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RBC inks portfolio management deal with Addepar

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RBC Wealth Management has announced a deal to offer the cloud-based wealthtech platform Addepar Inc. to its more than 2,100 financial advisers — marking the largest deal to date for the portfolio management tech provider.

Mountain View, California-based Addepar is used by investment advisers, banks and family offices to track how investment portfolios perform across asset classes by aggregating data from client portfolios and overall market performance. 

Its customer list of more than 700 advisory firms has been steadily growing in recent years, with clients now using the technology in more than 25 countries to advise on more than $3.5 trillion in assets, according to a release.

With the deal, the platform becomes available to all RBC advisers, including financial professionals at the firm’s clearing division, RBC Clearing & Custody. 

“Addepar is an integral part of our vision to provide a best-in-class technology experience for financial advisers across the entire investment lifecycle,” Greg Beltzer, head of technology at RBC, said in a statement. “Our addition of Addepar’s software platform will further empower our advisers to build trusted relationships with their end clients, and ultimately, help them achieve financial goals.”  

In June, Addepar landed $150 million in funding from New York City-based hedge fund D1 Capital Partners, which doubled the wealthtech’s valuation to more than $2.17 billion, and pushed its total funding to $475 million. 

The wealth management platform acquired AdvisorPeak, a Layton, Utah-based provider of trading and rebalancing software, for an undisclosed sum in October.

“Innovation is a constant in everything we do at Addepar,” said CEO Eric Poirier. “We continue to deliver value at scale by working closely with our clients, who are the industry’s most cutting-edge, sophisticated wealth managers.”

RBC Wealth Management manages $542 billion in total client assets, operating in 182 locations in 42 states, according to the release.

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