(Bloomberg) — It's an oft-told anecdote blowing up on social media: Those who invested early in cryptocurrencies have enjoyed life-changing wealth. How much extra cash gives them the confidence to spend more — a phenomenon economists call the wealth effect — is a hot topic whenever crypto prices rise. A group of researchers tried to…

As a defined contribution from small to medium size the sponsors of the plan wake up moving from unconsciously incompetent to consciously incompetent on the way to becoming consciously competent, finding service people and organizations they trust becomes critical. These plan sponsors are in difficult positions, most of them thrown into their jobs with little…

NFJ Investment Group's Burns McKinney on the equity sectors he likes best going forward. Source link

(Bloomberg) — Robinhood Markets Inc . has been officially warned by regulators that it could face enforcement action related to its dealings with cryptocurrencies. Connected: Robinhood Pays $7.5M to Settle Massachusetts 'Gamification' Fee The so-called Wells notice from the US Securities and Exchange Commission concerns Robinhood Crypto and its cryptocurrency listings, cryptocurrency custody and platform…

Alternative investment platform iCapital has launched its first model portfolio. Called the iCapital Multi-Asset Portfolio, it will allow financial advisers to invest in private capital, private loans AND real assets through five funds operated by alternative asset managers, including Blue Owl Capital and Nuveen. iCapital expects to launch more model portfolio options on its platform…

Global asset manager Franklin Templeton announced a collaboration this week with Microsoft to build an advanced financial artificial intelligence platform. The new platform will consist of composable business applications, which, in the simplest terms, are built in a modular way and are intended to interact with each other from the start. Connected: Private equity firm…

A former Suntrust and M&T registered representative was sentenced to 3 1/2 years in prison for stealing more than $1 million from a 17-year-old customer. Eddy Ray Blizzard originally pleaded guilty in Maryland federal court to bank fraud in late December and faces a harsher maximum sentence of 30 years. FBI Special Agent in Charge…

(Bloomberg) — Sixth Street, the investment firm that owns a 20% stake in the San Antonio Spurs, is planning to raise its first fund dedicated to the sports ecosystem, according to people with knowledge of the matter. The San Francisco-based firm has held preliminary talks with potential investors about the vehicle, which will seek to…

Moody's Ratings has downgraded the debt of CI Financial, the Toronto-based asset and wealth manager that spun off its US wealth management business into a sister company, Corient. earlier this year. In an April 22 report, the rating agency downgraded the firm's long-term issuer and unsecured debt ratings from Baa2 to Baa3. The new rating…

Opponents of The Department of Labor's newly finalized fiduciary rule fired the first shot to kill him in the courts this week, with a lawsuit filed in Texas. The plaintiffs include the Federation of Americans for Consumer Choice, an Austin, Texas-based lobbying organization for independent insurance professionals; the group previously filed a lawsuit in Texas…