Aberdeen has entered into a strategic partnership with Titanbay, a European private markets infrastructure provider, to help UK distributors and wealth managers surmount operational and technological complexities that arise when accessing private markets.

According to an announcement from Aberdeen, the partnership will see wealth managers able to scale at pace across the full investment lifecycle.

The partnership solves operational delays and lost investment opportunities caused by legacy systems and traditional trading platforms, it said.

James Singleton, head of UK sales at Titanbay, said that UK distributors were “beginning to hit significant operational roadblocks just as investor interest in evergreen funds takes off”.

Aberdeen’s Global Private Markets Fund is one of two global multi-asset private market funds available to wealth managers through Titanbay, a platform that streamlines the onboarding and reporting processes and allows real-time visibility of fund pipelines.

“The attractiveness of private markets as a hedge against inflation and market volatility is a key theme against a volatile geopolitical backdrop,” said Xavier Meyer, chief executive officer of Aberdeen Investments.

“Yet every private market sub-segment has its own dynamics, which is why diversified strategies such as our Global Private Markets Fund are so relevant, with the added benefit of quarterly redemptions.

“As interest in our Global Private Markets Fund grows, addressing operational constraints has become increasingly important. Titanbay’s infrastructure and proactive approach to resolving these challenges will significantly enhance distributors’ ability to effectively serve their clients.”

Other news

Elsewhere in asset management, State Street Corporation has been appointed by Columbia Threadneedle Investments to provide expanded fund accounting, administration and custody services for Columbia Threadneedle’s pooled funds, including ETFs, in the US and Europe with $431bn in assets.

State Street has provided back-office services to various legacy Columbia Threadneedle mutual funds going back to the 1990s, as well as servicing back and middle office business from Columbia Threadneedle’s acquisition of BMO Financial Group’s EMEA Asset Management business in 2021.

As part of this mandate, more than 100 Columbia Threadneedle employees, who provide fund accounting and administration services to Columbia Threadneedle’s US pooled funds are expected to transfer to comparable roles at State Street. In Europe, Columbia Threadneedle will further consolidate fund accounting, administration, depositary and custody services for its UK and Luxembourg-based pooled funds with State Street.

In other asset management industry news, Nikko Asset Management has rebranded as Amova Asset Management.

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