Surge Ventures, the wealth and financial services-focused tech investment firm, announced that its inaugural venture has boosted its capacity to address firms’ compliance challenges.
Surge Ventures revealed RegVerse, an AI-driven regtech solution, has expanded its Avery platform with Fusion1, a new suite of workflow tools designed to enhance compliance and surveillance capabilities for RIAs and broker-dealers.
The Fusion1 suite, now integrated into the Avery platform, offers wealth management firms a range of AI-enabled tools aimed at streamlining compliance processes.
According to Sid Yenamandra, co-founder of Surge Ventures, Fusion1 simplifies the compliance process for firms in heavily regulated industries by “[providing] the perfect blend of technology and human insight.
"Precision matters in compliance," Yenamandra, who’s also the CEO of RegVerse, said in a statement. "Automation is the new standard for compliance excellence, but the technology behind it must be combined with the power of AI and hands-on expert guidance."
Among several key features, RegVerse said the Fusion1 suite lets users conduct automated audits, which can save time and ensure accuracy. The platform also simplifies the attestation process with real-time insights into compliance status and features an upload functionality to streamline data and file management.
Meanwhile, the suite’s code of ethics functionality also allows firms to report on various activities, including personal trading, gifts and entertainment, political contributions, and outside business activities.
Surge Ventures, which is based in Menlo Park, California, launched RegVerse in November last year, promising a transformative experience in regulatory compliance.
Earlier this year in April, Surge Ventures expanded its portfolio with a deal to acquire Kovair Software, a tech platform provider that specializes in complex data integrations.
“[W]e aim to tackle the problem of data management in the wealth management industry and to offer products that dramatically improve operational efficiency, data flow, and security across software applications, for wealth management firms,” Yenamandra said in a statement at the time.
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.
