Articles published 6/2019
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Brooke's Bits: One thousand Merrill Lynch clients set to use Tamarac software's 'unsurpassed capabilities' • Emigrant does new deal in hot M&A market• AssetMark readies its IPO as growth rate eases
Envestnet notches 200 UHNW teams at the wirehouse; It's the third post-Hurley deal; Charles Goldman's contract expires in October
June 28, 2019 at 1:23 AM
Private Client Resources does deal with 'barbarians' after one with Envestnet and before CAIS
After CEO Bob Miller executed a turnaround, ex-KKR execs rewarded him with buyout of majority stake -- and wiped away nasty $12-million balloon note
June 27, 2019 at 5:11 PM
Former DFA CEO, Eduardo Repetto is starting a DFA 2.0 with big differences; it'll sell ETFs, avoid pure indexes and trade on factors year round
The Dimensional Fund Advisors ex-chief joins Patrick Keating, his former chief operating officer at DFA to tackle a crowded market with a niche identified
June 26, 2019 at 3:55 AM
Charles Schwab & Co. may skip out of San Francisco entirely with Google, Facebook and Salesforce driving rents and talent costs sky high
Chuck Schwab sounded off by blaming taxes but then admitted free-market forces may push the headquarters back toward Colorado and Texas
June 24, 2019 at 8:07 PM
Dynasty Financial was like the roll-up with no financial engineering; now Shirl Penney is hacking capital left and right for an M&A machine and a poaching parlor
The new 'Freedom Note' adds to last month's M&A division rollout and other means to juice inorganic growth -- even with a world of new risks
June 21, 2019 at 10:23 PM
Orange is the new black for Aequitas execs as Ponzi nightmare nears end-game with jail time
Olaf Janke is the latest Aequitas executive to earn a ticket to the big house with a guilty plea to conspiracy to commit mail or wire fraud and conspiracy to commit money laundering.
June 20, 2019 at 8:13 PM
Ron Rhoades tells Ira Hammerman that his response on SIFMA's behalf failed to address the 'undeniable' -- the threat of boycotts
The Kentucky professor schools the Washington lobbyist on the looming threat of broker-dealers forcing reps to sacrifice their CFP designations -- and questions Hammerman's math on 'one million employees' he claims to speak on 'behalf' of
June 20, 2019 at 6:37 PM
Securities industry lobbyist Ira Hammerman disputes Ron Rhoades claim broker-dealers may restrain trade by threatening to boycott states with local fiduciary rules
The SIFMA executive vice president and general counsel says neither his organization, nor its constituents, runs afoul of anti-trust laws
June 20, 2019 at 2:37 AM
Broker-dealers' new power tactic -- threatening to quit states altogether -- to thwart local fiduciary rules for advisors sure looks like blatant misuse of power
SIFMA, FSI and Morgan Stanley made overt threats to Nevada and New Jersey and CFP Board that have more than a whiff of conspiracy to restrain trade
June 18, 2019 at 10:58 PM
In extreme air conditioning, Jim Crowley put industrial strength stamp on Pershing INSITE, but admits his custodian needs to get stronger in end-user software
Pershing COO, who took CEO job in May following Lisa Dolly's abrupt departure, made the event zero in on technology, yet again
June 18, 2019 at 3:35 AM
After the storm of divorce, LPL Financial leaves Independent Financial Partners diminished in size beyond imagining
IFP only retained a third of the up-for-grabs assets it shared with LPL, but CEO Bill Hamm sees silver linings
June 17, 2019 at 9:40 PM
With fresh eyes or false expectations, Kingswood Holdings sets sights on US advisors by buying the small, forgotten IBDs that hold their assets
The UK-based roll-up pushes a US reset button (to perhaps push alternative products) after iterations of the group back home wrestled with debt, acquisitions, new owners, products, heavy losses, numerous CEOs, and a stop-start reboot
June 14, 2019 at 9:17 PM
Lori Hardwick steps down as AI Labs president and steps up as a gunslinging paladin for Riskalyze and other firms in new gig economy consulting role
The co-founder went to the Tiburon CEO Summit in April and came away with four big consulting gigs that morphed into a new career
June 13, 2019 at 2:48 AM
Pete Giza and Damon Deru go for Holy Grail of portfolio rebalancing with software that shuffles stocks, bonds... and asset classes; Believe it?
The RedBlack and TradeWarrior executives see old systems as 'archaic' yet know that the Black Diamonds, Morningstars, Orions and Tamaracs see rebalancing as a loss leader
June 11, 2019 at 9:49 PM
HighTower spent at least $100 million to buy the love [and revenues] of its own advisors, a key sign an IPO or sale is taking shape, industry observers say
The Chicago roll-up paid top dollar to get virtually all its partners on board and to keep all dealing on the down low as it completes conversion to RIA roll-up from boutique wirehouse mode
June 10, 2019 at 11:20 PM
Last year's RIA chief departs Raymond James after ship sails without her at helm of RIA unit, leaving her anchored to COO role
Maria Daley took the reins after Bill Van Law's unexpected departure, but Greg Bruce came on in March to lead RIA Unit, a job she held on interim basis
June 6, 2019 at 2:16 AM
Oisin's Bits: Sierra Club slams Larry Fink's 'lip-service' to green future • Pre- VC raise SmartRIA is winning an RIA a day. Brian Hamburger counters: 'What happens when the tide goes out?' • Eric Clarke pairs up with Raj Udeshi's HiddenLevers
The un-wowed greens question BlackRock's white hat act ; SmartRIA doubles in size on flood tide; Orion gets business intelligence for RIAs from the guy in spat with Envestnet
June 5, 2019 at 8:59 PM
Focus Financial deal for white-shoe New York City RIA adds $7.7-billion of AUM, but Focus stock remains mired in the doldrums on Wall Street
The New York roll-up makes partner of Williams, Jones & Associates, a firm of 38 employees including 14 advisors
June 4, 2019 at 4:15 AM
UPDATED: In massive break, $17B 'Luminous' team at First Republic departs en masse to form two separate RIAs --in LA and Foster City, Calif.
David Hou, $4.4B, Mark Sear, $2.9B, Robert Skinner, $4.1B, Alan Zafran $3.9 billion and Eric Harrison $1.9B are forming Evoke Wealth in Los Angeles and IEQ Capital in Monterey, Calif.
June 3, 2019 at 6:25 AM
Matt Hamilton gears up to grow $900 million a year til 2027 when most CEOs look forward to retiring, but only banks, not PE investors, are invited to fuel deals
The 64 year-old's Hamilton Capital, a $2.5 billion Ohio RIA, has hired a COO, put out an RIA custody RFP and added Orion -now it just needs the right loan
