The longtime executive will lead Citigroup's wealth management unit; Lindsay Hans and Eric Schimpf will co-lead Merrill Lynch Wealth Management, reporting to Bank of America's CEO.
Over the last few weeks, the firm’s advisors and clients have scattered, causing the unit’s assets and profitability to dwindle. RELATED: Six SVB Private Advisors Jumped to Cerity
Among other changes, the association will add a wealth management specialization, with additional content on client management, investment planning and the duty of care.
Until recently, HNW investors have had limited access to private market investments. Now, they have options for accessing the private markets at lower minimums and more flexible features.
MSCI’s Jim Costello and Alexis Maltin warn that while a failure on the scale of the Great Financial Crisis is unlikely, there are signs that trouble may be brewing for real estate investors with upcoming maturities.
The Department of Justice also charged Surage Roshan Perera of wire fraud, investment advisor fraud and money laundering, for allegedly defrauding an unnamed investor.
Among the 10 cities that are seeing the highest net inflow of house hunters, half are in the Sunshine State, according a report from real estate brokerage Redfin. New York was the top out-of-state origin for buyers in three of those Florida cities: Miami, Tampa and Orlando.
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