Governor Lamont Announces iCapital Network Will Establish Connecticut Operations, Create 200 New Jobs in the State
(HARTFORD, CT) – Governor Ned Lamont today announced that iCapital Network, the leading global financial technology platform driving access and efficiency in alternative investing for the asset and wealth management industries, will expand its operations by opening an office in Greenwich, Connecticut, and create 200 jobs in the state over the next two years.
“We are excited to welcome iCapital to Connecticut, and I congratulate them on their decision to invest and grow in our state,” Governor Lamont said. “This is more validation that our approach to growth and economic development is working, as we’re seeing more companies take a second look at our state and decide that it is an ideal environment for them to grow and thrive. I’m looking forward to having a strong working relationship with CEO Lawrence Calcano, and the entire team at iCapital.”
Founded in 2013 in New York City, iCapital has transformed the way the wealth management, banking, and asset management industries facilitate access to private markets investments for their high-net-worth clients by providing intuitive, end-to-end technology and service solutions. Wealth management firms use iCapital’s solutions to provide clients with funds at lower minimums and simplified digital workflows. Asset managers and banks leverage iCapital’s technology to streamline and scale their private investments operational infrastructure.
Additionally, the iCapital “flagship” platform offers financial advisors and their high-net-worth clients access to a curated menu of private equity, private credit, hedge funds, and other alternative investments to help meet their investing needs for return and diversification. iCapital’s research and diligence team offers robust analysis alongside the firm’s extensive suite of advisor education, compliance, portfolio management, and portfolio analytics tools and services. iCapital was recognized on the Forbes FinTech 50 list in 2018, 2019, 2020, and 2021, the Forbes America’s Best Startup Employers in 2021, and MMI/Barron’s Industry Awards as Solutions Provider of the Year in 2020.
iCapital Network has approximately 450 employees and services $75 billion in global client assets across more than 750 funds. Headquartered in New York, it also has offices in Zurich, London, Lisbon, and Hong Kong. The Greenwich office will open this fall at Two Greenwich Plaza, and the company is actively recruiting for the Connecticut location across technology, client services, finance, and legal and compliance jobs.
“iCapital is expanding swiftly across the globe to meet the need for technology solutions in support of the growing demand for alternative investments,” Lawrence Calcano, chairman and CEO of iCapital Network, said. “When we considered locations for the expansion of our domestic footprint, Connecticut was the obvious choice. I respect the Governor’s commitment to bringing top-tier employers and good jobs to Connecticut and supporting entrepreneurship in innovative sectors that will drive economic growth.”
The Connecticut Department of Economic and Community Development is supporting the expansion with “earn-as-you-grow” incentives that provide grants in arrears as job targets are reached.
“Connecticut has a lot to offer to financial technology companies – a top-flight workforce and a culture of innovation just to name a few,” Department of Economic and Community Development Commissioner David Lehman said. “We applaud iCapital’s decision to invest and grow in Connecticut and look forward to building our partnership in the years to come.”
“We welcome iCapital to Greenwich and are excited not only for the 200 new jobs this will create over the coming years, but for its innovative and creative approaches in the sector,” Congressman Jim Himes said. “Southwest Connecticut offers a dynamic environment for business creation and investment, with a highly-trained workforce and growth-oriented mindset.”
“iCapital’s decision to open an office in town reinforces Greenwich’s position as a premier location to do business,” Greenwich First Selectman Fred Camillo said. “I welcome Mr. Calcano and his company as they join the many financial firms that call Greenwich, Connecticut home.”