BlackCrown Inc., a small New York-based RIA that advises on mergers and acquisitions, has filed an antitrust lawsuit in Manhattan federal court that challenges the planned $26 billion acquisition of TD Ameritrade Holding Corp. by Charles Schwab & Co.
The lawsuit charges that the proposed deal would decimate smaller registered investment advisers that rely on Schwab and TD Ameritrade to serve as their custodians, according to a story by Bloomberg.
BlackCrown Inc. alleges that the acquisition would: “disenfranchise a great segment of the industry by effectively establishing a caste system,” worsen concentration, and have a significant impact on innovation.
The collaboration will give RIAs yet another access point into the alternatives space through a new unified managed account capability.
A drop in interest rates and easier access to capital has reignited appetite among private equity-backed consolidators, who accounted for 53% of RIA deals so far this year- their highest share since 2021 according to DeVoe & Company.
“Unless he has to leave for fraud”.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
