Wealth Management
Top stories summarized by our editors
8/15/2019

Most people want to work with professionals who are introduced to them by people they know, and that includes financial advisors, consultant Sandy Schussel writes. To capitalize on that advisors must develop relationships with their clients that make them referable and have enough regular contact with them to be on their minds when the opportunity for a referral comes up, Schussel adds.

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Sandy Schussel
8/15/2019

The Eurekahedge Hedge Fund Index edged up 0.69% last month to post a year-to-date return of 6.56%. Driving the increase were resurgent global equity markets and the expectation that the US Federal Reserve will cut interest rates.

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Hedgeweek (London)
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US Federal Reserve
8/15/2019

The Moscow Exchange plans to further expand its over-the-counter derivatives market with easier access and additional products, including interest-rate swaps and FX swaps.

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Moscow Exchange
8/15/2019

The Securities and Exchange Commission is looking into giving investors more access to private markets, and defined contribution plans could see a shift as a result. The Institute for Portfolio Alternatives "is also actively encouraging the Department of Labor to issue guidance under [federal retirement law] that would help facilitate the inclusion of alternative asset classes within DC plans," IPA President and CEO Anthony Chereso wrote.

8/15/2019

A 10-member group established by the Institute for Portfolio Alternatives is working with the Securities and Exchange Commission on updating private fund regulation, and the group is considering whether new private fund marketing exemptions need to be written, says Anya Coverman, the IPA's senior vice president for government affairs and general counsel. "There is a lot packed into the concept release, and [the SEC] is asking us to think outside of the box and offer creative feedback," Coverman says.

8/15/2019

Fundraising from sales of nontraded REITs amounted to $907 million last month, approaching the $916 million four-year monthly high reached in April, Robert A. Stanger & Co. says in a report. July's total is up 143% year-over-year, while overall fundraising so far in 2019 is up 118% year-over-year, at $5.3 billion, the report says.

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Robert A. Stanger & Co.
8/15/2019

A 254-unit multifamily community in Salt Lake City will be funded through a joint venture of Cottonwood Multifamily Opportunity Fund along with Cottonwood Residential O.P. and affiliates. Development costs are expected to be about $73.6 million as equity capital contributions are projected to total about $30 million.

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Cottonwood Residential
8/15/2019

Investors are showing interest in maximizing tax breaks by finalizing transactions in Opportunity Zones by the end of 2019, said Marc Wieder of Anchin. Due diligence is crucial before such investments, which shouldn't be made in pursuit of a tax break, Wieder said.

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Accounting Today
8/15/2019

Mergers and acquisitions in July among registered investment advisory firms accounted for $16.5 billion in assets under management, a 164% year-over-year increase, according to Fidelity Investments' latest Wealth Management M&A Transaction Report. There were seven deals, the same as in July 2018.

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Fidelity Investments
8/15/2019

The IRS has issued rulings that taxable events for nonqualified annuity owners won't occur when fee-based advisors draw fees from such contracts, but other problems could emerge in such scenarios, experts say. An annuity's specific language could lead to adverse consequences such as reductions in the benefit payable under a living-benefit rider, experts say.

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IRS