Global private equity firm Advent International has tapped former Morningstar executive Tricia Rothschild as an operating partner to help “identify and support new investments in wealth and asset management, including related technology and data and analytics,” the firm announced this week.
Rothschild spent nearly 27 years with Morningstar, most recently as chief product officer and co-head of global markets—a role she left in early 2020, saying she wanted to leave the wealth management and financial technology space. Months later, she joined Apex Clearing (which became Apex Fintech Solutions) as president, a position she held for a little more than a year. She left Apex shortly after the firm agreed to be taken public via a merger with blank-check company Northern Star Investment Corp. II, in a deal that never materialized (Apex remains privately owned).
In addition to serving as a strategic and go-to-market consultant for fintech firms and performing diligence for private equity and venture capital firms interested in the wealth management space between 2020 and 2022, Rothschild has held seats on multiple boards over the last three years, including TIFIN Group and Financial Fitness Group. She currently sits on the boards of Nitrogen; Canoe Intelligence; and Rock the Street, Wall Street, a financial literacy program aimed at improving gender and racial equity in the financial services sector.
She is a member of CFA Institute’s Board of Governors and also founded a Chicago-area non-profit called The Chicago Giving Circle in 2021.
“Tricia’s insights and extensive network of industry relationships around the world will be instrumental as we pursue investments that capitalize on the opportunities presented by the global wealth creation megatrend, which includes increasing democratization of access to investment services, innovation in investment approaches and the evolution of the financial advisor role,” Advent Principal Gabriela Weiss said in a statement. “With this space poised for long-term growth, we are thrilled to partner with a seasoned executive like Tricia and look forward to growing Advent’s portfolio together.”
Founded in 1984, Boston-based Advent is focused on investing in business and financial services with a significant technology component. Recent U.S. investments include the firm’s buyouts of Encora, a digital engineering services company specializing in software product development, and Xplor Technologies, a platform that integrates software, payments and sales solutions for “specific vertical markets.”
Advent has some $78 billion invested in more than 415 businesses around the world, including in the healthcare, technology, industrials and consumer retail and leisure sectors, with around $92 billion in assets under management, according to the company.
"I am excited to work with Advent due to its disciplined and selective investment strategy, its global reach and experience, and its focus on growth and true partnership with its portfolio companies,” said Rothschild. “Technology continues to disrupt the wealth management industry, creating significant and unprecedented opportunity for investment, product innovation and transformational growth. I look forward to leveraging Advent’s global platform and expertise as we capitalize on strong industry tailwinds around professionalizing and democratizing access to investment services.”
