Global financial technology firm, Bite Investments, has unveiled a new wealth management feature on its Bite Stream platform, catering to asset managers worldwide.
This innovative addition aims to enhance access and operational efficiency for alternative investments, fostering connections between fund managers and the global wealth management community.
Bite Stream provides a direct avenue for alternative asset managers to engage with wealth managers seamlessly.
By utilising the same platform employed for fundraising, investor management, relations, and reporting, it eliminates the need for intermediary fund platforms, offering a cost-effective way to reach the wealth management audience. This direct connectivity transforms wealth managers into distribution partners for alternative asset managers.
Alternative asset managers are increasingly turning their attention to the wealth management market, driven by its substantial size and current under-allocation to alternatives. Recognising the retail segment’s significant contribution to global wealth, with wealth managers expanding into lower wealth bands, the wealth management channel becomes pivotal in driving growth for asset managers.
Legacy institutional distribution strategies need to evolve, with asset managers embracing a more integrated, digital-led interaction model to tap into the wealth channel. Bite Stream streamlines the process of dealing with smaller ticket sizes typical in the wealth management segment.
Regardless of size or specialisation, asset managers can leverage the platform to raise funds across various investor types, and now, with the addition of wealth manager distributors, expand their reach even further.
Amid uncertainties in public markets and evolving investor preferences for diversification, wealth managers and advisors are increasingly considering alternative investment solutions.
Bite Stream’s new feature empowers sophisticated wealth managers and advisors to connect directly with asset managers, gaining access to private market funds. This expands the range of available assets, facilitating long-term growth and wealth creation for their clients.
Bite Investments CEO William Rudebeck said: “Currently, the only efficient ways for alternative asset managers to access the wealth management industry is either through developing their own wealth management distribution solution or by using intermediary platforms, which tend to be expensive and only cater to a very few select managers that fit within a certain level of criteria, set by that specific intermediary platform.
“Likewise, there has recently been a lot of consolidation within the wealth management market and now many wealth managers can invest into alternative assets themselves independently.”
The legacy structure is evolving, benefiting:
1. Alternative asset managers with proprietary wealth manager relationships, enabling them to independently attract wealth management capital without hefty intermediary fees.
2. The broader alternative asset management market, as Bite Stream provides a low-cost, streamlined, and efficient way for any asset manager to connect with wealth managers or other third-party distributors.
3. Wealth managers, who can now digitally connect with alternative asset managers in a cost-efficient manner. Bite has developed an end-to-end, white-labelled platform, eliminating operational burdens and allowing wealth managers to focus on investing client money efficiently and building stronger relationships.
