Key Takeaways
- • iCapital has deployed distributed ledger technology (DLT) to support Morgan Stanley Wealth Management's alternatives business, targeting investor onboarding, subscription document processing, and pre-trade workflows.
- • The integration automates subscription document review and remediation among Morgan Stanley, General Partners (GPs), and Fund Administrators, according to the company's announcement.
- • A standardized DLT data model is intended to significantly reduce manual reconciliations and improve data fidelity across the private markets ecosystem.
- • iCapital reports $997.73 billion of assets serviced on its platform, including $272.1 billion in alternative platform assets, as of August 31, 2025.
Summary
iCapital, a New York-headquartered fintech company, announced on November 20, 2025 that it has deployed distributed ledger technology to support Morgan Stanley Wealth Management's alternatives business, according to a Business Wire release. The initiative is part of iCapital's broader strategy to drive digital transformation across the alternatives industry, with a focus on streamlining investor onboarding, subscription document processing, pre-trade workflows, and reporting across the lifecycle of alternative investments.
The trade integration enables automation of subscription document review and remediation among Morgan Stanley, General Partners, and Fund Administrators. According to the release, the DLT establishes a standardized data model to connect stakeholders across the ecosystem, which is intended to significantly reduce manual reconciliations and improve data fidelity. The company states that the approach makes the trade experience more efficient, transparent, and scalable.
Lawrence Calcano, Chairman and Chief Executive Officer of iCapital, said the deployment is an important step in transforming the private markets investing experience and will reduce friction and accelerate time to trade. Alison Nest, Managing Director and Head of Investment Solutions Products at Morgan Stanley, described the solution as a meaningful, technology-enabled advancement in operational efficiency that automates key trade processes and scales connectivity across the private markets ecosystem.
The release also cites iCapital's scale, with $997.73 billion of assets serviced globally, $272.1 billion in alternative platform assets, $215 billion in structured investments and annuities outstanding, and $512.7 billion in client assets reported on. The company says it serves more than 3,000 wealth management firms and 118,000 active financial professionals. The announcement does not disclose financial terms of the arrangement or specific timelines for rollout.
The trade integration enables automation of subscription document review and remediation among Morgan Stanley, General Partners, and Fund Administrators. According to the release, the DLT establishes a standardized data model to connect stakeholders across the ecosystem, which is intended to significantly reduce manual reconciliations and improve data fidelity. The company states that the approach makes the trade experience more efficient, transparent, and scalable.
Lawrence Calcano, Chairman and Chief Executive Officer of iCapital, said the deployment is an important step in transforming the private markets investing experience and will reduce friction and accelerate time to trade. Alison Nest, Managing Director and Head of Investment Solutions Products at Morgan Stanley, described the solution as a meaningful, technology-enabled advancement in operational efficiency that automates key trade processes and scales connectivity across the private markets ecosystem.
The release also cites iCapital's scale, with $997.73 billion of assets serviced globally, $272.1 billion in alternative platform assets, $215 billion in structured investments and annuities outstanding, and $512.7 billion in client assets reported on. The company says it serves more than 3,000 wealth management firms and 118,000 active financial professionals. The announcement does not disclose financial terms of the arrangement or specific timelines for rollout.
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