Global bank State Street has committed to digital custody in wealth management through a push with Apex Fintech Solutions.
Together, the firms will deliver a fully digital custody and clearing solution for wealth advisors, self-directed platforms and their clients globally.
“Wealth management is on the precipice of enormous change driven by rapid market innovation and investor expectations,” said Bill Capuzzi, chief executive officer of Apex Fintech Solutions. “For firms to capitalise on that change, they need backend systems and capabilities that are fast, flexible, and secure.”
The partnership will see the bank taking a minority ownership stake in the fintech and combining its scale and institutional infrastructure with Apex’s digital custody solutions.
Through the collaboration, State Street says it is modernising wealth management infrastructure, enabling firms to launch and scale offerings more effectively.
“Our institutional investor clients look to us… 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.
State Street will contribute its global scale, infrastructure and custody services, while Apex will add API-driven digital wealth solutions and a scalable custody platform that serves both high-net-worth clients and the mass affluent.
For over a decade, Apex has fuelled the fintech revolution by solving the hard challenges needed to expand and improve investing for everyone, the company said.
