iCapital® Network Appoints Four Executives to Support Extraordinary Growth

Senior hires include Chief Financial Officer, Chief People Officer, Chief Marketing Officer, and General Counsel

​​iCapital Network, the financial technology platform setting the industry standard for access and efficiency in alternative investing, today announced the recent addition of four senior leaders to the executive team. Michael Kushner, Chief Financial Officer; Jennifer Ashley, Chief People Officer; Diane Frankenfield, Chief Marketing Officer; and Stephen Jacobs, General Counsel, further strengthen the company as it continues to bolster its capabilities and influence.

iCapital has experienced substantial growth in the last 12 months as it has significantly increased the number of advisors on its network and expanded the scope of wealth management firms and general partners that leverage its technology to drive their growth. Alongside organic expansion, iCapital acquired the alternative investment feeder fund platforms of both Bank of America and Morgan Stanley in the first half of 2019. The iCapital platform now services approximately $41 billion in invested capital for more than 100,000 accounts.

“iCapital is in an exciting period of growth and as we expand, our continued success requires the strategic expertise of veteran leaders in their fields,” said Lawrence Calcano, Chief Executive Officer of iCapital Network. “We are fortunate to have found such leaders in Jennifer, Diane, Stephen and Michael, and we are honored to welcome them to our ranks.”

Michael Kushner

Michael Kushner has joined iCapital as Managing Director and Chief Financial Officer. Mr. Kushner is responsible for the financial reporting, budgeting, capital and shareholder management, treasury, controllers, and tax functions. Prior to joining iCapital, Mr. Kushner was with JPMorgan Chase & Co. for nearly 19 years, where he served in multiple senior finance and risk management positions, most recently as the Chief Financial Officer for Risk Management and Finance. Mr. Kushner was also with Credit Suisse for three years, his final position being Chief Financial Officer for the Global Investment Bank. 

Mr. Kushner started the first four years of his career in the finance and treasury functions of a multifamily asset management firm in Bethesda, Maryland. He is a former Certified Public Accountant and holds a Master of Science in Accounting and a Bachelor of Science in Finance, both from the American University in Washington D.C.

Jennifer Ashley

Jennifer Ashley has joined iCapital as Managing Director and Chief People Officer. Prior to joining, Ms. Ashley was the Global Human Resources Leader for CBRE, the world’s largest commercial real estate services and investment firm that employs over 100,000 globally. In her almost 15-year career there, Ms. Ashley held various leadership positions in Human Resources, Marketing, and Sales & Strategy. Before joining CBRE, Ms. Ashley spent four years in the Aviation industry and was instrumental in Boeing’s acquisition of a mission-critical software development firm which she then helped manage and grow.

Ms. Ashley started her career as a change management consultant at Anderson Consulting and then went on to help found the Chief Executive Leadership Institute (now affiliated with Yale University). She holds a BS from the University of Michigan, an MA in Psychology from Hunter College, and a Ph.D. in Psychology from Emory University.

Diane Frankenfield

Diane Frankenfield has joined iCapital as Managing Director and Chief Marketing Officer, where she is responsible for the strategic direction and execution of all global marketing activities including brand, advertising, PR, creative, digital, channel marketing, content development, social media, research and business analytics. Prior to joining, Ms. Frankenfield held the positions of Managing Director, Head of U.S. Marketing at Legg Mason, and Senior Vice President and Head of Marketing at Oppenheimer Funds.

Ms. Frankenfield began her career at Blue Cross Blue Shield of Massachusetts where she ascended through the ranks developing highly successful sales and marketing programs that contributed to growth in both sales and market share. She gained deeper marketing experience as Executive Director of Advertising Finance at The New York Times, Boston Globe Division and Vice President of Global eBusiness at Monster Worldwide. She has a BA in Finance from Pennsylvania State University and an MBA, Business and Industry Economics, from Bentley University.

Stephen Jacobs

Stephen Jacobs has joined iCapital as Managing Director and General Counsel, leading the legal and regulatory operations of the firm. Previously, Mr. Jacobs was partner and co-chair of the Corporate Department at Herrick, Feinstein LLP.

Prior to joining Herrick, he served as Chief Operating Officer, General Counsel and Chief Compliance Officer at Spectrum Group Management, a distressed credit and real estate-focused hedge fund and private equity fund. Before joining Spectrum, Mr. Jacobs was a corporate partner at Kramer Levin Naftalis & Frankel LLP, and he spent eight years in senior operating positions at portfolio companies sponsored by the private equity funds Quadrangle Group and Wasserstein & Co. Prior to these positions, Mr. Jacobs was assistant general counsel at AIG. Mr. Jacobs has a BA in Philosophy and Intellectual History from the University of Pennsylvania and a JD from Columbia University School of Law.

About iCapital Network

iCapital Network’s mission is to power the world’s alternative investment marketplace. Its financial technology platform has transformed the way alternative investments are bought and sold through the development of tech-based solutions for advisors, their high-net-worth client base, asset managers and banks. The firm’s flagship platform offers advisors and their clients access to a curated menu of private equity and hedge funds at lower minimums with a full suite of due diligence and administrative support in a secure digital environment. Asset managers and banks leverage iCapital’s tech-enabled services to streamline and scale their private investments operational infrastructure. iCapital was recognized in the 2018 and 2019 Forbes FinTech 50 which highlights the top 50 innovative financial technology companies that are transforming finance through technology. As of June 30, 2019, iCapital services more than $40 billion in invested capital across more than 100,000 underlying accounts.

For additional information, please visit iCapital’s website at www.icapitalnetwork.com | LinkedIn: https://www.linkedin.com/company/icapital-network-inc | Twitter: @icapitalnetwork


This material is provided for informational purposes only and is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation, or as an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security offered by iCapital. Past performance is not indicative of future results. Alternative investments are complex, speculative investment vehicles and are not suitable for all investors. An investment in an alternative investment entails a high degree of risk and no assurance can be given that any alternative investment fund’s investment objectives will be achieved or that investors will receive a return of their capital. The information contained herein is subject to change. Securities may be offered through iCapital Securities, LLC, a registered broker dealer, member of FINRA and SIPC and subsidiary of Institutional Capital Network, Inc. iCapital is a registered trademark of Institutional Capital Network, Inc. All rights reserved.

Media Inquiries:
Morgan Miller
Tel 718-875-7606
Cell 919-602-2806

Source: iCapital Network