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6 days ago | 
citywire.com | Sam Bojarski |Tania Mitra |Alec Rich |Ian Wenik
As the markets dance around a potential recession and rapidly shifting developments from Washington, Brad Honer, director of investment services and product at American Bank, is playing defense.
Honer (pictured) is a one-man-army overseeing $600m in assets. While he does have an approved securities list, investments from advisors are largely made via the 10 high-level models he curates.
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6 days ago | 
citywire.com | Tania Mitra
The first potential fund from the partnership between Wellington, Vanguard and Blackstone has hit the SEC’s docket.
The trio has applied for a public-private interval fund, the WVB All Markets fund. It will be a multi-asset fund advised by Wellington, representing its second interval/tender offer product.
The fund will invest in a wide range of public and private market investments. Its allocations will be as follows: Already have an account?
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1 week ago | 
citywire.com | Tania Mitra
Franklin Templeton’s embattled bond shop Western Asset Management suffered a further $10bn of outflows in April.
The latest monthly redemptions bring WAM’s total outflows to about $147bn since August 2024, when news first broke of investigations into alleged cherry-picking by the firm’s former co-CIO Ken Leech.
WAM’s AUM is now $241bn, down from $248bn at the end of March, and $381bn in June 2024. Already have an account?
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1 week ago | 
citywire.com | Tania Mitra
The Securities and Exchange Commission (SEC) has closed its inquiry into Morgan Stanley’s cash sweep programs with no enforcement action taken, the firm revealed in a quarterly regulatory filing Monday.
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1 week ago | 
citywire.com | Tania Mitra
One of the biggest stories in asset management right now is centered around bringing alternative investments to the wealth channel. And asset managers, both traditional and alternative, have been busy figuring out best how to do this, increasingly joining forces to launch funds or portfolios that combine public and private strategies.
‘Who you partner with matters,’ said Joan Solotar, global head of private wealth at Blackstone.
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1 week ago | 
citywire.com | William Johnson |Tania Mitra
Hamilton Lane has launched a new tender offer fund, the Hamilton Lane Venture Capital and Growth fund (HLVCG).
This is the firm’s fourth tender fund offering in the US. Investors in the fund must be accredited and be classified as qualified purchasers.
HLVCG will focus on technology and will invest in ‘disruptive technologies’ and ‘innovative companies,’ according to a press release announcing the launch. Already have an account?
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1 week ago | 
citywire.com | Tania Mitra
Gatekeepers at Morningstar are set to start rating semi-liquid funds in the third quarter of the year.
The ratings agency has devised a new medalist rating framework for evergreen products to bring ‘greater transparency and due diligence to private markets.’ The first ratings will come in Q3, beginning with US-based interval fund strategies from asset managers Morningstar already covers. Ratings for products from firms not yet under coverage will begin in Q4.
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1 week ago | 
citywire.com | Tania Mitra
Goldman Sachs Asset Management (GSAM) has launched custom public-private model portfolios for RIAs.
Unlike traditional model portfolios, which offer a broadly universal asset allocation and set of underlying funds for every investor within a given risk profile, ‘custom models’ are still run by asset managers, and largely populated with their own funds and ETFs, but can be adjusted to meet specific needs of advisors and their clients.
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1 week ago | 
citywire.com | Ian Wenik |Tania Mitra |Sam Bojarski
Blackstone Private Wealth has hired Lazard veteran Jennifer Abate in a newly created role as senior managing director and head of the asset manager’s RIA channel.
Abate will lead the firm’s RIA expansion strategy, overseeing home office coverage and sales across the wealth division’s US offices. She is based in New York and will report to Joe Lohrer, head of Americas sales for Blackstone Private Wealth.
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1 week ago | 
citywire.com | Tania Mitra |Sam Bojarski |Selin Bucak |Jim Dickson
Financial services giant Raymond James is offering advisors growth financing, in exchange for a minority stake in their practices, the company said Monday.
Wealth practices which receive financing retain full control of their businesses and have the option to buy back RayJay’s stake on clearly defined terms, the company also said. RayJay is offering the financing under its Practice Capital Solutions umbrella.
