You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Osaic has been hit with a class action suit claiming the firm put its own profits ahead of customers in how it has handled its various cash sweep programs.
In the suit filed in Arizona federal court, Osaic customers Robin Nackman and Douglas Whittaker accused Osaic of a "dramatic underpayment of interest" to their customers, violating their "contractual, implied and/or fiduciary obligations" to the plaintiffs.
"Despite its representation to the contrary, Osaic categorically has not adjusted interest rates paid to customers based on economic or prevailing market factors, but rather has kept the sweep rates artificially depressed as to reap substantial profits for itself," the complaint read.
In the complaint, Nackman and Whittaker argue that typically, uninvested cash from customer accounts is moved (or "swept") into interest-bearing accounts, generating client returns.

#osaic #wealthmanagement #whittaker #suit

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Columbia Threadneedle Investments and alternative ******* et manager Hamilton Lane announced a strategic collaboration to deliver new investment products for the wealth channel. An interval fund combining public and private equity exposure, currently awaiting SEC approval, will likely be the first product launched through the two firms' partnership.
Columbia Threadneedle brings its public markets expertise, multi-asset investment capabilities and strategic distribution relationships to the collaboration. Hamilton Lane specializes in alternatives, with an established private markets platform, investment sourcing capabilities and data ******* ytics expertise.
Columbia Threadneedle filed a preliminary registration statement with the SEC for the Columbia Hamilton Lane Growth Innovation Fund, a public-private growth equity interval fund. If the fund is approved by the SEC, it will be offered to the wealth channel through financial advisors.
According to the filing, the fund will focus on capital appreciation, allocating at least 80% of its net ******* ets to investments in growth innovation companies. The fund will be roughly evenly split in exposure to publicly traded securities and private ******* ets. At least 40% of the fund's ******* ets will be invested in underlying funds managed by Hamilton Lane.

#lane

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Creative Planning, the Overland Park, Kan.-based registered investment advisor with $780 billion in **** ets under management, has agreed to acquire an institutional consulting and investment research firm overseeing $4.3 trillion in **** ets for public and private retirement plans, endowments, foundations and insurance companies.
The transaction is expected to close in January 2027.
According to an announcement, Creative Planning is set to acquire Portland, Ore.-based RVK Inc., a 40-year-old consultant with 200 institutional clients.
RVK will continue to be led by its current management team, according to the announcement. The firm's services include investment policy development, **** et allocation, investment manager research and selection, performance measurement, operational diligence and governance consulting.

#wealthmanagement #assets #acquire

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
The news that the giant AI technology provider Anthropic launched Claude for Financial Advisors was received with some skepticism by industry **** ysts, but overall, many wealth management technology providers and consultants shared their excitement and enthusiasm, noting that the company had presented them with something that could, if implemented well, solve many issues with current advisor tech stacks.
"I find it positive that Anthropic has sent these signals to the market and it is good for the industry overall," said longtime **** yst Alois Pirker, who is now the CEO of his own consultancy, Pirker Partners.
"Nonetheless, my sense is that Claude will hit the same problem as Salesforce, getting to the level of specificity that financial advisors need," he said, referring to the behemoth CRM provider and its initial rollout of Salesforce for Financial Services, which reached general availability a decade ago (and later changed its name to Salesforce Financial Services Cloud).
One way in which the technology industry responded to advisors' desire for such specificity was the development of the specialized and popular advisor CRM product Practifi, he said, which is built on top of Salesforce and caters to certain types of firms in need of more customization.

