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Articles published 5/2020


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Abby Johnson:  '[We] are now joining with several financial institutions to accelerate the availability of a secure, transparent and more reliable network.'

Tired of having their screens scraped, Schwab and Fidelity launch API initiatives to curtail the practice -- rewarding some, but not all scrapers with cleaner data

Opening up their APIs gives both powerhouses the ability to share data while also making it more secure -- it also puts them back in the driver's seat in choosing who gets it.

May 29, 2020 – 4:45 AM

Brian Hamburger: I ask advisors if they’ve walked across the street to the bank.

Thanks to a minor explosion in minority-stake deals, RIA M&A is still sizzling but it may be seller beware

For the RIA principal who wants cash, control and chips off the table, it's M&A ambrosia; but sophisticated buyers may be extracting more value than sellers realize

May 27, 2020 – 5:01 PM

Jonathan Pincus is a Northern Trust ringer with a track record.

With $4 million VC raise fresh in hand, SMArtX takes next step to shed Black Diamond shadow by hiring a president/COO who casts his own

.Jonathan Pincus took overseen assets at Northern Trust from $3 billion to $70 billion at his Chicago firm and learned about SMartX after in his old role

May 22, 2020 – 9:36 PM

Bill Morrissey was hired last fall and may be engineering a turnaround at little-known Park Avenue Securities.

Bill Morrissey lands as president of Park Avenue Securities signalling parent Guardian Life Insurance may roll the dice on expansion and evolution

The LPL recruiting and development legend may get a mandate to charge up the insurer's middlebrow broker-dealer

May 22, 2020 – 1:13 AM

Lawrence Calcano: We're living in sad and bizarre times. It's putting a spotlight on the need for automation. Historically there's a just lots of re-typing.

No sooner does Lawrence Calcano raise $146 million than he buys rival Artivest -- then Wells Fargo alts service -- capping iCapital's 500%-plus run on alternatives 'platform' to $58 billion -- with almost every wolf on Wall Street chipping in

The iCapital CEO, who started 2019 at a humble $8 billion of AUA, now adds Artivest's $4 billion and its sweet technology to rolled up clientele with funding from BlackRock, Blackstone, Carlyle, KKR, JPMorgan, Morgan Stanley among others. A month later, iCapital brings in $3 billion more with purchase of Wells Fargo alts platform, and the storied bank became an iCapital investor.

May 21, 2020 – 2:20 AM

Peter D'Arrigo: 'Yodlee... is starting to, or actually beginning of last year, running into some headwinds in terms of growth, particularly within that analytics segment.

Envestnet cautions about Yodlee subscription 'headwinds' and the FTC asking more Yodlee-data questions as the company recorded a blowout revenue quarter

With the Redwood City-based analytics unit's possible sale put to bed for now, the Chicago firm reveals new worries about data privacy and competition but Envestnet proper's automated platform is the bomb in pandemic shutdown

May 19, 2020 – 2:48 AM

Stan Gregor: 'Ed is a thoroughbred and was brought in to help us expand'

Drawn out of his own startup, Ed Friedman lands at Summit Financial, tasked with raising the Merchant Investment-backed RIA's national profile

The ex-Hightower, ex-Dynasty recruiter joins Stan Gregor's early-stage RIA roll-up, with mighty backing and good momentum

May 15, 2020 – 10:18 PM

David Solomon wants a digital age RIA play at the mass, high-net-worth advice business.

Goldman Sachs buys Folio to gain an RIA-custody toehold, and gets robo-advisors in the bargain, days after Schwab buys Motif

The New York powerhouse is uncertain about taking on Schwab and Fidelity in RIA custody, but it keeps making inroads where it can in retail wealth

May 15, 2020 – 2:59 AM

Can Personal Capital (with Redwood Shores HQ in photo) get $1 billion ask price with fair M&A skies on the fade?

JPMorgan's reported balk on Personal Capital bid is latest Covid-19 M&A infection as Yodlee, Brinker, Orion sale claims also fade from the radar

Moelis is overseeing an 'auction' of the Redwood Shores, Calif., online RIA, which manages about $12 billion, and buyers are not ready to pay the $1 billion ask -- with JPMorgan Chase pulling out entirely, three sources told Barron's

May 13, 2020 – 8:44 PM

Larry Fink: We’re ... in short, making Aladdin the language of portfolio construction.

With Brinker Capital its first big proof of concept, BlackRock moves Aladdin onto Microsoft's cloud to automate portfolios at the RIA-client level to surpass what it always did at the fund level

The Berwyn, Pa.-based $21-billion TAMP contracts for Aladdin portfolio construction help after BlackRock chooses Azure to maximize Aladdin to become a 'language'

May 11, 2020 – 10:47 PM

Hardeep Walia: Schwab shares our spirit and passion for making personalized investing easier and more accessible.

To leapfrog ahead in direct indexing, Schwab to buy Motif technology and hire Hardeep Walia and much of his staff

The San Francisco company gets all of the San Mateo firm's algorithms, patents and source code but not the customer assets and 'leverage' of its giant index-investing franchise.

May 7, 2020 – 10:36 PM

Jenny Johnson: We’re in the midst of the fourth industrial revolution, and technological advances are reshaping how financial solutions are delivered.

With cash burn high, WisdomTree offloads AdvisorEngine onto white knight, Franklin Templeton -- which could score big with forgotten Junxure

Franklin CEO Jenny Johnson is taking the San Mateo, Calif., fund firm on an M&A tear of RIAs and RIA software and asset managers, with Legg Mason already under contract.

May 7, 2020 – 2:51 AM

Neesha Hathi: We developed Schwab Stock Slices to meet two important needs we heard from clients.

As Motif exits stock-bundle game, Schwab piles in with 'Slices,' fulfilling a pledge to offer free fractional shares

The San Francisco broker is reaching for Gen Z and Gen Alpha investors -- with RIAs, thus far, showing little interest, it says

May 6, 2020 – 3:27 AM

Interim TD Ameritrade CEO Steve Boyle isn't phoning it in [except literally] though his upside is presumed to be capped.

Amid 800-person hiring spree, TD Ameritrade interim CEO Steve-Boyle delivers sparkling results, underscores quick 100% work-at-home transition-- and calls Schwab merger efforts 'critical' and on-schedule

The Omaha, Neb. discount broker is luring net new assets as if the TD brand will be around forever, and no staff member will ever become redundant, even if its CEO's tenure will presumably self-expire

May 1, 2020 – 8:39 PM

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