Earlier this month, InvestCloud announced that Westwood Holdings Group (NYSE: WHG), an investment manager to institutions, private wealth and financial intermediaries, chose its platform to expand its digital capabilities.
InvestCloud is a software platform with use cases in communication, accounts management and data aggregation. Clients like JPMorgan and APEX Clearing Partners have previously leveraged InvestCloud tools to build wealth management and advising systems.
Westwood will leverage InvestCloud’s expertise and platforms to enhance its data aggregation, warehousing, trade-order processing, and accounting capabilities.
“We chose InvestCloud because they are the only FinTech company that has solved the digital transformation needs of the investment management industry,” said Fabian Gomez, COO at Westwood in a press release. “We have a philosophy of ‘go digital or die’ and wanted to do this without creating a massive IT department.”
It's said that the development will benefit Westwood’s performance analytics and financial portfolios; as part of the digital transformation, the firm will use InvestCloud’s Blue client communication platform, Black portfolio analysis solution, Orange digital warehousing, and Green trading and accounting apps.
In a statement to Benzinga, InvestCloud CEO John Wise said that the “Westwood partnership further validates that InvestCloud has solved the world’s asset and wealth management digital transformation needs, addressing the trillion-dollar market opportunity.”
“Westwood is leading the way, and deploying our platform is a crucial move to ensure wealth managers can effectively and rapidly respond to growing investor demands for leading-edge, highly personalized services," Wise added.
It's expected that Westwood will soon go-to-market via InvestCloud’s 1-2-3 conversion process that cuts down on human error potential, reconciliation times and increases cost savings.
See more from Benzinga
- Invstr, STEAM16 Partner To Increase Financial Literacy, Awareness Among Young People
- 7 Ways To Hedge Or Profit During The Next Recession
- Payscape: A Payments Solution For Small-, Medium-Sized Merchants
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.