LPL Financial Holdings, a provider of investment and business strategies for financial advisors, has expanded its partnership with SS&C Technologies Holdings, a provider of services and software for the financial services industry.
Through this collaboration, LPL Financial will utilise SS&C’s ALTSERVE platform to enhance its alternatives business, aiming to offer a better client experience.
The integration of SS&C ALTSERVE with LPL’s existing systems will enable the firm to onboard and transfer more alternative investment positions to LPL custody.
This move is expected to increase the firm’s capacity to transfer positions in both taxable and tax-exempt registrations, streamline processes such as subscriptions, redemptions, and capital call processing.
It is also anticipated to improve the timeliness and accuracy of position valuations, as well as reconciliation on LPL’s platform and on account statements.
SS&C Technologies global investor and distribution solutions head Nicole Greene said: “SS&C has extensive experience creating solutions to address alternative investment processing, brokerage, and transfer agency needs.”
LPL Financial, which already employs SS&C’s Brokerage Solutions, supports nearly 29,000 financial advisors and the wealth management practices of around 1,200 financial institutions.
The firm services and custodies approximately $1.7tn in brokerage and advisory assets on behalf of about six million Americans.
LPL investment management solutions head and executive vice president Cheri Belski said: “LPL has launched LPL Alts Connect to enhance the overall alternative investment experience, broaden our available investment suite, and enhance education and awareness across our advisor base.”
LPL offers a broad range of advisor affiliation models, investment solutions, fintech tools, and practice management services.
Recently, Arrowpoint Investment Partners, a Singapore-based hedge fund, partnered with SS&C Technologies for the administration of its $1bn multi-strategy flagship fund, with SS&C GlobeOp appointed as the fund administrator.
“LPL Financial taps SS&C’s ALTSERVE platform to enhance alternatives business” was originally created and published by Private Banker International, a GlobalData owned brand.
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