As part of today's announcement, NorthStar is also adding new members to its Board of Directors, including Todd Goergen, managing partner of the Ropart Asset Management Funds; Bill Guttman, investment partner at TL Ventures; Jay Wolf, managing partner at Trinad Capital; and Collin Cohen, president of NorthStar.
"This round of funding, combined with our newly appointed Board members and ongoing business momentum, are positive indicators that reinforce NorthStar's expanding leadership position in the wealth management industry," said Bob Zangrillo, chairman and CEO, NorthStar. "Wealth management firms are increasingly recognizing the urgency of having a technology solution that complements their business strategy. For NorthStar, this new capital will support our growth and allow us to invest even more into serving our clients at the very highest levels during a period of unprecedented growth in the industry."
Over the past two years, NorthStar has become one of the fastest growing wealth management software providers in the industry with a leading client list that now includes broker dealers, trust providers, private banks, mid-market banks, multi-family offices and asset management firms. In addition, the company continues to be an innovative force in the wealth management industry, partnering with firms such as Salesforce.com, Infosys and IBM, and releasing several new solutions this year including an award- winning Integrated Advisor Desktop, Compliance Solution, and Client Acquisition Solution.
"As the media has been pointing out recently, wealth management businesses are the growth and profit engines helping financial services firms offset challenges in other areas. Yet wealth management as an industry is still maturing and competition is accelerating," said Collin Cohen, president of NorthStar. "With double-digit industry growth forecasted, firms cannot sit idle and rest on their historical accomplishments and positions. Ongoing success will require technology such as NorthStar's to drive wealth manager productivity, increase assets under management, deliver better service to the client, and attract and retain the best advisors. Our ongoing mission is to continue to identify industry pain points, and develop best-practice solutions to address them."