By Aisling Finn on Tuesday 15 December 2020
The executive team is formed of six former JP Morgan leaders, the former COO of HSBC Commercial bank and former head of investment products at Barclays Wealth Management.
Vestrata, a new digital wealth management platform founded by eight former employees from some of the largest wealth managers in the world, has closed a $4m investment round and officially launched.
Vestrata promises to deliver a host of discretionary, advisory and ESG investment solutions to help wealth managers control risk and reduce the cost of their investments.
The funding comes from the team’s former employers, friends and families and other mystery backers, with plans to raise cash from institutional investors in 2021.
“We know from first-hand experience the significant and accelerating financial and regulatory challenges faced by the wealth management industry,” said Mark Le Lievre, co-founder and CEO of Vestrata and former head of products and platforms at JP Morgan Private Bank and head of investment content at UBS Wealth Management.
“Firms now need to focus not only on managing their cost base but growing their revenues via enhanced client engagement. We understand these challenges and have built a solution to address them.”
Other members of the executive team include Chairman Doug Wurth, who previously led the international Private Bank and Alternatives businesses at JP Morgan, fellow co-founder and chief technology officer Kim Lennen, who is the former CTO of JP Morgan Private Bank and head of solutions at Vestrata, Lea Blinoff, who was previously a managing director at J.P. Morgan.
Speaking of the launch, Blinoff said: “Vestrata integrates a variety of investment solutions, products and asset classes with powerful portfolio analytics, reporting and a robust risk management framework to ensure advisors can deliver advice specifically tailored to their clients’ needs, in a scalable and compliant way.”
“We enable the firms we work with to deliver more ideas to more clients, leading to revenue growth, improved control and enhanced client engagement.”
The new platform will be available from today and promises to address key challenges, such as revenue growth, in the wealth management space.