![]() It is not easy, but it's slowly working, Mr. Poole hope to clinch a chunk of the growing market by shaving investment decisions down to their core – a client's end goals – and by framing themselves as a nimble, low-cost competitor. With demand for these online advisory services heating up, Mr. Visit Article.Canada's automated investing sector has grown very busy since then, leaving smaller firms such as Oakville, Ont.-based Invisor clamouring for clients among big-hype startups such as Wealthsimple and big-bank entrants such as Bank of Montreal's SmartFolio. Hedge fund Lone Pine snaps up 2.3M shares of LPL Financial Bruce Kelly When Marca-CONTINUED ON PAGE 22 2 | InvestmentNews Issue Articles Advisor Group makes a deal - with a twist Bruce Kelly In 2015, activist hedge fund investor Marcato Capital Management took a 6.3% stake in LPL Financial Holdings, claiming at the time that LPL’s share price was undervalued. ![]() 2.9% NOT UNPRECEDENTED But it’s not unprecedented for a hedge fund to buy shares and take a position in an publicly traded rm like LPL Financial Holdings. LONE PINE’S TOTAL STAKE IN LPL FINANCIAL SHARES Private equity investors have ood-ed into the wealth management and registered investment adviser industry in the past six years, driving up the val-uations of large RIAs. Last Monday, hedge fund Lone Pine Capital said in a ling that it had recently acquired almost 2.3 million shares of LPL Financial Holdings Inc., the parent company of the eponymous broker-dealer, or almost 2.9% of LPL’s shares (LPLA) outstanding. last Wednesday, the day the deal was Private equity investors have CONTINUED ON PAGE 22 BY BRUCE KELLY IT LOOKS AS if private equity inves-tors aren’t the only ones interested in buying into the nancial advice in-dustry. to the broker-dealer before it can be “Advisor Group, when done, will bought by one of the giant RIA roll-follow behind Reverence Capital in ups or aggregators currently scour-ownership,” Price said in an interview ing the market for deals. branches or enterprises er, Signature Estate Secu-that already work with rities, and expects to nish them, because this type moving its brokerage busi-of transaction would tether the RIA ness there by the end of September. To make the deal even more ence Capital Broker-dealers are intriguing, in the wake of Partners also contemplating investing the investment, Signature is has a stake in substantially in large RIA opening a new broker-deal-the deal. hot mergers and acquisi-A NEW B-D EMERGES large broker-dealers are Investment looking to play in the red-Advisors. Advisor Group largest broker-dealers at Ad-anticipating such a deal for is investing in visor Group, which has 9,700 most of this year: The new RIA Signature nancial advisors and close wrinkle is that, essentially, Estate & to $500 billion in assets. ![]() The mergers and ac-Royal Alliance is one of the quisition market has been Signature currently uses an Advisor Group uses Royal Alliance Associ-rm as its broker-dealer. According to the Form ADVs for its to acquire a stake in a registered in-vestment adviser, Signature Estate two RIAs, Signature Estate & Invest-& Investment Advisors, that already ment Advisors has $17 billion in client assets. appears to be a unique twist: A pri-In this case, Reverence Capital Part-vate equity-backed brokerage rm, ners is investing in Signature Estate in this case the giant Advisor Group & Investment Advisors, with Advisor network, is investing alongside its Group also taking a piece of the deal, owner, Reverence Capital Partners, according to its CEO, