Morgan Stanley and Institutional Capital Network Inc. on March 14 entered into a strategic relationship under which iCapital will become the exclusive feeder-fund service provider for Morgan Stanley's Wealth Management Alternative Investments group, providing oversight of the group's alternative investment feeder-fund assets.
Financial terms of the deal were not disclosed.
The feeder-fund business comprises about 115 investment vehicles across various investment strategies. As a result of the deal, iCapital Network will service about $40 billion in private fund assets for more than 100,000 accounts and will offer employment to Morgan Stanley employees who currently support the fund's oversight.
Morgan Stanley will continue to provide sourcing and monitoring of its clients' alternative investments.
iCapital Network is a financial technology platform providing solutions for advisers and their clients in the alternative investment marketplace.