#financial #advisors #wealthmanagement

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
The giant artificial intelligence company Anthropic has rolled out Claude for Financial Advisors, a suite of artificial intelligence connectors and what the company refers to as "workflow skills" designed to help advisors automate research, meeting preparation and documentation tasks.
Its new product includes connectors to custodians, ***** et managers and wealth technology providers, such as Charles Schwab, BlackRock, Addepar, Envestnet, iCapital, Orion, SS&C Black Diamond, Wealthbox, Wealth.com, Vanguard and Zocks, along with previously available integrations with Microsoft 365, Salesforce, DocuSign, Box, FactSet, S&P Global and Morningstar.
The platform includes skills for advisor onboarding, alternative investments briefing, compliance and AI policy review, estate and tax briefing, portfolio rebalance review, post-meeting notes and follow-up, pre-meeting preparation and prospect intake, according to Anthropic.
"We aren't trying to replace any of the tools out there," said Peter Nolan, head of ***** et and wealth management at Anthropic, during an interview with WealthManagement, when asked whether this puts Anthropic in the position of competing with and potentially upending the developing ecosystem of entrepreneurs and developers working with it and other major AI model providers.

#advisors

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Edelman Financial Engines is extending its retirement plan advisory and fiduciary capabilities to the small and mid-sized business market. While the firm has long served business owners through its workplace and wealth businesses, this service focuses on helping smaller business owners offer and manage retirement plans for their employees.
The firm has partnered with ADP for payroll, human capital management and retirement services. Edelman's will provide investment management, 3(38) investment management, plan consulting and personalized financial advice to plan participants. That includes providing one-on-one discretionary advisory services for individual employees.
Employees also gain unlimited access to Edelman's phone-based licensed advisors, who average 10 years of industry tenure, along with on-demand digital planning tools.
"EFE financial wellness and advisory services have been available to employees in eligible workplace retirement plans through the ADP platform since 2018," said Chris Magno, senior vice president and general manager of ADP Retirement Services, in a statement. "The new service expands that relationship by delivering a more comprehensive retirement solution purpose-built for small and mid-sized businesses, offered in combination with the full-service recordkeeping, payroll integration and plan administration capabilities of ADP."

#Services #management #wealthmanagement

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
The competitive field to build out the tech infrastructure to ease the use of alternative investments in the wealth channel just got a little more crowded as New York-based fintech Aqua announced a $18.8 million Series A to back what it's calling a turnkey alternative investments platform.
The AI-native platform seeks to be a single solution that brings fund creation, operational workflows, investment lifecycle management, marketplace access, document intelligence and investor servicing into a single environment. In addition to managing off-the-shelf private market funds, advisors using Aqua can build special purpose vehicles, registered funds, fund of funds and feeder funds.
The $15 million Series A, led by Arthur Ventures with participation from Alumni Ventures, follows a 2021 $3.8 million seed round backed by Google's AI Fund, Y Combinator. It plans to use the funding to accelerate business and platform development, expand its engineering and partnership teams, and deepen integrations across custodians and fund sponsors. (The firm started as a team of six, but now has two dozen employees and it plans to continue to staff up as it onboards more advisors and fund managers.)
To be sure, Aqua is far from alone in attempting to streamline the alternative investments process. The **** e continues to be led by well-known players iCapital and CAIS, which service thousands of wealth firms through their marketplaces, and each has continued to add tech to support the lifecycle of alternative investments. Firms including SUBSCRIBE, Canoe, Gridline, Allocate, Alto, Arch, Opto, GLAS Funds, Altigo/SEI and Apex Alts also compete in the area, focusing on streamlining all aspects of the investment process. In addition, traditional TAMPs like InvestCloud, Envestnet, Orion, Addepar and Black Diamond have made enhancements to support private markets.

#Investments #subscribe #series

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Known as Conquest Planning since its launch in 2018, the fintech company has unveiled a refreshed brand and visual identity, shortened its name from Conquest Planning to Conquest, and announced a pivot beyond financial planning to signal the broader role its financial advice engine plays.
The company's engine, Strategic Advice Manager, has evolved to include agentic capabilities announced earlier this year. SAM comprises a calculation engine and proprietary artificial intelligence expert system that work together to evaluate and rank financial strategies, model life events and respond to client questions.
"Financial advice was never meant to be static," said Brad Joudrie, chief executive officer of Conquest, in a prepared statement. "Clients' lives change constantly, and the advice they receive should be able to keep pace."
The engine can power AI-enabled advisor, client and white-label experiences, helping firms deliver financial guidance across any wealth segment, channel and surface, according to the company.

