iCapital Eyes Expansion in Hong Kong, Singapore and Australia
Alternatives fintech platform iCapital is reportedly seeking expansion across APAC, including in Hong Kong, Singapore and Australia.
iCapital is in the process of relocating to a significantly larger office in Singapore due to rapid team expansion and increased client activity, according to a «Business Times» report citing Marco Bizzozero, the firm's head of international. It employs around 30 staff in the city-state, accounting for half of the total headcount in Asia.
The alternatives platform is also looking into a bigger office space in Hong Kong. It will aim to recruit more sales staff in both markets. In addition, it plans to open its first office in Australia.
«The wealth management channel is still at the very beginning of integrating private markets in client portfolios. Current allocations to private markets by the wealth management channel are low – on average 3 per cent – yet most wealth managers now target allocations [of] between 10 and 20 per cent, resulting in significant opportunities for firms like iCapital,» said Bizzozero.
