LOS ANGELES, Oct. 7, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a leading business advisory and financial services company, today announced a strategic investment in IQvestment Holdings, an innovative fintech company offering an industry leading business-to-business eCommerce platform solution, as well as an SEC Registered Investment Adviser for sub-advised accounts and retail investors.
As part of the transaction, Chuck Hastings, B. Riley Wealth Management CEO, joins IQvestment Holding's board of directors, and Jon Merriman, Chief Business Officer of B. Riley Financial, joins the firm's advisory board.
"I am honored to be joining IQvestment Holding's Board of Directors and look forward to working closely with Mark Healy and his experienced leadership team," said Chuck Hastings. "As a firm, we are very excited to help grow the innovative digital platform that IQvestment has built to deliver cutting edge technology to their clients and partners."
Digital platforms, including robo-advisors, have become an attractive option over the years in large part due to their flexibility, attractive user interfaces and cheaper fees compared to traditional alternatives. IQvestments democratizes access to investing with an eCommerce platform for corporate and retail clients - helping to reduce costs and create better retention of current investors, as well as generate new revenue and relationship opportunities.
Combining the technology, business processes, and relationships of B. Riley Financial and IQvestment Holdings creates a best-in-class, end-to-end solution for B. Riley Wealth Management's retail clients and affiliate businesses through a mix of industry knowledge and a groundbreaking technology platform.
"We are pleased to announce this strategic relationship and welcome Chuck and Jon to the team," said Mark C Healy, CEO of IQvestment Holdings. "Chuck's extensive experience in the financial markets, along with his passion for integrating the digital experience into wealth management, is a key addition to our leadership team. Jon's advice and guidance, as well as his institutional and corporate relationships, will be invaluable. The strategic partnership through B. Riley adds an important dynamic for IQvestment Holdings, enhancing our ability to deliver advanced digital capabilities to our clients through our eCommerce platform."
About B. Riley Financial, Inc.
B. Riley Financial (NASDAQ: RILY) provides collaborative financial services solutions tailored to fit the capital raising, business, operational, and financial advisory needs of its clients and partners. B. Riley operates through several subsidiaries that offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, corporate advisory, restructuring, due diligence, forensic accounting and litigation support, appraisal and valuation, and auction and liquidation services. Certain registered affiliates of B. Riley originate and underwrite senior secured loans for asset-rich companies. B. Riley also makes proprietary investments in companies and assets with attractive return profiles. For the latest Company news and developments, follow B. Riley on Twitter @BRileyFinancial and LinkedIn. For more information about B. Riley, visit our website at www.brileyfin.com.
About IQvestment Holdings LLC
IQvestment Holdings LLC serves as a holding company comprised of two operating companies, FusionIQ and IQvestment LLC. FusionIQ is an innovative fintech B2B company offering an eCommerce platform that has everything a broker dealer, traditional bank, credit union, wealth manager or RIA needs to create a revolutionary digital wealth investing experience for their end customer. FusionIQ's white-labeled platform solution enables clients to deliver an industry-leading digital advisory and/or self-directed user experience to their clients on an easy to use intuitive dashboard. IQvestment LLC is an SEC Registered Investment Adviser, offering sub-advisory and support services using technology, along with transparent flat fee pricing, to provide investors an algorithmically matched risk tolerant portfolio. For more information, please visit us at www.fusioniq.io and www.iqvestment.com.
SOURCE B. Riley Financial