WealthTech firm InvestCloud has appointed former Fiserv CEO Jeff Yakubi as CEO and chairman.
InvestCloud was set up by serial entrepreneur John Wise, who split from the company in April 2023. Board member Richard Lumb was installed in Wise's seat while a search for a replacement was undertaken.
InvestCloud wealth technology supports over 550 wealth and asset managers globally with more than $6.4 trillion in assets across its platforms in services such as UMA/SMA portfolio management, trade execution, accounting, model management and performance measurement.
The business was recapitalised by its VC owners Clearlake Capital and Motive Partners - where incoming chief Yakubi is chairman and a founding partner - in 2021.
Rob Heyvaert, founder and managing partner at Motive Partners, comments “This appointment is another example of Motive’s differentiated ‘Investor, Operator, Innovator’ model at work to drive value creation and innovation. We are delighted to have Jeff at the helm, given his track record of energising teams to capitalise on market opportunities."
Yakubi was previously the CEO and chairman of Fiserv, during which time business nearly tripled revenue, increased operating margin and earnings, and achieved a total shareholder return of 969% through the end of 2019.
Speaking on his appointment, Yakubi states: "Financial services - and wealth management in particular - is in the early stages of a technology transformation, which we believe will create meaningful opportunities to redefine the future of wealth and asset management. I believe InvestCloud is well-positioned to partner with its clients to lead this change around the world."
Prior to Fiserv, Yakubi served at H&R Block and held leadership positions at American Express. He currently serves on the Boards of Directors of Royal Bank of Canada, Nasdaq and is chairman of Sportradar Group.