#wealthmanagement #company

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Legacy Edge Advisors, a Syosset, N.Y.-based registered investment advisor with $1.2 billion in client ***** ets, has hired Christopher Weyrauch as its first CEO.
Weyrauch had been head of wealth management at Citizens Financial Group from 2021 to 2024, a role he took after a 28-year run at TIAA, where he was the last CEO and president of TIAA Life Insurance Company.
Legacy Edge Advisors was founded by TIAA wealth management advisors Scott Israel, Robert Rom, Jason Kass and Tim Urie, who split off to start their own firm. They have since added more former TIAA advisors and an advisor for Merrill Lynch, according to Israel.
"Our focus was to build something that was viable, profitable and a place that our colleagues from TIAA and [advisors from] elsewhere could have a place that would give them what TIAA clients are used to," Israel said. "I'll call that phase one, and we did that."

#advisor

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
J.P. Morgan Securities filed a motion Tuesday to hold Christopher J. Lee, a former advisor, in contempt of court for allegedly violating a temporary restraining order that barred him from soliciting clients on behalf of Morgan Stanley, his new employer.
The motion, which was filed in the Supreme Court in the State of New York, was followed on Wednesday by the judge's order to show cause for contempt, requiring Lee to appear in court on Sept. 23 to explain his actions.
In the contempt motion, J.P. Morgan claims Lee emailed JPM clients after the TRO was in place, sending them a "blatant sales pitch, numerous Morgan Stanley Smith Barney marketing materials, and promises to 'follow up.' These clients were never 'his' clients to take; they are JPMorgan clients whom Lee serviced and/or learned of only through his employment."
"The record demonstrates Mr. Lee brazenly disregarded the Court's order and continued to engage in solicitation of JPMorgan's clients. We trust the Court will see the facts similarly and dispense consequences accordingly," said Pablo Rodriguez, spokesperson for J.P. Morgan Wealth Management.

#morgan #court #wealthmanagement #stanley

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Apex Fintech Solutions has signed a deal with Gemini ***** e Station to bring Gemini ***** an's crypto event contracts to Apex's recently launched prediction markets platform. With this deal, the Gemini subsidiary would become the exclusive regulated venue for crypto prediction markets distributed through Apex's Futures Commission Merchant (FCM).
Apex's brokerage clients will use Gemini for execution and clearing for their crypto event contracts. Gemini will also bring additional contract categories, such as sports, economics, and financial markets.
"Leveraging more than a decade of experience building and operating a regulated platform for crypto, a new and emergent ***** et class, we deliberately chose to build our predictions platform in-house," said Tyler Winklevoss, CEO of Gemini, in a statement. "We believe that predictions are the future of markets, and this strategy allows us to expand our offering and open access to valued partners like Apex as demand for event contracts grows."
This follows news earlier this month that Apex launched a prediction markets platform, with an API that gives firms access to market flow from prediction market exchange Kalshi. With the new platform, Apex handles all FCM operations, clearing, segregated custody and account management, so firms don't have to build their own FCM infrastructure or direct exchange connectivity.

#gemini

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
With this year's crop of superstar IPO filings, including ***** eX and Anthropic, there has been a greater focus on the role venture capital plays in investors' portfolios. The stage at which promising companies go public has moved much later in their evolution, meaning that investors seeking the outsized returns of betting on the next Apple, Amazon, or ***** eX must do so while the companies are still private.
Traditionally, that has not been an avenue open to many individual investors, as venture capital funds have tended to come with qualified purchaser requirements, hefty investment minimums, 15-plus-year payoff horizons and limited liquidity mechanisms. A new crop of players, however, is promising mass-affluent investors that they can enter the venture capital business as well, often without the need for accreditation or investment minimums. Whether they can succeed in doing so without making investors take on outsized risks relative to returns is an open question.
One of the first companies to launch a venture-capital fund marketed to retail investors was Destiny XYZ Inc. in the spring of 2024. Called Destiny Tech100 (DXYZ), the fund focuses on "late-stage venture-backed companies," with Destiny XYZ viewing them as a more stable investment than fresh start-ups. Destiny Tech100, which today has a market cap of about $1 billion, comes with a 2.5% annual management fee—roughly in line with what a traditional venture capital fund would charge—but requires no accreditation or minimum investment, since it's structured as an exchange-listed closed-end fund (CEF).
Today, the fund lists 36 companies among its holdings, including ***** eX and OpenAI. Over a 52-week period, DXYZ posted total returns of 21.02%. Over the most recent three-month period, its total returns fell by 44.16%, with its shares trading at $32.94 apiece as of Monday afternoon, down from their 52-week high of $72.87 per share.

