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Empower’s $3.55 billion deal with Prudential makes the 401(k) world a lot smaller
Empower is already the second-biggest U.S. plan provider by number of participants, behind Fidelity. The deal will add $314 billion in assets among 4,300 plans, boosting Empower's size to $1.4 trillion among 71,000 plans.
Allianz Life enters DC business with guaranteed income product
Former Voya, Nuveen exec Mike De Feo will head the company’s new business line.
Galvin takes swipe at Charles Schwab over unregistered adviser
The Massachusetts Securities Division discovered the alleged illegal activities while investigating a complaint of exploitation of senior citizens.
New ETF leverages crypto miners and ESG
The actively managed ETF offers the narrowest of investment themes: a leveraged play on Bitcoin with the added twist of being easy on the planet.
Inside Vestwell’s $70M funding and retirement deal with Morgan Stanley
The latest cash influx adds to more than $42 million in prior funding rounds and seed capital. Vestwell will also be a retirement plan record keeper available through Morgan Stanley’s workplace business.
Who’s worried about retirement? Young people
The pandemic has created concerns about retirement security among millennials and Gen Xers.
Three reps managing $200 million join Virginia Asset Group
Two of the advisers came from VCB Financial Group and one joined from Merrill Lynch.
Emigrant Partners takes stake in Verdence Capital
The $3 billion Baltimore-area firm says it will use the funds to invest in its platform, expand its team and develop a national footprint through M&A.
Pru selling retirement biz to Empower in $3.55 billion deal
The acquisition will leave Empower with a $1.4 trillion defined-contribution business with about 71,000 plans.
BlackRock voted against 255 directors because of climate issues
According to its stewardship report, the asset manager supported 35% of 843 shareholder proposals that it voted on in the recent proxy season, compared with 17% in the previous year.
Schwab Charitable donors give record $3.7 billion in grants
Dollar giving was up 13% in fiscal 2021, while the number of grants rose 24%.
Janney nabs three wirehouse teams managing almost $1.4B
Four reps from Merrill Lynch join Janney, along with six advisers in two groups from Wells Fargo.
UBS wealth management boosts assets as adviser head count slips
UBS in the Americas appears to be focusing on recruiting giant teams of private banking advisers as it continues to see experienced advisers walk to competitors.
Mariner Wealth to acquire AdvicePeriod
The capital to purchase the $4.4B Los Angeles-based RIA came from private equity firm Leonard Green & Partners.
Morgan Stanley trio managing $700 million goes indie
Los Angeles-based PBC Private Wealth will use LPL’s strategic wealth services, a unit that supports breakaways.
Integrated Pension Services acquires Benefits 21
The acquired business was the pension administration arm of Friedman, a New York-based CPA firm.
Increase coming in ‘introducing custodians’ for RIAs
The upstarts will focus on a particular niche of the marketplace they feel is underserved, such as advisers with foreign clients or advisers focused on a particular investment approach.
UBS assets and fee income surge in Q2
The wealth management business saw $25 billion of inflows of net new fee-generating assets across all regions and also made $7 billion in net new loans to rich clients in the quarter.
Stocks sink as virus worries fuel flight to safety
In a reversal of the reopening trade that has powered this year's equity rally, cyclical companies bore the brunt of Monday's sell-off.
How advisers can add value to their firms
Some firms mistakenly trim expenses too aggressively to lower their costs and maximize their earnings to attract buyers. It may seem counterintuitive, but the opposite approach can make a firm more desirable.
