(Bloomberg) — UBS Group AG named investment banking chief Rob Karofsky to run its U.S. business and jointly oversee wealth with Iqbal Khan, in a management shakeup that paves the way for a race to succeed the CEO Executive Sergio Ermotti. Connected: UBS has better business mix than Morgan Stanley, JPMorgan says Khan, who previously…

Raymond James has recruited a team of five advisors and four branch professionals in the financial institutions division. Horizon Group joins Pinnacle Asset Management, part of Pinnacle Financial Partners, a banking arm affiliated with Raymond James. The team joins from Truist, where it previously managed approximately $947 million in client assets, and will operate from…

(Bloomberg) — Apollo Global Management Inc . plans to expand its asset origination business to sell private credit to retail channels, including exchange-traded funds, Chief Executive Marc Rowan said. The firm already sells its credit instruments to its Athens business and other insurers, as well as institutional investors. Connected: Goldman Sachs plans to court RIAs…

(Bloomberg) — Goldman Sachs Group Inc . has raised $21 billion in private credit bets, the biggest scramble yet for Wall Street's buzziest asset class. The firm just closed the latest iteration of its direct lending fund, amassing firepower that includes new equity, borrowed funds and co-investments. This, along with separately managed accounts, will be…

Culture is an overused word in our industry. Larger firms seem to suffer more from cultures that their advisers often describe as “broken”—a product of constant growth that forced philosophical tenants to be redesigned in a more bureaucratic way. That is, what works best for the masses. However, as more advisors open independent firms, they…

In this episode of Focused on the Future, industry veteran Suzanne Siracuse talks with Rita Robbins, founder and president of Affiliated Advisors, about the evolving treatment of women in the financial industry, the importance of focusing on clients' grown children to capture the future. – generational wealth and the crucial role of networking in succession…

Minneapolis-based Wealth Enhancement Group, the registered investment advisor with more than $81.5 billion in client assets, acquired Financial Advisory Group, a Houston-based RIA with more than $1.22 billion in client assets. The Financial Advisory Group has seven advisors and 14 support staff. The deal marks WEG's fifth acquisition this year and its third office in…

Despite industry media buzz about 2023 M&A headwinds pouring into this year, countless RIAs and broker/dealers are actively pursuing deals. Rather than an outright change of ownership, however, many are taking a closer look at minority stakes. Minority stakes come with a host of special considerations, including determining a reasonable valuation, delivering income streams equally,…

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Galway Holdings, the principal owner of MAI Capital Managementa Cleveland, Ohio-based RIA with $22.5 billion in assets, has launched GalwayPlus Sports + Entertainment, a new brand that will provide wealth and risk management for individuals, teams, leagues and organizations in the sports and entertainment industry. Will Wilson, former CEO and general secretary of the US…