SS&C Advent Clients Get Easy Button for UMAs: Announcing the HedgeCoVest and SS&C Integration


For advisors looking to broaden their investment approach to better serve high net worth investors, SS&C announced today an exclusive partnership with HedgeCoVest, LLC, an award-winning, real-time investment platform revolutionizing the managed accounts industry. Advisors working with Axys, APX, and Black Diamond will now have access to a tight integration with HedgeCoVest’s SMArt Xchange (SMArtX) service. The integration will allow for seamless, sleeve-level reporting and portfolio accounting of all SMArtX accounts through advisor-focused SS&C technology solutions.

SMArtX provides SS&C Advent advisors exclusive access to a UMA/SMA offering that provides intra-day liquidity on more than 150 investment strategies. Advisors gain access to long only, long/short and options strategies, which are allocated into a single brokerage account. The SMArtX service uses proprietary technology to maintain a real-time record of investment managers’ activity and automatically creates trades to sync investors’ portfolios with the investment managers’ trading strategies. SS&C Advent provides data integration and sleeve-level reporting services for accounts managed on SMArtX so advisory clients of Black Diamond and other solutions will have a seamless experience.

Managed accounts in the advisor industry continue to grow and this offering by HedgeCoVest stands to be a significant contributor to that growth for advisors. According to Cerulli, managed account assets in discretionary advisory programs are north of $2.3 trillion in assets, a milestone that has grown by 21% since 2014.

This trend in outsourcing investment management continues to expand in wealth management, due to a number of industry changes and practice management benefits. Industry experts point to the added scale firms accrue by outsourcing the day-to-day management of portfolios to institutional-caliber money managers so that advisors can gain valuable capacity to spend more time on client relationships and growing their businesses.

By tapping into alternative strategies, such as those available through SMArtX, advisors will also have a more differentiating value proposition to offer their high net worth prospects and clients. Although they come with specific risks that advisors and investors should assess, alternatives tend to provide a buffer during downturns. These types of strategies are not readily available from robos or other low-cost automated solutions and offer advisors a differentiator.

Taking into consideration the operational efficiencies gained through an integrated investing and reporting platform, and advisors are well positioned to thrive in a more competitive and challenging environment.

“The agreement with HedgeCoVest is a natural extension of our existing suite of portfolio accounting, performance reporting and custodial data functionality along with our vision of providing advisors with a complete wealth platform,” said Dave Welling, Managing Director and Co-General Manager for SS&C Advent in a company announcement. “Our integration with SMArtX offers our clients access to investment management data within the tools they already use, ultimately improving the end-client experience while helping advisors achieve their business goals in a seamless and integrated workflow.”

To learn more about this groundbreaking integration, check out SMArtX and the Black Diamond Integration Network.

Derek Landi, Senior Solutions Manager for SS&C Advent’s Advisory unit, leads the strategy for strategic integrations and capability build-outs for the Black Diamond wealth platform. Prior to joining SS&C Advent, Mr. Landi was a Senior Product Manager of SEI’s Advisor Network. He has also served in product and trading roles at leading firms such as Pershing and Credit Suisse.

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Posted in Technology, Wealth Management and Financial Planning

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