital transformation.
Global fintech investment falls over H1 2023 amid economic turbulence but sector remains resilient
According to Innovate Finance data, $27.3bn was injected into the industry globally during H1 2023 through 1,714 deals.
DBS Bank to sell majority stake in AXS to Tower Capital Asia
The bank has struck an agreement this week to sell a 77.8% stake in AXS to the private equity firm.
US fintech start-up MerQube lands $22m Series B funding
The round was led by Intel Capital, with participation from new investor Allianz Life Ventures, and existing investors.
The Bank of London formally submits application for EU banking licence
The firm is setting up a new base in Luxembourg and will invest €200m in the country and across the wider EU.
Platform One appoints former SEI operational director Terry Leavy as new COO
Leavy joins the company following a decade-long stint at US financial services firm SEI.
Rimes supports digital transformation of Jana with Matrix solution
Jana has gone live with the solution in an effort to streamline and automate its operational processes.
Silvr secures up to €200m credit facility to close European SME funding gap
The new transaction is backed by Citi and Channel Capital, and the initial facility will be for €67 million.
Digital asset firm Laser Digital snaps up Elysium Technology Group
Laser says the deal will help bring cross-asset post-trade capabilities to institutional digital asset investors.
Robinhood reportedly laying off 7% of staff in fresh round of job cuts
The news marks Robinhood’s third round of layoffs since April 2022.
Digital banking tech provider Backbase acquires wealthtech Nucoro
Nucoro’s offering will be incorporated into the Backbase Engagement Banking platform.
New CEO of Pipe builds “fintech dream team”
Pipe makes new hires across technology, innovation, product, risk, and operations.
