Elections are shining a spotlight on struggling emerging markets, with the prospect of fresh leadership unlocking opportunities in the asset class. While Argentines surprised again at polls on Sunday to pick their next president, the result came just a week after voters in Ecuador and Poland backed new, pro-business leaders. Egypt, India and Mexico are all gearing up...
Sequoia Financial Group is acquiring M Capital Advisors, a Nashville, Tennessee-based RIA that oversees $930 million in assets, the firm announced Friday. Terms of the transaction were not disclosed. M Capital, which was founded in 1993, provides portfolio management services to individuals and institutions. The firm, which also has an office...
It’s been quite the year for David Daglio. The former chief investment officer at BNY Mellon started his own tactical asset management firm and has now joined a $7 billion multifamily office which has acquired his firm. Daglio spent 22 years at Mellon where he united and integrated three distinct...
Raymond James has picked up a wirehouse breakaway team in Guam that includes two advisors who managed $287 million at their old firm. David Beaver and Aaron Sanchez have joined Raymond James & Associates, the firm’s employee advisor channel, from Merrill Lynch, along with client service associates Hope Chamberlain and...
Artificial intelligence is certain to change how financial advisors and wealth managers operate, with many applications streamlining and accelerating processes. Estate planning solutions firm Vanilla is aiming to leverage the power of AI to speed up everyday tasks such as turning estate documents into diagrams, creating projections for federal and...
Elon Musk’s fortune slumped by $16.1 billion Thursday after Tesla Inc.’s weak third-quarter earnings weighed on shares. Musk, who is the richest person on the planet with a fortune of $209.6 billion, owns 13% of Tesla and derives the majority of his wealth from the auto company. Tesla’s shares fell...
War in the Middle East could cause the oil price to surge to $140 a barrel and bring the world to the brink of a recession, according to Ana Boata, head of economic research at Allianz Trade. Speaking to Kriti Gupta on Bloomberg Television, the Paris-based analyst placed a 20%...
Citizens Financial Group Inc. rolled out a private bank as it seeks to capture wealthy clients of regional lenders that were felled by the turmoil earlier this year. Citizens Private Bank has already attracted about $500 million in deposits and investments since its soft launch in September and is targeting...
A team that oversaw $1.37 billion in client assets at Merrill Lynch has joined RBC Wealth Management, the firm announced Thursday. The Miami-based Ruccio Group is led by managing director Jeremy Ruccio. The team includes first vice president Tristan Lambert, vice president Bita Asgair, senior registered client associates Lizbeth Sain...
The marketplace for custodians looking to work with registered investment advisors in the wake of Charles Schwab Corp.’s acquisition of TD Ameritrade Holding Corp. is getting more crowded. Another entrant, a firm with decades of experience as a custodian of self-directed IRA assets, is shifting its focus to smaller...