Articles written by Brooke Southall
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After the visions of this engineer and Wealthfront diverged in 2016, he left to write his own robo-investing code on a shoestring; now Riskalyze is his first customerIraklis Kourtidis takes Aaron Klein's 'Autopilot' product to another plane of efficiency with 'Rowboat,' software he largely wrote over four no-paycheck years | July 31, 2020 — 3:11 AM | |
Avantis Investors rakes in another top-tier PIMCO talent who can do a very un-asset managerial task --talk to RIAs directlyEx-DFA co-CEO Eduardo Repetto gets Hozef Arif to fill another key seat at the 60-person suite in Little Tokyo (LA) after he checks all the boxes | July 25, 2020 — 1:20 AM | |
Pershing poaches a chief operating officer from Goldman Sachs, citing her experience doing client-onboarding revamps as a keyThe Jersey City, N.J., clearing and custody company hired Emily Schlosser to fill the talent gap when Lori Hardwick left in 2017 | July 23, 2020 — 11:19 PM | |
Envestnet nabs Dani Fava to cross-pollinate semi-autonomous units and reap 'financial wellness' as the end productThe Chicago outsourcer has a massive, partially disconnected arsenal of products that CEO Bill Crager is rationalizing into 'wellness' with yet another new unit. | July 23, 2020 — 1:42 AM | |
The loss of John Michel weighs across the RIA business -- a doer with a '1000-megawatt smile'Only 62, the original Merrill Lynch fintechie breakaway modernized the advice business and led with his kind demeanor | July 9, 2020 — 1:38 AM | |
Dimensional Fund Advisors finally launches ETFs, but as a 'defensive' measure as outflows mount, Morningstar saysThe Austin, Texas, manager of $508 billion enters the exchange-traded fund market after advisor input reached critical decibel levels but also after its former CEO's ETF startup surpassed $1.5 billion in nine months | June 27, 2020 — 2:35 AM | |
Shirl Penney lands UBS team as Dynasty Financial tower-mate in a sign the breakaway movement remains explosive, despite turning to 'quiet launches' during the COVID-19 pandemicNew deals reflect branches/centralized decision-making as albatrosses in virtual world; Northern Florida is case in point -- sheltering at home is not the local practice. | June 17, 2020 — 2:29 AM | |
Bill Morrissey lands as president of Park Avenue Securities signalling parent Guardian Life Insurance may roll the dice on expansion and evolutionThe LPL recruiting and development legend may get a mandate to charge up the insurer's middlebrow broker-dealer | May 22, 2020 — 1:13 AM | |
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 inThe 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 | |
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 radarMoelis 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 | |
To leapfrog ahead in direct indexing, Schwab to buy Motif technology and hire Hardeep Walia and much of his staffThe 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 | |
As Motif exits stock-bundle game, Schwab piles in with 'Slices,' fulfilling a pledge to offer free fractional sharesThe 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 | |
After much acclaim but not enough profits, Motif shutters and sells itself off for parts with Folio buying the RIA and retail accountsThe $850 million stock-basket company in San Mateo, Calif. had success but -- $126 million invested by Goldman Sachs, Renren and Sallie Krawcheck and others -- not enough to justify business as usual | April 22, 2020 — 6:52 PM | |
With an eye to cast-aside prospects, Marty Bicknell and Shirl Penney combine to launch 1099 platform with ambitions to surpass Mariner Wealth as soon as 2025Into a crowded field of IAR servicers, the Mariner Holdings CEO is relying on his peer at Dynasty Financial Partners to deliver its famed one-stop desktop for breakaway brokers who seek simplicity and familiarity | April 17, 2020 — 5:06 PM | |
Behind the scenes, Envestnet's board of directors had much to tussle over before finally subtracting the 'interim' from Bill Crager's CEO titleWith Jud Bergman gone at a chairman, a power struggle ensued to fill that spot, and the process dragged when taking the company private came under review | April 2, 2020 — 2:34 AM |
