The Securities and Exchange Commission has charged New York-based investment adviser Perceptive Advisors with failing to disclose conflicts of interest regarding its employees' ownership of sponsors of special purpose acquisition companies in which the firm advised its clients to invest.
Without admitting or denying the findings, Perceptive agreed to a cease-and-desist order, a censure and a $1.5 million penalty to settle the charges.
According to the SEC’s order, Perceptive formed multiple SPACs in 2020 whose sponsors were owned both by Perceptive personnel and by a private fund that Perceptive advised. The Perceptive personnel were entitled to a portion of the compensation the SPAC sponsors received upon completion of the SPACs’ business combinations.
The SEC’s order said that Perceptive repeatedly invested assets of a private fund it advised in certain transactions that helped complete the SPACs’ business combinations and did not disclose these conflicts in a timely manner.
[More: Gensler targets SPAC disclosures]
AI-driven job fears are weighing on retirement confidence, especially among Gen Z and Millennials, Thrivent survey finds
It’s the second time in as many years regulators have penalized Centaurus Financial for lack of compliance with Reg BI.
AI Teammate is embedded within Wells Fargo’s Advisor Gateway desktop platform.
Elsewhere, Ameriprise added a $470 million Wells team in New York, while an ex-Morgan Stanley advisor bolsters UBS' Austin, Texas office.
Financial advisors play an essential role in helping small business owners navigate their transition out of the company — and into retirement.
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
