UBS is investing in a U.S.-based fintech in order to become more efficient with its alternative investments. The Swiss bank is following Credit Suisse and American rivals.
Zurich-based UBS has invested in New York-based fintech iCapital Network, «Crowdfund Insider» reported, without disclosing financial details of the deal.
iCapital is a digital distribution platform which provides access to private equity and hedge funds for wealthy clients and their private bankers.
Credit Suisse is already invested in the start-up, which is also backed by the world's largest asset manager, Blackrock, and by U.S. bank Morgan Stanley.
Founded four years ago, the fintech launched its platform in 2015 and has placed more than $2.25 billion with funds.
