WealthStack Roundup: TIFIN AMP Partners With BetaNXT

TIFIN Asset Manager Platform (AMP) announced a partnership with BetaNXT this week.

The collaboration seeks to allow TIFIN AMP’s artificial intelligence capabilities to combine with BetaNXT’s data ecosystem in an effort to transform and streamline the processing of fund distribution using artificial intelligence, according to the company. 

BetaNXT is a combination of the technology of Mediant Communications and three legacy platforms acquired by Clearlake Capital and Motive Partners in early 2022 from Refinitiv for $1.1 billion

Those platforms included the BETA, Maxit and Digital Investor products, which, in addition to having been owned by Refinitiv, had previously been parts of Scivantage and Thomson Reuters. BETA is used for securities processing as part of clearing and custody operations, while Maxit is used for tracking cost and tax basis data on assets.

TIFIN AMP was launched late last year. The proprietary and integrated platform combines and helps manage the marketing, data science and sales enablement assets for asset management firms and helps remove distribution friction. In February, Morningstar announced it had agreed to provide the TIFIN AMP with aggregated insights.

TIFIN has evolved from its roots as a startup incubator and holding company with more than a dozen businesses and has morphed and combined several of those into TIFIN Wealth, a platform for advisors, wealth managers and other intermediaries that combines several tools and features. It also operates Magnifi, an intelligent search-powered marketplace for investments, among other offerings.

In March, Motive Partners and Clearlake Capital, acquired investor communications firm Mediant Communications. Mediant’s technology joined the three pieces Clearlake and Motive acquired in 2022 for $1.1 billion from Refinitiv, a part of the London Stock Exchange Group. 

Millennium Trust Acquires NuView Trust Company

Retirement account custodian Millennium Trust Company earlier this month acquired NuView Trust Company, a self-directed IRA custodian focused on alternative assets.

The acquisition adds approximately $2.2 billion of retirement assets and over 12,000 client accounts to Millennium Trust Company’s platform, according to the company. NuView was founded in 2003 by Glen Mather. NuView has now serviced over 20,000 account holders with over $2 billion in assets under custody.

Millenium Trust Company was started in 2000 and now has over seven million clients holding over $62 billion in assets under custody. In 2016, Millennium Trust Company launched the Millennium Alternative Investment Network, a platform to provide access to alternative investments. In April, Millenium Trust Company also acquired Accruit, an independent Qualified Intermediary and technology service provider of real estate 1031 exchanges. Starting next month, Millennium Trust Company will become Inspira Financial.

Reflection Analytics Launches Digital Platform for ESG Audit and Analysis

Reflection Analytics, a company that evaluates environmental, social and governance investments investments, launched a new platform called Reflect.

The new service seeks to provide investor-focused ESG analysis for asset managers, advisors, investors and institutions. Areas that are evaluated include due diligence, compliance, portfolio management, auditing and reporting, according to the company.

In September, the US Securities and Exchange Commission (SEC) voted to impose the most sweeping overhaul for fund-labeling regulations in more than two decades. Backers say the measures help rein in overblown claims about ESG investments. During the Biden administration, the regulator has grown increasingly concerned that funds billboard certain buzzwords to attract investors, even if they don’t accurately reflect their actual strategies. One focus has been on a lack of consistent standards for investments that claim to be sustainable, with the ESG label slapped on everything from ETFs to complex derivatives.

In reaction to the SEC’s expansion of Rule 35d-1, the “Names Rule,” to include ESG terms, Reflect seeks to ensure compliance with these regulations. The service offers comprehensive data on around 6,500 companies and works like a credit rating.

Under the SEC’s expanded rule, asset managers have 24 months to begin reporting on their alignment, demonstrating that 80% of their investments are in securities that reflect the terms in their name, or risk regulatory fines and fees.

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