Old Ironsides Energy, a Boston, Mass.-based registered investment adviser, has agreed to pay a $1 million penalty to settle charges relating to its marketing of a private fund between March 2014 and April 2015.
The Old Ironsides Energy Fund received more than $1.3 billion in commitments, the SEC said in an administrative proceeding announcement, after the firm distributed misleading marketing materials relating to the fund’s historical performance for managing direct drilling investments.
The SEC found that the marketing materials indicated that Old Ironsides directly managed the investment, when it was actually an investment in a private fund advised by a third party. By including the private fund's performance, Old Ironsides misleadingly improved its "track record" for these types of investments, the SEC said.
Meanwhile, Cetera has welcomed a family-run practice from Commonwealth, and a Merrill advisor joins an existing UBS team in Connecticut.
The Olympia, Washington firm's retirement planning expertise reinforces the consolidator's growth momentum to exceed $160 billion in client assets.
Beyond content generation and execution, firms that can offer answers around governance, transparency, and supervision are set to pull ahead in the next leg of the AI race.
The experienced advisory teams join Ameriprise and Janney as the race for experienced talent continues.
Rising drug and outpatient costs are pushing plan members to demand more financial guidance and most insurers are falling short.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
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