Private Wealth

Private Wealth: Serving the Exceptionally Affluent is designed for professionals dedicated to addressing the financial, legal, and lifestyle needs of ultra-high-net-worth individuals. This group of wealthy clients holds significant purchasing power globally, making them highly sought after by financial experts, legal advisors, luxury brands, and other high-end service providers.

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Trump's Tariffs Will Lower California's Revenue By $16 Billion

1 day ago | fa-mag.com | Maxwell Adler |Eliyahu Kamisher

President Donald Trump’s tariff policies are projected to cut California’s tax revenue by $16 billion in the next fiscal year, Governor Gavin Newsom’s finance department said in a memo. The 4% drop in revenue from a previous estimate is largely due to a stock market downturn last month after the president announced his sweeping tariff campaign on April 2, according to the document provided by the governor’s office Tuesday.
Blackstone Seeks $5.6 Billion To Back Other Private Equity Firms

2 days ago | fa-mag.com | Preeti Singh

Blackstone Inc. is in talks with investors to raise at least $5.6 billion for its latest fund that takes minority stakes in other private equity firms, according to people familiar with the matter. The alternative asset manager began pitching its latest GP Stakes fund and aims to match its predecessor, which closed with $5.6 billion of investor capital in 2021, the people said, requesting not to be identified because the information is confidential.
Goldman Lifts S&P 500 Targets With Caution On Market Optimism

2 days ago | fa-mag.com | John Cheng

The outlook for US equities is improving as trade tensions with China ease, though pricing is already looking optimistic given lingering uncertainties, according to Goldman Sachs Group Inc. strategists. A team led by David Kostin lifted their three-month target for US equities to 5,900 — or a gain of less than 1% from current levels, implying that the recent advance is set to stall.
GOP Tax Bill Prioritizes Trump Campaign Vows, Increases SALT

2 days ago | fa-mag.com | Erik Wasson

President Donald Trump’s campaign tax pledges — no taxes on tips and overtime pay, plus new tax breaks for car buyers and seniors — are the centerpiece of a multitrillion dollar package that will serve as Republicans’ signature legislative effort. In a draft version of the tax bill released on Monday, House Republicans highlighted the president’s populist priorities in a package that would enact those cuts through 2028.
1280 Financial Partners, With $2B AUM, Leaves UBS For Sanctuary

6 days ago | fa-mag.com | Jennifer Reed

1280 Financial Partners, which manages roughly $2 billion in assets for high-net-worth clients and institutions, has traded its UBS employee status to go independent with Sanctuary Wealth as a minority investor, according to a Sanctuary press release. With offices in Fort Myers and Miami, Fla., Sandusky, Ohio, and Augusta, S.C., 1280 Financial was founded in 2021 when a veteran team of UBS advisors previously from Morgan Stanley and Merrill Lynch joined forces.
The Ultimate Tariff Buying Guide

6 days ago | fa-mag.com | Claire Ballentine |Will Kubzansky

From air-conditioned suburban malls to conspicuous consumption and the promise of free shipping, shopping is practically an American pastime — especially when there’s a deal to be had. So with President Donald Trump’s April 2 announcement and the prospect of imminent higher prices across the board, it’s no surprise that people were busting out their credit cards and panic-buying; in March, retail sales increased 1.4%, the most in two years.
UBS In Talks To Sell Its Hedge Fund Unit O'Connor To Cantor

6 days ago | fa-mag.com | Todd Gillespie |Irene Perez |Irene García Pérez

UBS Group AG is in talks to sell its hedge fund unit O’Connor to Cantor Fitzgerald LP, a move that would end a more than three-decade run of ownership by the Swiss bank, according to people familiar with the matter. The deal could involve a possible revenue sharing agreement, one of the people said. In that case, Cantor would acquire the unit from UBS’s asset management division, and the Swiss bank would receive some of the proceeds, the person said.
Republicans Discussing Raising SALT Cap To $30,000, Johnson Says

6 days ago | fa-mag.com | Billy House |Erik Wasson |Emily Birnbaum

House Speaker Mike Johnson said Republicans are discussing raising the state and local tax deduction cap to $30,000 — among other options — as the party seeks to resolve disagreements on the details of President Donald Trump’s tax package. “I’ve heard that number, and I’ve heard others as well,” Johnson told reporters on Thursday. “It’s still an ongoing discussion amongst the members, and I think we’ll find the right point,” he added.
The Best Part of the U.S.-U.K. Trade Deal Isn't Tariffs

6 days ago | fa-mag.com | Allison Schrager

President Donald Trump claimed his first victory in his trade war on Thursday: a deal with the U.K. under which it will reduce many non-tariff barriers in exchange for a 10% U.S. tariff on British goods and possibly lower tariffs on steel and aluminum. While a 10% tariff isn’t much of a win—it’s about three times the average for developed countries—a reduction of non-tariff barriers is something worth bragging about.
BofA's Hartnett Expects Stock Rally To Fade Amid Trade Deals

6 days ago | fa-mag.com | Sagarika Jaisinghani

The stunning US stock rebound is likely over, even as the US takes steps toward trade negotiations, according to Bank of America Corp.’s Michael Hartnett. The strategist said stocks had “correctly” rallied on optimism around lower tariffs in the second quarter. However, he doesn’t see further gains as investors “buy the expectation, sell the fact,” Hartnett wrote in a note.