BlackRock Leads $18M Investment in GeoWealth
GeoWealth, a turnkey asset management platform (TAMP) and financial technology company, announced the close of a $18 million growth investment led by BlackRock.
Kayne Anderson Growth Capital, the growth capital strategy of Kayne Anderson, which led GeoWealth’s $19 million Series B funding in 2021, participated in the round, as did J.P. Morgan Asset Management, who completed a Series A round in 2018.
“As we continue to invest in our proprietary technology, we will build new offerings that provide RIAs with a flexible, customizable and user-friendly platform,” said Colin Falls, CEO of GeoWealth. “We’re deeply appreciative of our capital partners for their continued support of our business and growth ambitions.”
The new funds will be used to further the firm’s technology offerings, including the creation of new tools that will allow RIAs to provide more personalized and user-friendly investing solutions. The anticipated additions include the extension of unified managed account (UMA) capabilities and functionalities that aid in alternative investment reporting and tax management.
In March 2023, Chicago-based GeoWealth completed its first acquisition since its founding in 2010 with the purchase of First Ascent Asset Management, a smaller TAMP in Denver that provides outsourced portfolio management services to financial advisors and their clients.
GeoWealth’s platform supports more than $28 billion of assets, with more than 180,000 accounts managed by nearly 200 registered investment advisors.