Envestnet | PMC, the portfolio management consultants group of Envestnet, has joined forces with CAIS to offer independent advisors access to third-party hedge funds and private equity funds.
The integration of the two platforms is expected to start in December 2015 in stages.
Under the partnership, advisors will receive product reports about the hedge funds and private equity funds on the CAIS platform, as well as white papers and other educational materials about the broader alternative investment universe.
The alliance will provide advisors on the Envestnet platforms single-sign-on access to a secure CAIS portal within the next-generation ENV 2 system.
Additionally, advisors can perform electronic fund transactions on the CAIS platform through a single-sign-on process from ENV 2.
As of 30 September 2015, over 43,000 advisors use Envestnet’s technology and services to manage $788bn in assets and over 3.2m client account. CAIS member firms including RIAs, broker-dealers, and family offices, have nearly $3bn across the CAIS platform.
Envestnet | PMC executive vice president James Patrick said: "Our alliance with CAIS stems from our commitment to delivering innovative products and information that advisors need to help improve client outcomes."
CAIS founder and CEO Matt Brown said: "Our alliance with Envestnet helps provide a competitive advantage to Envestnet clients by granting them streamlined access to a broad menu of alternative investment funds."
HighTower founder and CEO Elliot Weissbluth said: "The integration between these two platforms offers advisors a simple, secure way to access alternative investment products and data to address clients’ diverse wealth management needs."
Envestnet | PMC director of product management Ryan Tagal said:"We are proud that advisors will be able to harness CAIS’s alternative investment funds and market research for their clients through the Envestnet network."