Market Brief: Investors Reconsider The Appeal Of Cash
Investors are gravitating back to money‑market funds as expectations for Federal Reserve rate cuts wane and inflation remains sticky, offering cash‑like yields that rival short‑term bonds. The market is also watching new Fed Chair Kevin Warsh’s inaugural meeting for clues on inflation, rates and balance‑sheet policy, which could reshape valuations for growth stocks and bonds. Meanwhile, AI‑driven equities in South Korea have demonstrated rapid reversals, underscoring global sector volatility, while BlackRock’s private‑credit fund limited redemptions, highlighting liquidity pressures in that asset class. Finally, Bitcoin ETF outflows appear driven by arbitrage unwind rather than a fundamental loss of crypto demand.
Finra Seeks to Make Remote Inspections Permanent
FINRA's Board of Governors voted to make its pandemic‑era remote inspection pilot permanent, pending SEC approval. The pilot, which began during COVID‑19, now includes 970 firms—about 32% of FINRA members—representing 86% of registered representatives. Data show remote inspections generate findings...
Market Brief: Goldman Says Investors May Be Underestimating AI Spending
Goldman Sachs warns that Wall Street is under‑estimating AI infrastructure spending, seeing demand for data centers, chips and power outpacing current forecasts. Oracle announced a massive AI and cloud capex plan of up to $95 billion for fiscal 2027 and will...
SpaceX IPO Is Said to Be More Than Four Times Oversubscribed
SpaceX’s IPO is more than four times oversubscribed as the order window closes. The company will sell 555.6 million shares at $135 each, aiming to raise about $75 billion and value the firm at roughly $1.8 trillion. The offering, led by Goldman Sachs...
JPMorgan Wins TRO Against $1.85B Morgan Stanley Team
JPMorgan Chase obtained a New York court temporary restraining order that bars former brokers Christopher J. Lee and Joseph S. Minaudo from soliciting any of the 1,350 clients they managed while at JPMorgan. The duo left in late May with...
AlphaCore to Buy $1 Billion Denver RIA
AlphaCore Wealth Advisory, which manages roughly $10 billion, announced it will acquire Denver‑based Elk River Wealth Management, an RIA with about $1 billion in assets. Founded in 2020, Elk River was backed by Wealth Advisor Growth Network and Merchant Investment Management and...
Market Brief: Inflation Keeps Pressure On Fed Policy
U.S. consumer prices jumped 4.2% year‑over‑year in May, the strongest gain in about three years, driven largely by energy costs linked to the Iran war. Economists now expect the Bank of Japan to raise its policy rate to 1.0% in...
Market Brief: Goldman Pushes Fed Rate-Cut Forecast Into 2027
Goldman Sachs now projects the Federal Reserve will keep policy rates unchanged until June 2027 before any cuts, citing stronger‑than‑expected job growth and lingering inflation risks from tariffs, energy and geopolitics. The labor market added 172,000 jobs in May, keeping unemployment...
Carson Buys Osaic Affiliate Managing $1.1 Billion
Carson Group, the Omaha‑based RIA with over $58 billion in assets, announced the acquisition of Jackson Wealth, an Osaic‑affiliated practice managing roughly $1.1 billion. The deal adds Carson’s 46th office and marks its 17th transaction in 2024, underscoring a rapid expansion of...
LPL Sued Over Claims It Failed to Warn Annuity Clients About Troubled Issuer
LPL Financial is being sued in a putative class action by Ohio investor Kerry Nietz, who alleges the broker‑dealer failed to warn annuity holders about the deteriorating financial health of Phoenix PHL Variable Insurance Company. The complaint says LPL knew...
Modern Wealth Buys LPL-Affiliated RIA Managing $1.1 Billion in Florida
Modern Wealth Management, a Boston‑based RIA acquirer backed by $200 million in private equity, completed its 22nd deal by buying Florida‑based Flaharty Asset Management. The firm, which manages roughly $1.1 billion in client assets, adds an 18‑person team—including nine advisors—to Modern Wealth’s...
Wellington to Buy Hartford Funds for $1.9 Billion in Wealth Push
Wellington Management agreed to acquire Hartford Funds for a net present value of $1.9 billion, targeting completion in Q1 2027. The Boston firm already sub‑advises 83 % of Hartford’s roughly $160 billion in assets and will receive $300 million cash at closing plus a seven‑year...
$750M Wells Team Launches Dynasty-Backed RIA, ETF Shop
A former Wells Fargo Advisors team, led by brothers Andrew and Adam Urbanski and their sister Lauren, has formed N10 Holdings in Greenwich, Connecticut, backed by Dynasty Financial Partners. The new firm will operate two registered investment advisors—N10 Wealth and...
Mariner Reports Data Breach After Hack
Mariner Wealth Advisors disclosed that hackers accessed three cloud applications, potentially exposing the personal information of about 8,995 clients, including account numbers, birth dates and Social Security numbers. The firm, which oversees roughly $609 billion in assets, said investment accounts were...
Focus to Buy Billion-Dollar Indiana RIA Launched by Sanctuary Defectors
EverNest Financial Advisors, a Carmel, Indiana RIA managing roughly $960 million, agreed to be acquired by Focus Financial Partners. Founder Frank J. Esposito, who left Sanctuary Wealth to launch EverNest, will retain 95% ownership and receive equity in Focus. The transaction...