(Bloomberg) — Royal Bank of Canada is shuffling its leadership ranks and splitting its biggest division in two in one of the biggest shakeups of Dave McKay's decade-long tenure as chief executive. Canada's largest bank is moving Neil McLaughlin, the longtime head of its personal and commercial banking division, to a new role as head…

(Bloomberg) — Wealthy Democratic donors are engaged in the same battle their Republican counterparts fought and lost months ago — and are finding that when it comes to electing a president, their power has limits. Some of the most powerful figures on Wall Street poured hundreds of millions of dollars into finding an alternative to…

(Bloomberg) — Leon Black barely touched his stake in Apollo Global Management Inc. over the decades he turned the firm into an acquisitions giant and became one of Wall Street's richest billionaires. That has changed since his departure from the New York-based firm. The Apollo co-founder has sold or given away 9.1 million shares of…

A New Jersey-based advisory team with about $640 million in client assets is moving to RBC Wealth Management from Merrill Lynch. The Callot Wealth Management Group is led by David Callot, an advisor and managing director with over three decades of industry experience. Callot and his team are based in Paramus, NJ Connected: RBC shakes…

Interval funds reached a total net asset value of $86.4 billion during the first six months of 2024, up 10.9% from the end of the first quarter, according to new data from Robert A. Stanger & Co. This data roughly matches that of Morningstar recent overview of the sector, which counted 100 funds with $80.7…

Cetera Financial Group has recruited a nine-person team in Overland Park, Kan., with more than $325 million in assets under management at Summit Financial Networks, a super office of Cetera Advisor Networks' supervisory jurisdiction. The Rally Wealth and Benefits team, led by father and daughter Bruce Glenn and Kristina Strickland, joins from Commonwealth Financial Network…

Like motherhood, giving birth to an RIA is not for the faint of heart. From conception to birth, you experience the highs and lows of holding and nurturing the life and vision growing within you. You give everything to this creation and for a happy moment, you think the hardest part is over. Then reality…

(Bloomberg) — Acquired wealtha startup that advises doctors on their professional and personal finances has raised $200 million in new funding with plans to pursue acquisitions. The financing was led by Summit Partners and Silversmith Capital Partners along with existing investors Juxtapose, Hudson Structured Capital Management and Breyer Capital, according to a statement reviewed by…

(Bloomberg Opinion) – Piper Sandler & Co. is eliminating its price target for the S&P 500 Index. Its Wall Street counterparts should follow suit. Financial services The firm's chief investment strategist, Michael Kantrowitz, said that because the market's performance was being driven by a handful of overweight stocks, index targets were no longer useful, as…

(Bloomberg). But four years after them debutactively managed strategies that only periodically disclose their holdings are experiencing a slow decline—and missing out on the massive swing their transparent counterparts are enjoying. Connected: Active ETFs Boom as State Street Eyes Record Inflows of $260 Billion Non-transparent active ETFs (ANTs) – or semi-transparent funds, as they are…