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iCapital Agrees to Buy Citi Wealth’s Feeder Fund Platform

1 day ago | wealthmanagement.com | David Bodamer

In addition, Citi will use iCapital’s platform going forward to manage its alternative investments. Alternative investments fintech iCapital has agreed to acquire Citi Global Alternatives, an indirect subsidiary of Citi. Citi Global Alternatives manages over 180 alternatives funds around the world. It uses a feeder fund model to provide access to private equity, growth equity, private credit, infrastructure, venture capital, real estate and hedge funds.
bQuest Launches Turnkey Aging-Care Support Platform for Advisors

1 day ago | wealthmanagement.com | Davis Janowski

Our often-grumpy technology columnist perked up at the rollout of bQuest, a turnkey aging-support platform for advisors and end clients. Davis Janowski, Senior Technology Editor, WealthManagement.comI sure could have used some of the services bQuest announced this week—if only it existed a year ago. That is when my sister and I had our lives upended caring for our 83-year-old mother.
CFP Launches AI-Driven Exam Prep Tool

2 days ago | wealthmanagement.com | Alex Ortolani

The CFP Board announced on Monday the availability of an artificial intelligence-backed exam preparation tool for people pursuing the certified financial planner designation. Those who sign up for the CFP exam can purchase access to the CFP Exam Prep platform, which adjusts responses to test-takers' questions to personalize their study path. Candidates can use the text prep tool through an app or their browser.
Basic Capital Pitches Bringing Leverage to 401(k)s

2 days ago | wealthmanagement.com | Suzanne Woolley

(Bloomberg) -- When Abdul Al-Asaad was a student at Harvard Business School in 2021, he pitched billionaire investor Bill Ackman on an idea for allowing everyday people to finance investments. Ackman was intrigued — and wound up being Al-Asaad’s first investor. These days Al-Asaad, 30, has more venture backers. He has a name for his business: Basic Capital.
Hub Lands $1.6B Minority Stake from T. Rowe-Led Investors

2 days ago | wealthmanagement.com | Alex Ortolani

The minority investment in Hub values the firm at $29 billion and includes funds managed by T. Rowe Price, private equity firm Alpha Wave and Singapore’s Temasek. Hub International, an insurance brokerage and financial services firm based in Chicago, has secured an agreement for a minority stake of $1.6 billion from funds advised by T. Rowe Price Investment Management, Alpha Wave Global and Singaporean state-owned investment firm Temasek, among others.
New Hires at Cetera, Citi Wealth, Parcion, Nordwand

5 days ago | wealthmanagement.com | Alex Ortolani |David Bodamer

Several wealth managers announced hires for key positions, including multi-family offices Parcion and Nordwand. Cetera Names Former Equitable Exec to Lead Indie Business DivisionCetera Financial Group has named John Lefferts as the head of its supported independence division, which encompasses more than 40 offices. Lefferts will take over as head of Cetera Investors after about six years at Equitable Advisors, most recently as managing director and national head of business development.
Ten Beach Reads Featuring Advisors

5 days ago | wealthmanagement.com | John Kador

With summer beach reading season approaching, you can’t beat these 10 novels centering on wealth managers. Wealth advisors, investment bankers, private equity partners, bond traders and hedge fund directors figure into some of the most intense narratives on recent best seller fiction lists. It turns out that finance lends itself to telling the most compelling stories about money, greed, power and trust.
Sanctuary Lands $2B Team from UBS

5 days ago | wealthmanagement.com | Alex Ortolani

A team of UBS-affiliated advisors managing about $2 billion in client assets has moved to Sanctuary Wealth’s partner firm network. The hybrid RIA team, called 1280 Financial Partners, will become part of Sanctuary’s capital partnership program, with Sanctuary taking a minority stake in the RIA with offices in Florida, Ohio and South Carolina. The team made the move after “several years” of due diligence, according to an announcement the firms made Friday.
Mercer Accuses Former Advisors Of Using 'Trade Secrets' to Solicit Clients

5 days ago | wealthmanagement.com | Pat Donachie

Mercer Global Advisors is suing two former employees, accusing them of illegally enticing Mercer clients after the duo left to form their own RIA. In a lawsuit filed this week in Georgia federal court, Mercer accused Ryan Malec and David Weitz of an “unlawful scheme to misappropriate Mercer’s trade secrets and improperly solicit clients” after leaving the firm in 2023 to found the Atlanta-based Unified Investment Management.
Jump, HighPeak & Carefull

5 days ago | wealthmanagement.com | Davis Janowski

Recent AI developments in wealth management include Cetera's collaboration with Jump, HighPeak's healthcare planning platform and Integrated Partners’ partnership with Carefull. Davis Janowski, Senior Technology Editor, WealthManagement.comThere have been more exciting artificial intelligence rollouts and announcements for advisors this week. Among the ones I found consequential was Cetera’s firm-wide collaboration with AI-powered meeting assistant provider Jump.