NEW YORK, July 27, 2011 – Covestor, a registered investment advisor that specializes in online investing, announced today that Asheesh Advani (pictured at right) has joined the company as CEO. He succeeds co-founder Perry Blacher who is stepping down for personal reasons.
Under Blacher’s leadership, Covestor built the first online marketplace for investors to share and track their portfolios. In 2009 it launched an asset management platform for ordinary investors to mirror the trades of talented individual or professional investors with proven track records. Today, the company offers over 170 investment models that clients can replicate in their own brokerage accounts.
Albert Wenger, a partner at Union Square Ventures and a Covestor Board Member, thanked Blacher for his dedication. “Perry has been instrumental in building this business. We are excited to have Asheesh join us, and look forward to his leadership through this next phase of growth.”
Asheesh Advani was most recently Global Head of Financial Advisor Products for Lipper, a division of Thomson Reuters. Prior to this he founded CircleLending, a social lending company that pioneered the business of managing peer-to-peer loans between individuals and was acquired by the Virgin Group. He previously held roles as a management consultant at the Monitor Group and The World Bank.
Advani said, “I am looking forward to this challenge. Covestor has been leading the way to democratize and de-institutionalize money management. As people increasingly take control of their investments, Covestor is well-positioned to be at the forefront of active asset management.”
Asheesh Advani was appointed CEO of Covestor on July 25, 2011. Perry Blacher remains on the board.
About Covestor
Covestor allows its clients to automatically mirror the trades of individual and professional investors, managing their own money in their own accounts. All securities are purchased in the client’s name and held in custody at an independent broker-dealer. Covestor uses a combination of proprietary and institutional systems to capture and mirror trades for near-real time execution.
Covestor is an investment advisor registered with the US Securities and Exchange Commission under the Investment Advisors Act of 1940. Additional information can be accessed directly from our Form ADV document, available at interactiveadvisors.com.
Covestor was co-founded by Perry Blacher along with Chairman Rikki Tahta and COO Simon Veingard. The company’s investors include Union Square Ventures, Spark Capital and Amadeus Capital Partners.
Contact: Kalen Holliday, Covestor Public Relations
866-825-3005 x707
kalen@interactiveadvisors.com
