Eva Thomas

New York

News Reporter at Citywire

https://t.co/jM8tZ9J4av Local news journalist

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Articles

Schwab shares rise amid market unease

1 week ago | citywire.com | Alec Rich |William Johnson |Eva Thomas |Sam Bojarski

Despite ongoing jitters in the US equities market, Charles Schwab saw continued growth and set record net revenues in the first quarter of 2025. In the brokerage giant’s Q1 earnings report, which was released on Thursday, Schwab reported income of $1.9bn, or $.99 earnings per share, as the company gained nearly $138bn in core net new assets.
RIA minority investor Constellation stakes $8bn Procyon Partners

1 week ago | citywire.com | Alec Rich |Sam Bojarski |William Johnson |Eva Thomas

A Connecticut RIA has accepted minority investment from Karl Heckenberg’s Constellation Wealth Capital. Procyon Partners, an $8bn RIA, said Thursday that the deal with serial RIA investor Constellation will allow the firm to scale its operations and facilitate hiring. Sources told Citywire in December that Procyon was in the market for a minority investor. Citywire also reported last month that Constellation Wealth Capital and Rise Growth Partners were in talks to invest in the RIA.
Hamilton Lane evergreen chief sees the future in models

1 week ago | citywire.com | William Johnson |Tania Mitra |Ashley McConnell |Eva Thomas

Hamilton Lane’s co-head of evergreen portfolio management, Steve Brennan, thinks that model portfolios will become a crucial part of alternatives adoption in the wealth channel. Advisors have increasingly been utilizing model portfolios to outsource investment management decisions, and as asset managers continue to expand their alts capabilities for wealth investors, getting their products into the models will propel growth.
Charles Schwab stakes estate planning platform Wealth.com

1 week ago | citywire.com | Sam Bojarski |Andrew Foerch |Ian Wenik |Eva Thomas

Discount brokerage giant Charles Schwab has made a minority investment in estate planning platform Wealth.com, the companies said Wednesday. Specific financial terms of the transaction, including the size of Schwab’s stake and the valuation assigned to Wealth.com through the deal, were not disclosed.
Clients caught in crossfire of advisor's legal battle with Hightower

1 week ago | citywire.com | Andrew Foerch |Sam Bojarski |Ian Wenik |Eva Thomas

A Seattle advisor and his legal representative have raised concerns about clients getting pulled into their ongoing legal dispute with RIA acquirer Hightower. The advisor, Lars Knudsen, has been locked in a legal battle with Hightower since the firm terminated him in early 2024 over accusations of behavioral issues and self-dealing on fees that allegedly belonged to Hightower.
Pure Financial Advisors buys $900m Chicagoland RIA

1 week ago | citywire.com | Ian Wenik |Eva Thomas |Joe Duran

Pure Financial Advisors has pulled off its second RIA acquisition in a month’s span, snapping up $900m Fairhaven Wealth Management in the Chicago suburb of Wheaton, Ill. The deal closed on April 11, Pure managing partner and CFO Jason Carver told Citywire. Carver declined to comment on specific financial terms of the deal but said it was financed with a mixture of cash and equity. Fairhaven’s founder and controlling owner, Marc Horner, plans to remain with Pure, Carver indicated.
Opinion: A recruiter’s RIA due diligence checklist

1 week ago | citywire.com | Eva Thomas |Andrew Foerch |Ian Wenik |Joe Duran

Simon Hoyle is the founder of RIA Choice, a Houston-based recruiting firm for RIAs and independent broker-dealers. If you’re an advisor considering a new RIA relationship, you’re in good company. Independent RIAs (IRIAs) with a recruiting mindset — also called tuck-in or turnkey RIAs — are rapidly drawing talent from broker-dealers as advisors are increasingly unwilling to give up revenue and autonomy in exchange for outdated infrastructure and excess administrative work.
‘I want to stabilize things’: Matthews Asia's new CEO aims to rebuild the firm

1 week ago | citywire.com | Eva Thomas |Tania Mitra |Ashley McConnell

Matthews Asia’s new interim CEO, Mark Headley, is focused on re-building the firm after a troubling few years marred by high turnover and declining AUM. Last week, the firm brought back Headley, Matthews’ co-founder, to lead the firm as executive chairman and interim CEO, replacing Cooper Abbott, who became CEO in 2022. Headley previously held both CEO/co-CEO (2002-2009) and CIO (2007-2009) roles at the company.
LPL seeks TRO against Ameriprise for ‘defamatory’ data breach notice

1 week ago | citywire.com | Eva Thomas |Andrew Foerch |Ian Wenik

LPL Financial’s feud with rival broker-dealer Ameriprise Financial Services intensified this week, with the former firm accusing the latter of making defamatory statements to LPL’s clients. At issue is a ‘notice of a data breach’ sent by Ameriprise earlier this month to what LPL says is thousands of LPL accountholders who moved to LPL from Ameriprise over the last few years, according to a new lawsuit filed by LPL in the US District Court for the Southern District of California.
Opinion: A Londoner's tin hat evaluation of tariff-induced volatility

1 week ago | citywire.com | Eva Thomas |David Stevenson |Ashley McConnell

Earlier this week, I caught up with my broker, who seemed remarkably chipper. He pointed out that it was at moments like this ‘when your real worth as an adviser comes into its own.’ That said, looking in from the outside, it seems to me also a thankless task as brokers and advisers try to explain what seems a tad unexplainable at times.