Morgan Stanley Signs With Asset-Gobbling Startup Backed by Thiel
- Addepar best known for helping advisory firms, family offices
- Startup doubled assets on platform last year to $560 billion
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Morgan Stanley, among the world’s biggest brokerages, is partnering with a Silicon Valley startup better known for helping rivals at independent advisory firms and family offices manage the assets of the ultra rich.
Software from data-aggregation company Addepar Inc. is now used by the bank’s largest private-wealth teams, according to Eric Poirier, the tech firm’s chief executive officer. Addepar’s ability to give money managers insights into complex client holdings has fueled rapid growth, almost doubling the assets on its platform last year to $560 billion.