The competitive landscape for third-party marketers (TPMs) looks very different at the end of 2023 than it did at the start of the year. In fact, there have been some seismic changes – the full effects of which are yet to be felt.
We have identified three challengers that are set to continue shaking up the market in 2024.
iConnections is best known for holding vast cap intro events – featuring Kim Kardashian and FloRida in 2023. However, it increasingly focuses on its digital platform to enable managers to market their funds and connect with allocators year-round. Allocators can browse funds, maintain lists and notes, and meet with managers virtually – all within the platform. This platform underpins the in-person events, facilitating cold outreach, meeting booking, and schedule management. iConnections is clear that it views other cap intro services and third-party marketers as competition and with 3,500 attendees holding 14,000 meetings during its Global Alts 2023 event in Miami, it is an adversary worth watching.
With Intelligence acquired FolioMetrics – a UK-based fund marketing CRM – in October 2023. In the accompanying press release, Charlie Kerr – Founder and CEO of With Intelligence – commented “The acquisition of FolioMetrics is a key milestone in With Intelligence’s journey from data platform to an asset raising workflow tool and subscription platform”. The intent is unambiguous and clearly threatening to others in the cap intro business.
J.P. Morgan launched Capital Advisory Edge – its digitised capital introduction platform – in 2023. This represents a game-changing advancement in the technology used by a prime broker for capital introductions and will hugely benefit J.P. Morgan’s manager and allocator community. It is already gathering momentum and there will almost certainly be a snowball effect as allocators and funds join the platform, each attracted by the other. In the video launching the platform, Claudia Jury, Global Head of Investor Client Management at J.P. Morgan says “Capital Advisory Edge for me, ultimately, is an ecosystem, a destination, and becomes somebody’s daily routine”. This is worthy of close attention in 2024.
In our recent paper – “The Competitive Landscape for TPMs” – we dive deeper into these developments alongside other changes to the competitive environment, and consider the next move for TPMs that want to thrive in 2024 and beyond.