On May 25, 2022, Institutional Capital Network, Inc. announced an agreement to acquire SIMON Markets, LLP.
Under the terms of the transaction, Institutional Capital Network, Inc. (“iCapital”) will acquire SIMON Markets, LLP (“SIMON”). The CEO of SIMON, Jason Broder, will serve on iCapital’s Operating Committee and will assume the roles of Managing Director and Head of iCapital Solutions. Additionally, approximately 200 SIMON employees will join iCapital. The deal is expected to close in the second half of 2022, subject to regulatory approvals. Further terms of the agreement have not been disclosed.
iCapital is a New York City-based, worldwide financial technology company that provides services to wealth management, banking, and asset management companies. As of April 30, 2022, iCapital serviced approximately $125 billion in client assets globally.
SIMON, based in New York, is a technology platform that provides access to structured investments and annuity products. In 2021, SIMON had approximately $48 billion of issuances.
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