FINRA Chooses Select Firms for Groundbreaking Pilot Program
FINRA introduces a groundbreaking, 3 yr pilot program for remote inspections offering select brokerage firms flexibility to conduct reviews virtually.
Hedge Fund Bets on US Stocks Are Most Crowded Ever, Goldman Says
(Bloomberg) Hedge funds are holding their most concentrated wagers on US equities than anytime in the past 22 years, according to data from Goldman Sachs Group Inc.
An index created by the investment bank to track crowding across hedge funds has reached a record high, according to a report published on Monday, which said the average fund holds 70% of its long portfolio in its top 10 positions.
Chanel Family Office Recruits UAE Sovereign Manager
(Bloomberg) David Yang, a former executive for the United Arab Emirates’ biggest sovereign wealth fund, has joined the multibillion-dollar investment firm for the dynasty behind luxury fashion house Chanel.
Yang, former head of private equity for China at the Abu Dhabi Investment Authority, holds a similar role in Hong Kong at family office Mousse Partners, according to registry filings. He left the UAE firm earlier this year, according to his LinkedIn profile.
Wealth Management Apps Become Gateway to Client Satisfaction and Retention, J.D. Power Finds
It’s not just Millennials and Gen Z with do-it-yourself brokerage accounts driving the trend toward increased use of digital wealth management tools; the digital channel has become central to the client experience for all types of investors, with mobile apps leading the way. According to the J.D. Power 2023 U.S. Wealth Management Digital Experience Study,SM released today, more full-service and self-directed wealth management clients than ever are logging into wealth websites and apps, and the more often they do that, the higher their satisfaction.
Rich People Do These 4 Things to Stay Wealthy (& So Can You)
Advisors often work with high-net-worth clients and are able to understand the expectations wealthy clients have about managing their finances.