GeoWealth bags $19m as it bolsters its asset management support services

Asset management program for advisors GeoWealth has closed its Series B round on $19m as it eyes hiring opportunities.

Kayne Partners Fund, a private equity division of Kayne Anderson Capital Advisors, served as the lead investor. Participation also came from J.P. Morgan Asset Management. Which has been a strategic investor into GeoWealth since 2018.

GeoWealth combines proprietary technology with a high-touch outsourced service model. This allows advisors to spend more time with their client.  With the fresh investment, the WealthTech company plans to hire staff for its product, engineering and distribution teams.

Clients can leverage the solution to handle a variety of mid and back-office responsibilities, such as performance reporting, billing, portfolio accounting and more.

The WealthTech company previously raised its Series A round in 2018. Since then, assets on the platform have increased by more than 300% to $16.7bn and AUM has risen by more than 700% to $7.3bn.

Kayne Anderson Capital Advisors managing director Robert Shilton said, “GeoWealth’s rapid growth is a reflection of its exceptional ability to solve the challenges facing financial advisors today.

“Whether it’s flexible investment solutions, a modern back office, or an elevated client experience, GeoWealth stands apart from legacy providers by combining the best of SaaS and an outsourced investment platform. We believe GeoWealth is at the cusp of what could be explosive growth, and Kayne is committed to bringing our firm’s full suite of capabilities and expertise to support GeoWealth in the coming years.”

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