#destiny #SpaceX

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Schwab on the Hunt for Long-Short Strategies Director "Charles Schwab has recently been on the search for a director to lead the firm's long-short separately managed account initiative, someone responsible for building a team focused specifically on long-short SMAs and creating companywide coordination for the business, according to a job posting. Schwab did not respond to questions, including if the position has been filled." (The Daily Upside)
Morgan Stanley Bolsters UMA Offerings as Advisory ***** ets Soar "Morgan Stanley has expanded the fund options on its Select UMA Program to provide a wider set of investment choices as its investment advisory platform exceeds $3 trillion in ***** ets under management... Amid that momentum, the firm has added tender offer funds and interval funds to the closed-end mutual funds offered in the Select UMA Program, according to a Form ADV disclosure." (FundFire)
U.S. ETF Investors at Odds: Chasing Returns or Playing the Long Game? "All investors seek positive returns, but their time horizons and strategies are dramatically different. The longest-term investors rely on research that points to the odds-on play of buying and holding broad-based, cap-weighted stock and bond ETFs. Other investors extrapolate recent performance with hopes to continue riding a wave." (ETF.com)
Wealth Management Has a $3 Trillion Problem: Investors Are Keeping Too Much Cash "The risk, they argue, is that the yield on cash won't keep pace with inflation. Money-market yields are currently right about at the rate of inflation. Many advisers are pitching alternatives, including corporate bonds, municipal bonds and more exotic offerings such as buffer exchange-traded funds and private credit." (WSJ)

#schwab #short #select

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
A North Carolina man will spend several years in prison after stealing from at least 64 investors when he was still in his teens and early twenties.
A Maryland federal judge sentenced 25-year-old Hunter Haithcock to 3 1/2 years of incarceration after he pleaded guilty to counts of wire and investment advisor fraud last fall.
According to the court, between September 2019 and October 2022, Haithcock stole at least $655,498 from his victims. Haithcock, who was based in North Carolina, lied to victims, claiming he worked as a registered investment advisor. Though the Justice Department indictment doesn't name the company, a previously filed cease-and-desist order against Haithcock notes that he claimed to be an advisor at TD Ameritrade.
In fact, Haithcock was not registered and did not work at the brokerage firm, but used the name and other personal information of an advisor (including the advisor's CRD number) to interact with clients (the individual is identified only as M.W. in the Justice Department indictment).

#justice #department #years #least

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Allworth Financial, a Folsom, Calif.-based registered investment advisor with $39 billion in client ******* ets, has acquired Sachetta, a Lynnfield, Mass.-based wealth management and tax advisory firm overseeing $1.1 billion in ******* ets under management.
In addition, the RIA announced it has added Arthur Stein Financial, a Bethesda, Md.-based RIA specializing in financial planning for federal employees and retirees. That firm, majority owned by Arthur Stein, has about $141 million in AUM, according to its most recent Form ADV.
The moves come after Allworth executed a recapitalization in April led by Integrum Holdings and including former investors Lightyear Capital and Ontario Teachers' Pension Plan. The investment was structured to ******* ist in "Allworth's organic growth plan, including expanding its national footprint through high-quality partnerships with firms that share its long-term commitment to clients, advisors and employees," the RIA wrote in the deal announcement.
The move for Sachetta adds 21 professionals, including 13 wealth and tax advisors, and approximately 630 client households in the Boston area.

