Wells Fargo Expands UMA Platform with Private Markets Investment Options

Wells Fargo has added private markets to its UMA platform through a partnership with fintech firm InvestCloud. The UMA program now offers a range of alternative investment options, including private equity, private debt, hedge funds, and real assets. Wells Fargo joins other firms such as Fidelity and Goldman Sachs in offering private market options to clients. The partnership aims to provide personalized, scalable, and data-driven client experiences.

Wells Fargo has recently bolstered its UMA (Unified Managed Account) platform by partnering with fintech firm InvestCloud to offer a wide array of alternative investment options. The expanded UMA program now includes private equity, private debt, hedge funds, and real assets, providing clients with access to a diverse range of investment opportunities [1].

The partnership between Wells Fargo and InvestCloud aims to deliver personalized, scalable, and data-driven client experiences. Greg Maddox, product management executive at Wells Fargo Investment Management, stated, "We are committed to providing new technologies that deliver personalized, scalable and data-driven client experiences. We are proud to offer industry-leading investment capabilities and find new and innovative ways to make the company an easier place for advisors and clients to do business" [1].

Wells Fargo joins a growing list of firms that have incorporated private market options into their UMA platforms, including Fidelity and Goldman Sachs. This trend reflects the increasing demand among financial advisors for semi-liquid funds that provide exposure to alternative assets [1].

Earlier this year, InvestCloud partnered with alternative asset manager Apollo Global Management to become part of its Private Markets Account (PMA) Network. This collaboration allows InvestCloud’s clients to access Apollo’s private market model portfolios and multi-manager models in their managed account programs [1].

Vestmark, a rival to Wells Fargo, also recently announced partnerships with alternative investment platform iCapital and asset management giant BlackRock to add private market assets to its tax-managed UMAs for RIAs on the Dynasty Financial Partners’ network [1]. Additionally, Envestnet struck deals with BlackRock, Franklin Templeton, State Street Global Advisors, and Fidelity to develop custom investment portfolios for advisors using its platform [1]. Last year, Goldman Sachs Asset Management partnered with TAMP firm GeoWealth to build open-architecture custom models for the latter’s UMA platform [1].

These developments underscore the growing importance of private market investment options in the financial industry. As financial advisors seek to diversify their clients' portfolios, the inclusion of alternative assets through UMAs and SMAs is becoming a standard practice.

References:
[1] https://www.wealthmanagement.com/alternative-investments/wells-fargo-adds-private-markets-to-its-uma
[2] https://finance.yahoo.com/news/wells-fargo-adds-private-markets-181737677.html