Practice Management
InvestCloud CEO, two other execs exit in 'sudden' management shakeup -sources
Ian Wenik / Apr 18, 2023
John Wise, J.P. Whelan and Fiona Francois have all left the private equity-backed advisor tech company.
Private equity-backed RIA tech company InvestCloud has shaken up its C-suite.
Chief executive John Wise, chief corporate development officer J.P. Whelan and president of sales operations and integration Fiona Francois have all left InvestCloud, according to sources with knowledge of the situation and an internal memo viewed by Citywire.
Wise co-founded the company in 2010 and grew it into a technology platform with about $6.6tn in assets that is used by 150 asset managers and 400 wealth management firms.
Private equity firms Motive Partners and Clearlake Capital acquired a combined 88% stake in InvestCloud in February of 2021, with Motive merging two of its portfolio companies — Finantix and Tegra118 — into the business through the deal. Citi Ventures, Fiserv and Accenture are also investors in InvestCloud.
Richard Lumb, a partner at Motive Partners, is serving as InvestCloud’s interim CEO, according to a source with knowledge of the situation and the internal memo. Lumb joined Motive Partners...
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