#investment

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
(Bloomberg) -- The US Treasury Department has expressed concern over a number of high-profile tax strategies touted by Wall Street that it says may be "too good to be true."
Officials told an industry gathering on Tuesday morning in New York the department considers that some of these products may be abusive, and said it is actively evaluating the tools available to address them.
However, they stopped short of announcing new guidelines, saying instead they "expect a serious dialogue with the market before positions harden" and investors are placed at more risk.
The strategies under scrutiny include so-called 351 conversions, box-spread exchange-traded funds, products that offset ordinary income, and funds that avoid dividend income by flipping between other ETFs. Speaking at a Wall Street Tax ***** ociation seminar, Kevin Salinger, deputy ***** istant secretary for tax policy at the Treasury, and Erika Nijenhuis, senior counsel, said the department has no wish to over-engineer rules, but it cannot ignore a market developing around transactions with results Congress did not appear to intend.

#wealthmanagement #market

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Semiconductors to Stablecoins: Jan van Eck on 2026 Markets "He's still a gold bull for the next decade despite a near-term technical stumble, but he's stayed bearish on Bitcoin all year, partially due to mechanisms specific to bitcoin and partially because of its rising correlation to the Nasdaq. Where he does see life in crypto is stablecoins and corporate chains, as banks race to wall off their own blockchain turf." (ETF.com)
Is Passive Investing Sabotaging Fund Managers? "Index fund fans counter that claims of distortion are mostly sour grapes from fund managers struggling to outperform. For one thing, index funds do little trading of their own. Active managers' jobs might even get easier as they scrap over a smaller slice of the market." (WSJ)
These 15 Funds Cost Investors Billions Over the Past Decade "Seven of the top 15 funds on our list are in the trading-inverse equity category, which are designed to increase in value when a specific benchmark or ***** et type falls. These funds occasionally rise to the top by betting against the market; for example, many funds that bet against US stocks were up 15% or more in 2022. But because market returns are positive more often than not, the long-term results haven't been pretty." (Morningstar)
Goldman Pitches New Way for LPs to Fund Capital Calls "The move would give large investors interest on capital that has been committed but not yet called, at rates around 160 basis points to 210 basis points over the benchmark. In return, Goldman would free up capacity on its balance sheet." (FundFire)

#market #Bitcoin

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Cresset Capital Management, a multi-family office based in New York overseeing more than $250 billion in client ****** ets, has hired Chris Tiano and Nick Smith as managing directors and wealth advisors in its Los Angeles and New York offices, the firm announced Tuesday.
Tiano and Smith previously served as directors for Lazard Wealth for about two years, according to BrokerCheck. While there, they oversaw $1.1 billion in client ****** ets.
Before Lazard, Tiano worked at Focus Financial Partners and Glenmede Trust Company, while Smith held positions at Merrill Lynch Wealth Management, Bessemer Trust and Fiduciary Trust Company International.
Tiano works with business owners and entrepreneurs whose wealth is concentrated in their companies, guiding clients through liquidity events, portfolio design across public and private markets, and coordination with trust and estate attorneys on tax planning and wealth transfer.

#trust #management

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Wells Fargo has launched AI Teammate, an artificial intelligence-powered capability embedded within the firm's Advisor Gateway (launched in May) that is meant to help advisors, client ***** ociates and support teams access information and complete everyday work and administrative tasks.
The tool will be available to financial advisors across all Wealth & Investment Management advisor channels, including independent advisors who are part of Wells Fargo Advisors Financial Network.
"We are making significant investments in AI and technology to empower advisors, grow client relationships and gain market share," said Sol Gindi, head of the WIM Client Relationship Group and Wells Fargo Advisors.
AI Teammate introduces a chat-based experience that enables users to ask questions in plain language, retrieve answers quickly and take action.

