SUBSCRIBE, a fintech that provides an enterprise operating system for alternative investments, announced a strategic partnership with Envestnet that will allow advisors to incorporate alternative investments made through SUBSCRIBE’s Altscape Marketplace within Envestnet’s UMA and Tamarac platforms.
Connecting SUBSCRIBE to Envestnet’s advisor-traded sleeves will result in an end-to-end workflow across portfolio construction, transactions and post-trade reporting for allocations to alternatives, the companies said.
“Private markets have become a critical component of modern portfolios, and advisors deserve simplified workflows to implement them alongside traditional assets,” said Dana D’Auria, CFA, co-CIO and group president, Envestnet Solutions, in a statement. “Enabling alternatives purchased on SUBSCRIBE to be claimed into Envestnet’s platform gives advisors ease-of-use through a seamless experience, and can help deliver superior outcomes for their clients in the alternative asset classes.”
In addition, SUBSCRIBE will integrate as a reporting partner into Envestnet’s Tamarac platform, creating enhanced reporting capabilities for illiquid alternatives. The turnkey reporting integration will allow advisors to aggregate alternative investment statements, automate and manage capital calls and track tax documents with the same ease as it’s done with traditional assets.
“SUBSCRIBE is proud to partner with Envestnet to deliver a superior and simplified private investmentsexperience for our mutual clients.” Said Rafay Farooqui, founder and CEO at SUBSCRIBE, in a statement. “Together we’re enabling streamlined end-to-end transaction workflows and management of alternatives through trusted infrastructure—from digital bulk subscriptions and data aggregation, to K-1 and 1099 tax document reporting.”
Over the past year and a half, TAMPs have been increasingly incorporating alternatives into their UMAs. Envestnet recently expanded its partnership with iCapital to bring iCapital’s alternative investments and structured products into its UMA. Similarly, last fall Vestmark expanded its partnership with CAIS in a similar arrangement.
UMAs are rapidly increasing in popularity among advisors. The most recent data from Cerulli Associates shows that over the five years ending in 2024, UMAs posted a compounded annual growth rate of 18.7%, totaling $257.7 billion in net flows, the highest level in the managed account universe.