NYDIG, a subsidiary of alternative asset manager Stone Ridge that specializes in Bitcoin-related technology for the financial services business, has raised $100 million of additional capital from strategic partners including Starr Insurance and Liberty Mutual Insurance.
These property and casualty insurers join NYDIG's existing life insurance and annuity-focused investors New York Life and MassMutual, NYDIG said in a release.
NYDIG said Mike Sapnar, CEO of reinsurer TransRe, will join the company as global head of insurance solutions to focus on accelerating Bitcoin-driven innovation in the property and casualty industry.
The company also said that Matt Carey, NYDIG’s head of insurance solutions, will focus on Bitcoin-powered solutions for U.S.-based life insurance and annuity providers. Prior to joining NYDIG, Carey was co-founder and CEO of Blueprint Income, the largest online annuity marketplace in the U.S., which MassMutual recently acquired from Stone Ridge.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
