Artificial intelligence financial research startup Brightwave announced a $15 million Series A funding round this week. Decibel Partners, which led it initial seed round of $6 million in Juneagain led round A. While details of the funding round were not disclosed, OMERS Ventures also participated in the current round (OMERS Ventures is the venture capital…

Asset management giant BlackRock has partnered with alternative investment platform iCapital and asset management platform GeoWealth to allow RIAs using BlackRock's custom model portfolios to invest in private assets alongside traditional investments in unified managed accounts . iCapital's technology will support a customized platform experience for these RIAs using GeoWealth's investment execution platform. iCapital's recently…

Private Advisor Group introduced Greenhouse this week, a new all-in-one technology platform for its independent advisors and their teams. “Greenhouse was created to further integrate our technology group with additional experiences and resources,” said Patrick Sullivan, who leads technology and serves as chief of staff at Private Advisor Group, a Morristown, NJ-based RIA and supervisory…

In an era marked by unprecedented consolidation in the financial services industry, mergers and acquisitions are reshaping the wealth management landscape. This wave of M&A activity presents unique challenges and opportunities for women in the sector, particularly as they navigate career transitions in a historically male-dominated industry. During RIA Edge West, Charles Schwab and WealthManagement.com…

Hightower has bought a stake in Financial Planning and Information Services, a registered investment adviser that manages more than $1.1 billion in assets under management out of De Pere, Wis. Terms of the deal were not disclosed. This represents Hightower's fifth investment this year and follows last week's news that he agreed to take a…

RBC Wealth Management has pulled a $400 million Connecticut-based team from Morgan Stanley, one of several adviser transitions in recent days. The Smalley Girardi Group is based in Westport, Conn., and includes Richard Smalley and Ali Girardi. Both are senior vice presidents and financial advisors, while Girardi also works as a portfolio manager. Related: SIFMA…

Neuberger Berman Capital Solutions and funds managed by Neuberger Berman Private Markets have acquired a minority stake in Mariner, a wealth management firm that advises over $245 billion in assets across its subsidiaries. Leonard Green & Partners, a Los Angeles-based private equity firm that made a minority investment in Mariner in 2021will retain its shares….

Asset managers have been aggressive in issuing AI-themed ETFs in 2024, Reuters reports. Morningstar implemented the previously announced rating methodology change, affecting 15% of rated funds. These are among the investment must-reads we found this week for wealth advisors. Source link

Asset managers Capital Group and KKR have submitted registration statements to the SEC for two public-private fixed income funds, Capital Group KKR Core Plus+ and Capital Group KKR Multi-sector+. Pending regulatory approval, the two funds are expected to launch in the US in the first half of 2025. Recordings are the first products of strategic…

An overwhelming number of advisory firms have not adopted policies and procedures related to the use of AI among third parties and service providers, according to results from a study conducted by compliance firm ACA Group and the National Association of Compliance Professionals. Overall, the survey found that 92% of respondents do not have policies…