BNY Mellon to Use Xceptor Tax Platform: Tech Roundup

What You Need to Know

  • ICapital completed its acquisition of fintech firm Simon Markets.
  • More than 4,500 new households and 193 new producing advisors joined the AssetMark platform in Q2.
  • Envestnet is launching a marketing campaign with a Nickelodeon cartoon.

BNY Mellon entered into a multi-year licensing pact to implement the Xceptor tax platform.

The “phased implementation” of Xceptor’s end-to-end tax platform will help to reduce tax risk for clients by offering “transparency and efficiency in an ever-evolving tax regulatory landscape,” BNY Mellon said Tuesday.

The move comes as BNY Mellon continues to enhance the delivery of its overall tax service offering by adopting “best-in-class” technology, it noted.

The Xceptor solution provides digital process automation for tax documentation management and pre-population, identification of tax relief opportunities and enhanced submission and tracking of withholding tax reclaims, BNY Mellon pointed out.

The deal marks the “latest milestone in BNY Mellon’s ongoing digital transformation to streamline key areas of custody tax operations,” the firm added.

BNY Mellon had $43 trillion in assets under custody/administration and $1.9 trillion in assets under management as of June 30, it said.

ICapital Finalizes Simon Markets Purchase

ICapital said Tuesday it completed its acquisition of fintech firm Simon Markets.

In May, iCapital announced that it had entered into a definitive agreement under which it would buy Simon Markets.

The transaction “meaningfully broadens iCapital’s investment menu, technical capabilities, education offerings and support services for advisors and their clients,” it said.

With the acquisition, iCapital will create a “single source” of alternative investment strategies from almost 300 asset managers and product manufacturers, adding Simon’s structured investments, annuities, digital assets and risk-managed product offerings to iCapital’s menu of private offerings that includes equity, hedge funds and other alternative strategies, he said.

Jason Broder, Simon’s former CEO, has joined iCapital as managing director and head of iCapital Solutions. In the role, Jason will head market development and sales for iCapital’s tech offerings, it said.

Almost 200 Simon team members, meanwhile, have joined iCapital to “ensure the continuity of quality support for clients,” it added.

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