The Middle East is home to some of the world’s largest sovereign wealth funds. Overseeing close to $3 trillion of assets, these investing giants have become key players in global dealmaking. Flush with cash from last year’s commodity boom, entities from Abu Dhabi Investment Authority to Saudi Arabia’s Public Investment...
A former DRW Holdings LLC trader and research analyst was accused in a lawsuit of stealing proprietary computer code used in the firm’s quantitative strategies. Avi Mahajan was sued in federal court in New York on Tuesday by an entity controlled by DRW’s lead quantitative researcher, David Sweet. According to the suit,...
Sean “Diddy” Combs surprised the music industry and its observers recently when he decided to transfer rights from his Bad Boy Records catalog to some of the artists and songwriters who long ago helped make him a billionaire. Although there has been no shortage of news coverage, there aren’t many...
Labor Day weekend this year marked more than the unofficial end of the summer. It also marked the end of TD Ameritrade’s custodial platform for independent financial advisors. Over the weekend, 3.6 million accounts and $1.3 trillion in assets held across 7,000 registered investment advisors finally moved from TD to...
Brokerages are doing a better job of complying with Regulation Best Interest but they have more work to do before they get it right, state securities regulators said Tuesday. Under Reg BI, the broker standard of conduct implemented in 2020 by the Securities and Exchange Commission, brokers are prohibited from...
David Kowach, former head of Wells Fargo Advisors, and his new firm, &Partners, took another step closer to coming to market last week when Kowach and his partners acquired a broker-dealer and registered investment advisor with $663.8 million in assets, according to filings with regulators. The firm, Wiley Bros.-Aintree...
Fidelis Capital, a registered investment advisor, announced Tuesday that a team that oversaw $4.5 billion in assets at Bank of America Private Bank has joined the firm. The team from BofA, which will operate from an office in Washington, D.C., includes wealth strategist Christopher Tate, portfolio manager Michael Sellers, fiduciary...
Wells Fargo & Co.’s former head of retail banking should spend a year in prison for impeding a probe of the bank’s practice of opening millions of accounts for customers without their authorization, prosecutors said. Carrie L. Tolstedt, the only executive at the bank to be accused of criminal wrongdoing...
Investing in collectibles can require significant funds but owning part of something that others can only dream of offers some of the prestige for far fewer dollars. A new platform from duPont Registry gives investors the opportunity to own a piece of a rare, luxury, investment-grade automobiles through fractional equity...
Focus Financial Partners is looking ahead to a new era of growth following its acquisition by funds affiliated with Clayton Dubilier & Rice and Stone Point Capital. The deal which takes Focus off the public market — it was previously listed on the Nasdaq — and into private hands was...