After $2-billion asking price for Ascensus gets no bites, Genstar and Aquiline opt to sell 25% stake to juice roll-up kitty
Atlas Merchant Capital and GIC are the new financiers but the capital raise suggests inorganic growth is still Plan A
Martha Williams
Brooke Southall
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SMArtX is loading up on Envestnet talent as re-peopling rolls on -- post Morningstar disruption -- with two hires from the Berwyn, Pa., TAMP
The West Palm Beach, Fla., TAMP is getting Courtney Robertiello and Jacqueline Burke, and their staggering 29 years of experience for 'growth and innovation,' the company says.
July 4, 2024 at 2:09 AM
Betterment whistleblowers net $2.5 million • Wealthfront's big pivot leads to profits • Altruist launches tax service • CMOs in at Ascensus, Wealthspire & Joe Duran's Rise • Savvy bags four advisors as Mariner sues it for poaching • Jim Dickson launches RIA stake buyer
Betterment is also bending to RIA needs • Wealthfront is in the black, thanks to cash • Altruist reveals where it makes its money • Rise, Wealthspire and Ascensus each add two executives • Compound hits $2 billion of AUM • CAIS slashes alts prices • BlackRock ups private debt sales to RIAs, through GeoWealth.
June 29, 2024 at 3:00 AM
Morningstar's sale of TAMP's $12-billion book-of-business to AssetMark ends two-year run that fell short on growth; whether RIAs stick or flee will determine fate of deal
Morningstar nets a cash windfall, a better distribution deal, and it reduces conflicts with its clients, but SMArtX is the likely loser, which will no longer administer Morningstar's TAMP assets.
June 24, 2024 at 11:48 PM
During CEO Tim Buckley's waning months, Vanguard is imposing fees that may affect its older investors, while hand-off to Ascensus of certain IRA and 401(k) products also comes with some sticker shock
The Malvern, Pa., giant transferred SEP IRA and 401(k) assets to its recordkeeper, which immediately imposed new fees, while Vanguard's new pricing schedule includes a commission to phone in Vanguard fund sales or purchases
May 2, 2024 at 1:27 AM
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Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien
Ascensus
Third Party Administrator
Top Executive: David Musto Chairman & CEO
