The share of Americans who said they could cover a $400 emergency expense with cash or equivalent dropped for the third quarter in a row, according to a survey out Thursday. Young adults in particular are showing higher financial stress as they face the return of student loan payments and...
Ultra-high-net-worth art collectors are pulling back, according to a new report conducted during the summer by Art Basel and UBS. Of roughly 2,800 collectors surveyed, those who commonly buy artworks priced at $1 million or more fell from 12% in 2021 to 4% in 2022, a nearly 67% decline. The median expenditure...
Vanguard Group Inc. is taking its last steps to exit China and shut down its office in the 29 trillion yuan ($4 trillion) mutual fund market. Vanguard has signed severance agreements with the remaining staff of about 10 people in Shanghai, including country head Luo Dengpan, according to people familiar...
Japan’s state pension fund, the world’s largest, posted a loss of ¥683.2 billion ($4.5 billion) on total assets during the three months through September as its holdings of domestic debt slumped by a record. The Government Pension Investment Fund lost 0.3% during the quarter, the fund said in Tokyo Thursday....
Charles Schwab Corp. finished cutting as much as 6% of its 35,900 member workforce, amid efforts to curb costs as it continues to integrate TD Ameritrade, according to a company spokesperson. The number of cuts, ranging from 5% to 6% of staff at the Westlake, Texas-based company, translates to as...
Alexandra Lebenthal, former CEO of Lebenthal & Co., has joined Rockefeller Capital Management as a managing director and senior banker in the firm’s strategic advisory division. At Rockefeller, “I will lead investment banking coverage for financial sponsors and continue my work with women-led and -owned businesses,” Lebenthal said in an...
Choreo, a Chicago-based registered investment advisor, is acquiring the wealth management business of accounting firm BDO USA, which oversees roughly $8.1 billion in assets under advisement or management, the firm announced Wednesday. The transaction closed Tuesday, the firm announced; terms were not disclosed. Choreo also announced that it is joining the...
A wave of disruptive technology is reshaping the wealth management industry. New ESG screening tools, generative AI and conversational ChatGPT marketing have helped firms elevate their offerings, increase advisor productivity and deepen and expand client relationships in a highly personalized and holistic manner. This modernization process is also reshaping...
The private credit market is gaining traction as investors across the spectrum seek better returns and greater diversification. A new report from private credit platform Percent and Coalition Greenwich shows that 63% of respondents – largely asset managers, hedge funds and wealth managers in family offices and RIAs – plan...
Kestra Private Wealth Services has added two teams to its network, with a combined $850 million in client assets. Kindred Wealth Partners in Pittsburgh is led by senior managing partners Charles Palmer, Sean O’Riordan and Randall Klaiber, who were previously with Morgan Stanley Wealth Management. The $650 million team is supported...