Allianz Life Ventures and Broadridge Financial Solutions join
asset manager, rounding out global investment in modernized
model
BERNARDSVILLE, N.J., Nov. 3, 2022
/PRNewswire/ -- FLX Networks, the technology platform modernizing
the engagement between asset and wealth management firms, today
announced a capital raise of $10
million. The growth equity round, which values the company
at approximately $50 million, was led
by global investment manager Barings, with participation from
industry leaders Allianz Life Ventures and Broadridge Financial
Solutions (NYSE: BR).
"This solidifies FLX as a leader in
simplifying the asset manager-to-financial advisor engagement,"
said Brian Moran.
The raise reflects cross-industry confidence in the platform and
coincides with several milestones for FLX Networks. The Company,
which will celebrate its third anniversary in December, achieved
over $1 billion in investment product
sales, saved member asset managers more than $10 million in discretionary costs, and surpassed
1,000 in overall industry membership. To continue momentum, the new
capital will be allocated to technology builds and new
personnel.
"At Barings, we have seen firsthand how FLX is able to simplify
the engagement between asset managers and the wealth management
community to expand access to institutional-quality investment
strategies," said Tom Bavin, Head of
Corporate and Product Strategy at Barings and a FLX Networks Board
Member. "We believe this latest funding round will help to
accelerate FLX's mission and scale the technology platform."
Since its launch in December 2019,
FLX Networks has overcome – and excelled during – the COVID
pandemic and its resulting remote work environment, market
volatility, and record inflation by addressing a shifting
asset-to-wealth manager engagement paradigm. Its simplified,
modernized engagement model has resonated with firms of all sizes,
as it enables them to leverage synthetic scale and strategic
partners rather than allocating resources to costly, time-consuming
services. Currently nearly 60 asset management firms save
significant time through its centralized resource platform and have
access to strategic partners providing services ranging from lead
generation to video production to dynamic product management
solutions.
"These strategic investments solidify FLX Networks as a leader
in modernizing and simplifying the engagement experience between an
asset manager and the financial advisor," commented Brian Moran, FLX founder and CEO.
"Data and analytics is critical to distribution and this
investment is a natural fit for Broadridge as it will help empower
asset managers' growth through sales, marketing, and product
management initiatives," said Dan
Cwenar, president of Broadridge Data and Analytics. "We look
forward to complementing the innovative distribution model FLX has
pioneered with our industry leading data and analytics
solutions."
"The ways that financial professionals want to engage with asset
managers has changed drastically over the past few years, with more
and more people looking for easy to use, digital capabilities,"
said Chad Virgin, managing director,
Allianz Life Ventures. "FLX can help make this entire process more
efficient, and provide opportunities for asset managers and
insurance carriers to tap into new insights and data they might not
have had previously."
About FLX Networks
FLX Networks revolutionizes engagement for asset and wealth
management firms and financial advisors. FLX community members
access thought leadership, investment ideas, business resources,
and industry connectivity in one centralized destination,
delivering productivity, savings, and growth.
About Barings
Barings is a $338+ billion* global investment manager sourcing
differentiated opportunities and building long-term portfolios
across public and private fixed income, real estate, and specialist
equity markets. With investment professionals based in North America, Europe and Asia
Pacific, the firm, a subsidiary of MassMutual, aims to serve
its clients, communities and employees, and is committed to
sustainable practices and responsible investment.
*As of September 30, 2022
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best
Companies to Work For® and one of the Ethisphere World's
Most Ethical Companies®, has been keeping its promises
since 1896 by helping Americans achieve their retirement income and
protection goals with a variety of annuity and life insurance
products. In 2021, Allianz Life
provided additional value to its policyholders via distributions of
more than $10.6 billion. As a leading
provider of fixed index annuities, registered index-linked
annuities and fixed index universal life insurance, Allianz Life is part of Allianz SE, a global
leader in the financial services industry with approximately
150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz
Field® in St. Paul, Minnesota,
home of Major League Soccer's Minnesota United.
About Broadridge Financial Solutions
Broadridge Financial Solutions (NYSE: BR), a global Fintech
leader with more than $5 billion in
revenues, provides the critical infrastructure that powers
investing, corporate governance, and communications to enable
better financial lives. We deliver technology-driven solutions that
drive business transformation for banks, broker-dealers, asset and
wealth managers and public companies. Broadridge's infrastructure
serves as a global communications hub enabling corporate governance
by linking thousands of public companies and mutual funds to tens
of millions of individual and institutional investors around the
world. Our technology and operations platforms underpin the daily
trading of more than $9 trillion of
equities, fixed income and other securities globally. A certified
Great Place to Work®, Broadridge is part of the S&P
500® Index, employing over 14,000 associates in 21
countries. For more information about us and what we can do for
you, please visit www.broadridge.com.
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SOURCE FLX Networks