WEALTH MANAGEMENT PLATFORM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In June 2023, PureFacts Financial Solutions, a leader in revenue management solutions for the investment management industry, announced that its fee and billing calculation engine would be integrated into Pershing X's Wove wealth management platform, a technology provider and new business unit of BNY Mellon. This integration will enable wealth management organizations using the Pershing X platform to better account for every dollar of value with less overhead and more automated, accurate, and repeatable workflows.
• In February 2023, South Indian Bank, a leading Kerala-based private sector bank with a nationwide presence and a legacy of over nine decades, partnered with Geojit Financial Services, one of the leading investment services companies in India with over 35 years of experience, to build a wealth management platform. SIB Wealth aims to assist the bank's high net worth (HNI) clients by investing their funds in the best financial instruments available in the market. The platform offers portfolio management services, alternative investment funds, systematic investment plans, mutual funds, bonds, real estate funds, and structured products.
• In February 2023, Wells Fargo & Company, a leading financial services company with approximately US$ 1.9 trillion in assets and serving one in three U.S. households, introduced a digital platform for consumers with wealth management accounts. The LifeSync platform, available on the Wells Fargo app, will assist the bank's 2.6 million wealth and investment management (WIM) clients in planning and tracking their finances. This platform will be available at the end of March.
• In January 2023, YieldX, a Miami-based fintech startup providing fixed-income portfolio management technology, optimization services, and direct indexing tools for wealth managers, was acquired by FNZ, a global wealth management platform headquartered in New Zealand that administers over $1.5 trillion in client assets representing 20 million investors worldwide. YieldX's cutting-edge capabilities, which will be integrated into FNZ's wealth platform, will enable clients to scan the global universe of fixed-income opportunities and quickly identify outcomes that match their desired terms and yield based on their risk profile.
• In March 2023, WealthTech GBST, a global provider of financial services technology to the capital market and wealth management sectors, rebranded and released an improved SaaS Composer wealth management administration software version. In reference to its roots, the company has kept its name while developing a brand strategy and new visual identity based on the updated backronym.