The sale reinforces TIFIN's strategy to
focus on applications that drive the verticalizing of AI for
Wealth.
BOULDER,
Colo. and NEW YORK,
Aug. 27,
2024 /PRNewswire/ -- TIFIN, the leading AI for
wealth platform, has announced the sale of its stake in Paralel
Technologies to SLCT Holdings, an existing investor of Paralel.
Paralel was initially founded under TIFIN in 2020 and has achieved
significant milestones, reaching profitability and servicing more
than $15 billion in assets across
open-end fund, closed-end fund and ETF clients. Since its
inception, TIFIN has been dedicated to leveraging cutting-edge
technology to revolutionize wealth and asset management. This
transaction aligns with TIFIN's strategic focus on advancing its AI
applications and furthering its approach to verticalizing AI for
Wealth.
TIFIN has been dedicated to leveraging
cutting-edge technology to revolutionize wealth and asset
management.
The sale of TIFIN's stake in Paralel Technologies has yielded
substantial returns, with TIFIN realizing more than 30 times its
initial capital investment. This exponential growth underscores the
strength of TIFIN's investment strategy and its ability to identify
and nurture promising new ventures in the financial services
industry. The transaction adds to TIFIN's track record of scaling
and exiting successful firms, including its sale of 55ip to J.P.
Morgan Asset Management in Dec
2020.
"We are proud to have helped build a modern tech-native and
full-service fund administrator with Jeremy from day one," said
TIFIN Founder and CEO Dr. Vinay
Nair. "We are confident that Paralel will scale to great
heights in the future."
"I have deep gratitude to TIFIN for their unwavering support
since our launch," added Paralel CEO Jeremy
May. "The investment, resources, and invaluable mentorship
provided by Dr. Vinay Nair and the TIFIN team has been
instrumental in our journey, allowing us to reach the scale we
enjoy today."
For more information about TIFIN and its AI-powered fintech
platform, please visit www.tifin.com or follow us on
Linkedin.
About TIFIN
TIFIN is an AI and innovation platform for better wealth
outcomes. Founded by Dr. Vinay Nair,
TIFIN creates and operates new companies that apply data science,
AI, and technology to address frictions in wealth and asset
management. TIFIN's companies have included 55ip (sold to J.P.
Morgan Asset Management), Paralel (sold to SLCT Holdings) and
currently include Magnifi, TIFIN Wealth, TIFIN Give, TIFIN AG,
TIFIN AMP, Sage, Helix, and TIFIN @Work. TIFIN has been backed by
JP Morgan, Morningstar, Hamilton Lane, Franklin Templeton, SEI, Motive Partners, and
Broadridge among others.
About Paralel Technologies
Paralel is the premier trusted partner for asset managers and
their funds, innovating with technology and serving with
compassion. Based in Denver,
Colorado, the company provides comprehensive fund
administration, fund accounting, tax, transfer agency, and
distribution services. Discover more at Paralel.
Media Contacts
Michael Walsh
michael@therudingroup.com
Tanya Bhasin
tanya.bhasin@tifin.com
The information contained herein should in no way be construed
or interpreted as a solicitation to sell or offer to sell advisory
services. All content is for informational purposes only.
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SOURCE The TIFIN Group