As legacy wealth firms tighten their business models, smaller but growing entrants to clearing and custody like RQD* Clearing could capitalize on the opportunity. This summer the Bain Capital Tech Opportunities fund led a minority growth investment of $74 million in RQD. "There is an opportunity to find the right blend of economics and say, 'Can we do this at the lowest cost possible?'" — Michael Lanyon, chief revenue officer at RQD* Clearing