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
(Bloomberg) -- It's not just Morgan Stanley's IPO bankers that are benefiting from the frenzy of companies going public in recent weeks.
The bank hauled in $148 billion of net new ****** ets in its wealth-management business in the second quarter, over half of which were tied to IPOs, according to a statement Wednesday.
SpaceX's record-breaking listing earlier this year proved to be a field day for Morgan Stanley and its Wall Street peers that helped take it public. Elon Musk's ****** e and artificial-intelligence conglomerate agreed to pay dealmakers a $500 million fee for the offering, or about 0.67% of the $75 billion IPO haul. Even at that paltry rate, it's still one of the biggest fee-paying events on Wall Street of all time.
As the lead banks, Goldman Sachs Group Inc. and Morgan Stanley took home the biggest share of that fee pool, notching roughly $100 million each.

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Caprock, a Boise, Idaho-based $16 billion multi-family office registered investment advisor, announced Tuesday that it had acquired Venturi Private Wealth, an Austin-based wealth manager with about $4 billion in ****** ets under management.
The transaction brings approximately 30 employees to Caprock, including 10 advisors, and expands the firm's footprint in Austin and Oklahoma City, where Venturi has a presence.
Founded in 2015, Venturi serves entrepreneurs, executives and multigenerational families through a fiduciary, planning-oriented approach.
The firm, which will now operate under the Caprock name, was owned by its employees, with co-founder and CEO Russ Norwood holding the largest stake of between 25% to 50%, according to its most recent Form ADV. The firm was custodied with Fidelity, according to that filing, which is also an option with Caprock, according to its filings.

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
(Bloomberg) -- Russell Investments is being acquired by a group of investors led by the venture firm B Capital Group and California Public Employees' Retirement System in a bid to ready the 90-year-old ***** et manager for the AI era.
The consortium was organized by B Capital, which was co-founded by billionaire Eduardo Saverin and former Bain Capital investor Raj Ganguly. The deal for the $416 billion ***** et manager is valued at $2.8 billion, according to a person with the knowledge of the matter, who asked not to be named discussing non-public information.
"We've always believed that the way that people save and invest for retirement can be improved by leveraging AI," Ganguly said in an interview, declining to comment on the transaction's details. "But you can't remove the human element from it."
The acquisition comes at a moment of considerable change in the ***** et management industry, with firms rushing to combine for scale, expanding into new types of private and alternative ***** ets and investing in technology to reach more clients.

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Aspen Standard Wealth, a New York-based holding company that takes majority stakes in registered investment advisors, has acquired a wealth manager based in Kalamazoo, Mich., managing $1.3 billion in client ***** ets across the United States.
CWS Financial Advisors, which dates back to 1983, will join the Aspen platform while maintaining its fee-only, RIA structure, the firms announced Tuesday. The 10-person RIA is led by Principal and co-owner Joe Splendorio, a former Wells Fargo advisor who joined CWS in 2014, according to BrokerCheck.
CWS was started as an A.G. Edwards office. That firm was acquired by Wachovia, which was then taken over by Wells Fargo. CWS broke away to become a fee-only RIA in 2018.
Aspen was founded by CEO Aly Kassim-Lakha, a former hedge fund manager, and is backed by private equity firm Alpine Investors. Aspen takes a majority stake in RIAs, with those RIA owners getting a minority stake in the Aspen holding company.

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Hightower President Roberto Stewart is stepping down from his role and leaving the organization less than three months after joining the firm.
According to a Hightower spokesperson, Stewart "made the difficult decision to step away from his role for personal reasons," and the firm intends to name his replacement "in the near future."
"He remains committed to Hightower and will work closely with the leadership team to support a smooth transition," the spokesperson said. "We are grateful for his leadership and contributions to the firm and wish him all the best."
Stewart originally joined Hightower as its president and chief business officer in April to lead "enterprise services and support the firm's next phase of growth" by overseeing Hightower One, the firm's newly established back- and middle-office platform.

