Key Takeaways
- • Pitcairn, a multi-family office serving high-net-worth families for over a century, has selected GLASfunds, LLC as its provider for institutional-quality alternative investment opportunities, according to a Business Wire release dated September 21, 2023.
- • GLASfunds, founded in 2008 and an SEC-registered investment adviser, is positioned as an alternative investment platform for financial advisors, offering access to institutional-level private capital and hedge funds.
- • The arrangement is intended to let Pitcairn implement a tailor-made alternative program and allocate alternatives at scale across a diverse range of client profiles.
- • Pitcairn CIO Nathan Sonnenberg said the firm may onboard its internally sourced and vetted strategies to the platform, or use GLASfunds' private market opportunities, with all client investments benefiting from the platform's technology.
- • The release does not disclose deal size, AUM figures, or contract terms.
Summary
GLASfunds, which describes itself as a global alternative investment platform, offers streamlined access to institutional-level private capital and hedge funds to financial advisors and their high-net-worth clients. The firm was founded in 2008 and is an SEC-registered investment adviser. According to the release, the partnership will combine Pitcairn's existing investment expertise with GLASfunds' technology platform, administrative and reporting capabilities, and subscription processes.
Michael Maroon Jr, Managing Director of GLASfunds, said the firm's goal has been to eliminate the operational complexities that prevent firms like Pitcairn from deploying alternatives for clients. Nathan Sonnenberg, Chief Investment Officer of Pitcairn, said the platform could be used both to onboard Pitcairn's internally sourced and vetted strategies and to access GLASfunds' private market opportunities.
The release does not disclose financial terms, assets under management, or the specific strategies to be offered. The release also carries a standard disclaimer noting that alternative investing is complex and speculative and is not suitable for all investors.
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