A Baltimore-based advisory team with more than $1 billion in assets under management is joining RBC Wealth Management from Morgan Stanley, the second team to do so this week. The Quarry Lake Group, which includes managing directors, financial advisors and senior portfolio managers Avigail Rosemore and Avi Greenlinger, will join RBC's Quarry Lake branch. Related:…

Evoke Advisors is acquiring Crescent Bay Advisors, a California-based multifamily office, enhancing its ability to provide family office services to clients. Evoke is a $25.3 billion RIA that works with very high net worth individuals and families. It was founded in 2019 by some breakaways from the First Republic. The combined firm will be based…

(Bloomberg) — BlackRock Inc . is in advanced talks to buy HPS Investment Partners, emerging as the only suitor in active talks with the firm as the world's largest asset manager seeks to compete in the fast-growing private lending industry. Both sides are looking to reach an agreement by the end of this year, according…

(Bloomberg) — UBS Group AG Chairman Colm Kelleher said his bank is eventually looking to buy another U.S. wealth management firm to expand its presence there once the Credit Suisse integration is complete. UBS needs to make the firm it bought in 2000, Paine Webber, work better, Kelleher said at an event in Oxford on…

The Internal Revenue Service issued final regulations on October 21, 2024 regarding the withholding of certain distributions to recipients outside the United States from retirement plans that do not qualify for rollback. The final rules clarify who is considered a recipient outside the United States. They take effect on January 1, 2026. However, taxpayers can…

Alternative investment platform iCapital signed a definitive agreement to acquire AI fintech platform AltExchange for an undisclosed amount. AltExchange uses AI and machine learning to aggregate data and manage and complete reporting on alternative investments for financial advisors and asset managers. As part of the acquisition, AltExchange CEO Kareem Hamady will join iCapital. AltExchange's technology…

IN Estate of Becker v. CommissionerThe Tax Court held that the step transaction doctrine did not apply to the ownership of an irrevocable trust of life insurance policies on the grantor's life and the insurance policy proceeds were not included in the taxpayer's estate under Maryland state law and Internal Revenue Code Sections 2031 and…

Here's something you might want to recommend to your clients to avoid fraud and identify theft when they file their tax returns: Ahead of the approaching 2025 tax season, the Internal Revenue Service is encouraging taxpayers to protect their identities by signing up for a Personal Identification Number (IP PIN). An IP PIN is a…

In this episode, industry veteran Suzanne Siracuse sits down with Bryce Skaff, co-head of the Global Client Group at Dimensional Fund Advisors, to explore the key ingredients to building a sustainable and impactful advisory business. Bryce shares his inspiring journey from an aspiring marine biologist to a leader in financial advisory, providing valuable insight into…

Citigold has introduced a new loan and bonus program to attract more top financial adviser talent to the firm. The firm believes there is a huge opportunity for advisers at its 641 bank branches to get referrals from relationship managers who serve only affluent bank clients who need investments. “Many clients know us for our…