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...
It was difficult to reach investor advocates Tuesday morning to get their reaction to the Department of Labor’s latest attempt to protect retirement savers from conflicted financial advice. None of them were available until after a White House event at which President Biden formally introduced what the DOL is calling...
iCap Enterprises Inc., a real estate investor and manager that raised $245 million from investors by selling through independent broker-dealers, declared bankruptcy near the end of September, and now clients who bought the high-risk securities are suing those firms. Based in Bellevue, Washington, iCap was founded in 2007 by...
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...
The Federal Reserve held interest rates at a 22-year high for a second straight meeting, while suggesting that the recent rise in Treasury yields may weigh on the economy and inflation. “Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation,”...
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...
In a groundbreaking decision that has sent shockwaves through the real estate industry, the United States’ premier real estate brokerage firms have been held responsible for a staggering $1.8 billion in damages. This verdict comes after allegations of a seven-year conspiracy to compel homeowners to pay substantial commissions to...
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...