"We basically bring top-performing money managers to a very broad audience,"asaid CEO Asheesh Advani.
In what he described as a "completely honest and transparent" process, investors can view managers’ backgrounds and track records, and filter results by portfolio or account types, asset classes, allocation strategies, geography, cap biases, and manager approach, type, or style. Tools on the site also help them determine the right fit, based on risk tolerance and goals.
There are now about 100 managers in Covestor’s marketplace, which is curated: Managers apply to join, then go through a trial period.
Advani said the company also has plans to allow hedge funds to join the marketplace, because they’re now allowed to do so with the passage of the American Jobs Act.
Ultimately, Covestor reaches more than 50,000 prospective investors across the U.S. every month, Advani said, and has doubled its business - in terms of assets on the platform - since the beginning of the year.
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