FusionIQ — a cloud-based wealth management platform and turnkey asset management program (Tamp) provider — has announced its appointment of a new chief executive and completion of a funding round.
On Wednesday, FusionIQ said it appointed Eric Noll as its top executive. The company did not disclose the amount of money it raised or other details about its funding round, but Noll told Citywire ‘both pre-existing shareholders and new investors’ participated.
Noll, based in Philadelphia, takes over the CEO position from Mark Healy, who stepped down in September after four years in FusionIQ’s top job. Noll will oversee roughly 50 people at the Woburn, Ma.-based firm.
Noll has served since 2018 as the CEO of Pennsylvania-based alternative asset manager and seeding firm Stone Ridge Capital Partners, which used to be known as Context Capital Partners. Before that, he was the president and CEO of brokerage and trading firm Convergex, which was sold by private equity firm GTCR and BNY to Cowen Group in 2017. He also serves as the chair of the Financial Industry Regulatory Authority (Finra) board of governors.
FusionIQ’s main offering is what Noll called a ‘dual journey’ for clients: a digitized wealth management solution and a self-directed brokerage solution.
‘The technology, and what it does for RIAs, banks, credit unions, other financial institutions in the digitization and democratization of finance, and particularly wealth management… I thought it was an extraordinary opportunity,’ Noll said.
FusionIQ has also refreshed its board of directors, with Noll serving as chairman. The new directors are Erik Oros, CIO of Gideon Strategic Partners; Timothy Powers, CEO of Oakridge Management Group; and Scott Ganeles, CEO at iAlta, according to FusionIQ’s press release.
‘They believe in what we’re doing at Fusion,’ Noll said. ‘They’re going to be a sounding board. They’re going to be giving us ideas about how to grow and expand our business in terms of product and technology innovation, as well as helping us identify customers that we may not have already identified.’
Noll’s appointment comes in the wake of FusionIQ’s launch in April of FIQ Market One, a white-labelled advisory platform and client portal that Noll will work to grow. FIQ Market One offers investment options such as ETFs, SPVs, alternative funds and digital assets, FusionIQ said at the time.
The company also recently expanded its consulting team with the addition of former Fidelity executive John Phillips as a senior strategic advisor in March.
FusionIQ was founded as a quantitative research firm by Barry Ritholtz, who left the company in 2013 to form Ritholtz Wealth Management with Josh Brown.
