iCapital Network Expands Fidelity Relationship, Names Burns Head of Hedge Fund Origination

Jun 21 2017 | 7:13pm ET

Alternative investment platform provider iCapital Network has deepened its capabilities in the hedge fund space through an expanded partnership with Fidelity and the hiring of former Pulse Capital Partners executive Joseph Burns as head of hedge fund origination and diligence.

iCapital has expanded its relationship with Fidelity Clearing & Custody Solutions, allowing intermediary clients to have direct, seamless access to iCapital’s hedge fund offerings through the integration of iCapital’s proprietary technology with Fidelity’s Wealthscape advisor platform.

The strategic Fidelity relationship, announced last year, originally provided Fidelity’s financial intermediaries with access to iCapital’s private equity fund offerings.  

Burns, meanwhile, joins iCapital as its head of hedge fund origination & diligence, where he will be responsible for building relationships, identifying high quality fund opportunities, overseeing the firm’s hedge fund diligence efforts, and developing the hedge fund pipeline for the firm. He was most recently founding partner and co-CIO at Pulse Capital Partners, and beforehand was COO and CRO at TCS Capital Management and head of global research for Ivy Asset Management.

“Joe’s deep experience in hedge fund manager selection and his extensive industry network make him the ideal fit to assume responsibility for our hedge fund origination and diligence efforts,” said Nick Veronis, iCapital co-founder, in a statement. “Our top priority is to offer our investors, RIAs, broker-dealers, private banks and family offices access to the highest caliber alternative investment opportunities, and Joe’s contributions will be a critical part of our effort to deliver on that priority.”

iCapital regularly surveys its member network – composed of approximately 1,600 RIAs, financial planners, wealth managers, brokerage representatives, private bankers, family offices and other sophisticated investors – regarding alternative investment appetite, current allocations, preferred strategies and projected future investments.

Most recently, iCapital’s survey findings revealed that more than 75% of respondents say they are likely to invest in hedge funds over the next 12 months. 

Founded in 2013, iCapital offers a curated selection of alternative investments, including private equity, private credit, real estate, venture capital and hedge funds, to its private network of qualified investors and advisory professionals. Collectively, the hedge fund managers on the iCapital platform oversee more than $100 billion in assets.

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