State Street Corporation announced on Thursday that it has entered a strategic partnership with Apex Fintech Solutions that includes a minority investment, aiming to expand its reach in the global wealth management market.
State Street Takes Minority Stake in Apex Fintech Solutions
The Boston-based custodian said it will use Apex’s digital custody and clearing platform to strengthen its wealth services offering.
Together, the firms plan to develop what they describe as the first global, digital wealth custody solution, combining State Street’s institutional infrastructure and client base with Apex’s API-driven technology.
Apex operates a financial technology platform serving more than 200 clients and 22 million brokerage accounts holding over $200 billion in assets.
Its modular system enables wealth managers and fintech firms to scale, integrate and launch products quickly.
“At State Street, our institutional investor clients look to us as an essential partner, to deliver leading investment services and platforms, data, expertise, and solutions that accelerate performance and decision making,” said John Plansky, executive vice president and head of State Street Wealth Services.
“This partnership with Apex augments our wealth services capabilities and positions us to bring the same level of focus and execution excellence.”
Bill Capuzzi, chief executive officer of Apex Fintech Solutions, said: “Wealth management is on the precipice of enormous change driven by rapid market innovation and investor expectations.
“We look forward to working with State Street to drive the future of wealth management by enabling the global advisor-based market to launch, scale and innovate at unprecedented speed.”
