iCapital gets props for poaching top Fidelity executive, Gary Gallagher; with IPO in reach, new president is trusted by RIAs universe and big hitters alike
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iCapital gets props for poaching top Fidelity executive, Gary Gallagher; with IPO in reach, new president is trusted by RIAs universe and big hitters alike. The New York City alternative investments company 'services' $1 trillion and dominates as a platform to platforms, like Fidelity, Schwab and Envestnet, but 'dominance' still means just $283.9 billion in alternative platform assets Brooke's Note: iCapital just made the biggest hire in its history by adding a president title and handing it to Gary Gallagher. The Fidelity veteran is now the answer to whether iCapital understands RIAs, whether it has an executive who can see an entrepreneurial company through to maturity and possibly an IPO, and whether he is likable. Most people I know like iCapital CEO Lawrence Calcano but the company is bursting at the seams with pieces of Wall Street giants that it rolled up along with talent from the kinds investment banking and private equity brands that are known for equal parts competency and Manhattan hubris. Gallagher is known for big-company competency, RIA sensitivity and for being approachable and humble. If he can bring all that to iCapital - boom. Maybe the company can go from being the best of an underachieving alts-to-RIAs category to being an unqualified success in fulfilling a destiny for alts in RIA portfolios that everyone has rushed to foresee. iCapital just made...
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In addition to Gallagher, iCapital has also hired Henrique Francisco as chief technology officer, Jeff McGoey as chief operating officer, and Sonali Basak as chief investment strategist.