Articles published 12/2024
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In game of chicken with the FDIC, feisty BlackRock refuses to join Vanguard's cave to passivity surrounding banks and forfeit Federal Reserve right to serve on bank boards
FDIC board member Rohit Chopra says existing Fed passivity compact with banks allows BlackRock et al to be 'anything but “passive”'
December 31, 2024 at 10:32 PM
Vanguard scores quick non-aggression pact with FDIC by surrendering proxy powers but analyst asks: 'Why die on that bridge?'
The Malvern, Pa. fund giant eased fears it might be forced to reduce its bank holdings, which would jeopardize the accuracy of its index fund tracking, but not before signing away much of its power to influence U.S. banks -- and accepting massive ongoing regulatory scrutiny.
December 29, 2024 at 9:49 PM
Corient just locked down its first big RIA deal of 2024 in Maine, perhaps critical to its CI Financial parent nailing down a suitcase of cash from Abu Dhabi
The $184-billion Miami rollup throttled down M&A in 2024 until scoring H.M. Payson & Co., with $7.9 billion in AUM, but its Nov. 25 take-private deal from Mubadala Capital presumes the rollup can roll up.
December 21, 2024 at 1:10 AM
Reed Colley is back as Orion's president with the immense task of taking its legacy RIA technology and making it into a dream experience -- with help from data stores and AI
Colley sold Black Diamond to Advent in 2011 and rose to the top, but the challenge is greater this time because he doesn't have the same software tabula rasa, sources say.
December 20, 2024 at 2:18 AM
Pontera-like play wins Black Diamond deal to allow its RIAs to manage held-away 401(k) assets -- with all parties mum on Fidelity's credential-sharing policy
Future Capital only launched held-away product last June, and Pontera got walking papers from Fidelity in September, leaving big questions.
December 18, 2024 at 7:30 PM
ETFs will pass mutual funds in RIA portfolios by 2026, revealing a problem -- too few wholesalers trained for ETFs, Cerulli reports
In next 12 months, RIAs predict 25% of client assets will be invested in ETFs versus 24% in mutual funds, but asset-allocation decisions can be fraught without extra human expertise.
December 17, 2024 at 3:29 AM
Another Opto co-founder departs -- this one to join Vise -- but he'll straddle the two firms, keeping an advisory seat, founder shares and Joe Lonsdale's love
Kamal Jafarnia see 'truly transformative potential' in his new gig, also in New York City, after its 'reset' and brings coveted ability to makes alts compliant alongside conventional investments.
December 14, 2024 at 2:17 AM
DOL program to reunite $1.65 trillion of 401(k) assets with plan participants is long, long overdue; it's also little threat to VC-backed startup with overlapping mission -- and big head start
Gaurav Sharma, founder of Capitalize, explains in RIABiz Q&A, that Labor Dept. will need help -- lots of it -- but that SECURE 2.0 made it possible to begin to address.
December 13, 2024 at 12:04 AM
Sallie Krawcheck, citing a health issue, hands day-to-day operations to co-CEOs, but will remain on the board as it reworks RIA's strategy after pioneering, ten-year run from startup to $2.4 billion in AUM
Connie Hsiung, 38, will fill CEO role of 60-year-old Ellevest co-founder, who was noted for being disarmingly blunt about her frustrations in making the robo-advisor for women hum.
December 12, 2024 at 3:25 AM
Vanguard completes shakeup with outsiders Salim Ramji, Joanna Rotenberg supplanting firm lifers Tim Buckley, Karin Risi as RIA takes center stage
The $9-trillion Malvern, Pa., firm is bringing on potential Abby Johnson heir apparent to head 'wealth' six months after Larry Fink heir apparent Salim Ramji got the top spot
December 10, 2024 at 2:55 AM
Incoming Charles Schwab CEO toes edge, telling RIAs he will greenlight spot coin trades, maybe 'in short order' under Trump, but conservative firms still must have 'risk appetite,' SEC attorney cautions
Rick Wurster says Schwab is watching regulators but regulatory attorneys say financial chiefs ultimately must contend with risk of digital asset fraud and manipulation.
December 7, 2024 at 12:21 AM
Karin Risi, an odds-on 'next in line' to ex-CEO Tim Buckley, and founder of Vanguard's $312-billion 'RIA,' exits the company
The Malvern, Pa. giant gave no explanation why the 52 year-old, 27-year veteran is leaving
December 6, 2024 at 3:09 AM
With Ray Dalio gone and assets down, Bridgewater wants retail assets, but at arm's length; partner State Street will absorb hassles and risk for branding and fee opportunity
The Westport, Conn., firm will repurpose, minus flourishes, an 'all-weather' strategy and get the Boston asset manager to do much of the heavy lifting.
December 5, 2024 at 3:31 AM
Vanguard Group reminds RIAs not to overplay near-zero-risk, high-return cash game and also releases new fund products to transition back to bonds
The Malvern, Pa., investments firm pumps out tweener fixed-income funds to wean toward cash-like fixed income, as Fed signals lower rates that could make cash trashier
December 3, 2024 at 11:52 PM
'Oversubscribed' DPL Financial raises $23 million -- including from insurers it screens; cash is earmarked to build 'straight-thru' annuity purchases
CEO David Lau talked to RIAs before accepting capital from TIAA and others and wants to make guaranteed income easy to buy as mutual funds
