Financial institution State Street teams up with Apex for wealth expansion venture
State Street Corporation, a leading provider of investment services and platforms, and Apex Fintech Solutions, a global financial technology platform, have announced a strategic partnership. In a move aimed at driving the future of wealth management, State Street has invested a minority stake in Apex.
John Plansky, executive vice president and head of State Street Wealth Services, stated that the partnership augments their wealth services capabilities. He further added that State Street aims to bring the same level of focus and execution excellence to the growing global wealth customers' investment goals.
Apex Fintech Solutions, known for its market-leading expertise in modern, API-driven, digital wealth solutions, brings to the table a flexible, modular platform for wealth managers and fintech innovators. This platform enables the launch of new products, scaling efficiently, and seamless integration across the ecosystem.
State Street brings its global client base, institutional infrastructure, core custody and platform services, and ecosystem of specialist partners to the partnership. The company delivers front-office software and data solutions to large enterprise wealth managers, reporting over $3 trillion in assets. State Street Investment Management oversees more than $1 trillion in wealth-related assets.
Bill Capuzzi, chief executive officer of Apex Fintech Solutions, emphasized that wealth management is on the precipice of enormous change, and Apex has fueled the fintech revolution for over a decade. He looks 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.
The partnership aims to build the first truly global, digital wealth custody solution. It will leverage Apex's digital custody and clearing platform to expand State Street's wealth services offerings to the global wealth management industry. The partnership is focused on delivering a differentiated, fully digital, globally scalable, custody and clearing solution for wealth advisors and self-directed wealth platforms.
Apex's backend systems and capabilities are fast, flexible, and secure, making them suitable for capitalizing on the change in the wealth management industry. With over 200 clients and 22 million brokerage accounts holding over $200 billion in assets, Apex Fintech Solutions has established itself as a reliable partner in the financial technology sector.
State Street's institutional investor clients consider them as an essential partner for delivering leading investment services and platforms. By partnering with Apex, State Street is positioning itself to lead the charge in the digital transformation of wealth management. The partnership between these two industry giants is set to revolutionize the way wealth is managed globally.
