SMArtX Advisory Solutions strengthens its strategic and commercial relationship with Morningstar Investment Management


SMArtX closes the D-series funding round with $30 million Investment; of the morning star Daniel Needham and Michael Holt join the SMArtX Board of Directors

WEST PALM BEACH, Florida., May 3, 2022 /PRNewswire/ — SMArtX Advisory Solutions (“SMArtX”), a leading innovator in Unified Managed Accounts (“UMA”) technology and architect of the turnkey asset management platform SMArtX (“TAMP”) , today announced the closing of its Series D round with a $30 million investment by Morningstar Investment Management, LLC, a subsidiary of independent investment research provider Morningstar, Inc. The announcement follows the previous press release that SMArtX will power Morningstar’s turnkey asset management platform.

Morningstar Investment Management’s capital will help expand SMArtX’s development capabilities, including those that will support Morningstar Investment Management’s existing TAMP and its direct indexing solution launching later this year. SMArtX has hosted direct indexing strategies for over four years and offers one of the largest direct indexing platforms in the industry with 133 strategies.

The investment will also be used to further develop SMArtX’s technology and its ability to provide managed account technology to a wider range of businesses. Specifically, it will help deepen existing product offerings, extend its API solutions to provide more comprehensive integrations, and expand implementation teams to support future growth of SMArtX. This will result in additional product offerings from SMArtX, including Fixed Income Strategies in a UMA, the ability of the client to direct trades, enhanced manager analytics, and an expanded list of SMArtX Select investment strategies.

SMARTX will also host Daniel NeedhamChairman of Morningstar’s Wealth Management Solutions Group, and Michael Holtchief strategy officer at Morningstar, to its board of directors immediately.

“Morningstar has already demonstrated its ability to be a strong collaborator as we work together to set the standard in managed account technology,” said Evan Rapoport, CEO of SMArtX. “We continue to build the engine that will help grow Morningstar’s TAMP by consolidating its data, research and analytics capabilities into a platform designed for today’s advisor.”

“We are looking for companies like SMArtX that break through the boundaries of traditional technology to bring innovative new solutions to market,” said Daniel Needham. “SMArtX has a proven track record of creating products that provide greater flexibility, choice of advisors, and customization at scale, which aligns with our mission to drive investor success.”

SMArtX’s cloud-native, industry-leading API-managed account technology has already been chosen by Morningstar Investment Management to power its integrated wealth management solution. SMArtX continues to expand its customer base through independent brokers, turnkey asset management platforms, asset managers and other legacy technology providers who find that their respective legacy technologies do not work effectively on today’s modern and rapidly changing markets.

About SMARTX Consulting Solutions
SMArtX Advisory Solutions is the next-generation managed account technology provider and operates SMArtX, a turnkey asset management platform that automates the investment management process and reduces the administrative burden of overseeing investment portfolios client. The company also licenses its proprietary managed account technology to help companies replace existing technology and powers multiple investment platforms for RIAs, brokers and asset managers. Learn more at Follow SMArtX on Twitter and LinkedIn @SMArtXAdvisory.

About Morningstar’s Investment Management Group
Morningstar’s Investment Management Group is a leader in discretionary investment management and advisory services. Guided by seven investment principles, the group is committed to focusing on its mission to design portfolios that help investors achieve their financial goals. The group’s global investment management team works together to apply a disciplined investment process to its strategies and portfolios, bringing together core capabilities in asset allocation, investment selection and wallets. This robust process incorporates proprietary research and state-of-the-art investment techniques. As of June 30, 2021, Morningstar’s investment management group was responsible for approximately $251 billion* in assets under advisory and management across North AmericaEMEA and Asia-Pacific.

In addition to advisory services, the group’s investment professionals build and manage model portfolios for financial advisors in United States, UK, Australia, South Africa and India to create strategies that incorporate a wide variety of investment objectives.

*Includes assets under management and advice for Morningstar Investment Management LLC, Morningstar Investment Services LLC, Morningstar Investment Management Europe Ltd., Morningstar Investment Management Australia Ltd., Ibbotson Associates Japan, Inc., Morningstar Investment Management South Africa (PTY) LTD and Morningstar Associates Inc., all of which are subsidiaries of Morningstar, Inc. The consulting services listed are provided by one or more of these entities, which are licensed in the appropriate jurisdiction to provide such services.

SOURCE SmartX Consulting Solutions


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