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Michael Harrington will retire as chief financial officer of AlTi Global, the Nasdaq-listed wealth manager with about $90 billion in ***** ets, at the end of this month. The company has appointed Patrick Keenan, the company's 36-year-old chief accounting officer, as his successor in a "planned transition," according to a regulatory filing.
Keenan will report to President and Chief Operating Officer Kevin Moran.
He has served as chief accounting officer since 2024 and principal accounting officer since 2025. He joined in 2022 as director, global lead of accounting policy and SEC reporting. Prior to joining the firm, he served in finance and accounting positions at Aflac Global Investments.
Harrington joined AlTi Global in early 2025. Prior to that, he served as CFO of Republic First Bancorp. Before that, he was banker-in-residence at Jacobs ***** et Management's partnership with FINTOP.

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
(Bloomberg) -- On paper, it seems like a no-brainer trade: Cash out of one private credit fund at 100% of net ****** et value and plow the money back into a similar vehicle that's trading at a substantially discounted price.
Like many things in the $1.8 trillion direct lending market, that kind of arbitrage can be trickier and more time-consuming to pull off than it first appears, especially for retail investors. Still, as an avalanche of redemption requests from private credit funds stretches into another quarter, some advisers are urging their clients to make the move.
The strategy hinges on the structural differences between non-traded business development companies, and BDCs that trade like stocks on exchanges. Non-listed BDCs can limit withdrawals but when investors do get cash out, they get their money back at the full net ****** et value of the fund.
In contrast, listed BDC prices move largely in real time, and right now they're trading at a median discount to NAV of about 25%, arguably in anticipation of the type of pressure and markdowns that are starting to hit their semi-liquid peers.

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
It's been a little over two years since Binah Capital Group went public via the merger of Kingswood Acquisition Corp., a special purpose acquisition company, and Wentworth Management Services, a broker/dealer aggregator.
Since then, CEO Craig Gould has kept his head down, working on his strategy for leading the firm going forward as well as the firm's growth and development goals. Now, a lot of those goals are coming to fruition. The firm now has $30 billion of ****** ets under management across its subsidiaries, including broker/dealers Cabot Lodge Securities, World Equity Group, and PKS Investments. The RIA firms affiliated with Binah manage over $400 billion in AUM.
Gould said that going public has allowed the firm to scale in ways it couldn't before, and it has since added some of the largest RIAs in the industry, including Merit Financial Advisors and OnePoint BFG Wealth Partners.
In a wide-ranging interview, Gould outlined his plans to make minority investments in partner firms, consolidate Binah's three corporate RIAs and acquire another broker/dealer.

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters.
Carlyle to Add Weather-Risk Insurance Impact in Valuing ***** ets "The $475 billion private equity giant is collaborating with insurance broker Marsh on the new approach. Engineers, other insurers and climate risk experts are also contributing to discussions." (FundFire)
Post-SpaceX IPO, Investors Pour $83B Into U.S. Equities "While basic, passive S&P 500 exposure via the iShares Core S&P 500 ETF (IVV) drew in the most aggregate flows last week, the $8.3 billion and $7.4 billion into the Technology Select Sector SPDR Fund (XLK) and the VanEck Semiconductor ETF (SMH) respectively underscore the ongoing popularity of all things tech for investors." (ETF.com)
Why Most Stocks Aren't Worth Owning "Earlier this year, Bessembinder updated his research in One Hundred Years in the U.S. Stock Markets. Studying roughly 30,000 US stocks between 1926 and 2025, he found that less than half posted positive returns and just 41.17% outperformed the US Treasury bill. Just 46 stocks accounted for half the $91 trillion of wealth created." (Morningstar)
Tax-Aware Long-Short Investing: Not Just A Tax Overlay, But A Risk-Managed (Active) Investment Strategy "A portfolio made up of many individual securities, on the other hand, has many more potential loss opportunities that can be individually harvested (even though the performance of the individual-securities portfolio might be the same in aggregate as the broad-index ETF portfolio) because each holding with a loss can directly be harvested - allowing that one position to be tax-loss harvested even if the portfolio and index as a whole are up." (Kitces.com)