Vestmark, iCapital®, BlackRock, and Dynasty Launch Capability Incorporating Private Investments Within a Full-Scale UMA
The collaboration represents a new capability to combine private assets alongside SMAs within a single tax-managed portfolio.
Press Release
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WAKEFIELD, MASS. (JULY 17, 2025) — Vestmark, Inc., a leading wealth management software and services provider, announced today the launching of a tax-managed unified managed account (UMA) with private assets. This long-awaited capability was developed in partnership with iCapital1, BlackRock, and Dynasty Financial Partners and will be available to RIAs seeking to combine subscription-based alternatives with ETFs, Mutual Funds, Equity SMAs, Fixed Income SMAs, and Direct Index SMAs in a single custodial account.
This solution provides advisors with a streamlined, scalable process enabling allocation to alternative investments in a diversified portfolio within a UMA construct. The initial launch integrates iCapital’s technology platform and tools, allowing Dynasty advisors to incorporate subscription-based alternatives into their UMA portfolios using asset allocation models developed with BlackRock. The offering provides access to BlackRock’s leading asset allocation and portfolio design capabilities across private and public markets, featuring streamlined administration and custodial integration in a single account.
“The wealth management industry has for too long been on the precipice of UMAs fulfilling their promise of simplicity and efficiency. With what we are launching today, Vestmark is fulfilling that promise,” said Karl Roessner, CEO of Vestmark. “We are honored to collaborate with iCapital, BlackRock, and Dynasty to bring this long-awaited and truly innovative solution to fruition. We are excited for how this offering will revolutionize the advisor experience.”
“This collaboration with Vestmark, iCapital, and Dynasty allows us to continue expanding choice to RIAs, providing them with the ability to access private markets, SMAs, as well as public markets in a single account,” said Eve Cout, Head of Solutions for BlackRock’s U.S. Wealth Business. “Our dedication to innovating how we deliver custom model solutions empowers advisors to better serve their clients—and it’s driving the rapid growth of our models business.”
“Dynasty is proud to build upon our existing partnerships with Vestmark, BlackRock, and iCapital to deliver innovative solutions to our growing advisor network,” said Marc Hineman, Chief Operating Officer of Dynasty. “This enhanced capability was developed in response to demand from our network and is an extension of our existing Model Select program, which has already seen impressive adoption. The ability to add subscription-based private investments enables advisors to better serve larger relationships with more sophisticated portfolios and equips them with the technology and execution capability to manage those relationships at scale.”
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About Vestmark
Headquartered in Wakefield, Mass. and founded in 2001, Vestmark is a leading provider of portfolio management solutions and outsourced services for financial institutions and their advisors, enabling them to efficiently manage customized client portfolios through an innovative technology platform. Supporting over $1.7 trillion in assets and 4.5 million accounts, Vestmark is a partner to some of the largest and most respected wealth management firms. For more information about Vestmark’s solutions, call (781) 224-3640 or visit www.vestmark.com.
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About iCapital
iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes2 for all participants in the ecosystem.
With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides unrivaled access, data connectivity, education, and research programs to advisors and their clients. Leveraging AI and machine learning for digital identity (KYC/AML), iCapital supports compliant and secure investment lifecycle processes.
iCapital's end-to-end platform manages the lifecycle of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative assets, structured investments, and annuities into portfolios, driving growth, scale, and efficiency. Our solution(s) can be customized and offers specific modules as needed.
iCapital has $9453 billion of assets serviced globally on its platform, including $257 billion in alternative platform assets, $203 billion in structured investments and annuities outstanding, and $485 billion in client assets reported on, and serves over 3,000 wealth management firms and 114,000 active financial professionals.
Headquartered in New York, iCapital operates globally with 16 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership, with accolades from Euromoney (World's Best Technology Provider for Wealth Management), CNBC (World’s Top Fintech Companies), and Forbes Fintech 50.
For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc/
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit https://www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: https://www.linkedin.com/company/blackrock/
About Dynasty Financial Partners
Dynasty is a provider of technology-enabled wealth management solutions and business services for financial advisory firms primarily focused on serving high net worth and ultra-high net worth clients. Dynasty provides access to a comprehensive platform of software and technology tools, business services and holistic investment management capabilities through an open-architecture platform delivered via a suite of proprietary and third-party technologies. Dynasty’s technology, tools and services provide advisory firms the supported independence to launch their business, scale their operations and grow their firms — both organically and inorganically — while also allowing them to be more focused on and better equipped to serve their clients.
For more than a decade, Dynasty has championed the benefits of independent wealth management for high net worth and ultra-high net worth clients and has contributed to the movement of assets from traditional brokerage channels to the independent channels of wealth management. As Dynasty is becoming a recognized industry leader, Dynasty has differentiated itself by developing competitive strengths, including a deep understanding of and strong relationship with its clients, a comprehensive offering of services and technology-enabled solutions, the ability to leverage its size and breadth to invest, the flexibility and seamlessness enabled by a modular technology solution, the entrepreneurial culture and experienced and committed management team. Dynasty is committed to continually growing its business by facilitating existing advisory firm clients’ growth, onboarding new clients, increasing the clients’ use of its broader capabilities, launching additional solutions and facilitating our complementary acquisitions.
For more information, visit https://dynastyfinancialpartners.com.
Also visit Dynasty on social media:
LinkedIn: https://www.linkedin.com/company/dynasty-financial-partners
Twitter: @DynastyFP
YouTube: http://bit.ly/1MKXhC8
1 iCapital, Inc. and its affiliates (together, “iCapital”)
2 iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics.
3 As of June 30, 2025
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Vestmark Advisory Solutions, Inc. (“VAS”), a wholly-owned subsidiary of Vestmark, Inc., is an investment advisor registered with the U.S. Securities and Exchange Commission (“SEC”). VAS acts as a paid sub advisor and/or overlay portfolio manager offering VAST and tax optimization services. Registration does not imply a certain level of skill or training. VAS has its principal place of business in Wakefield, MA. Investing involves risk. The value of an investment will fluctuate over time, and an investor may gain or lose money. Past performance is no guarantee of future returns and individual investor results will vary. Investments in private assets and subscription-based alternatives may involve higher risk, reduced liquidity, and longer investment horizons. These investments may not be suitable for all clients. Please consult our full disclosure document for a discussion of risks related to the services provided by VAS.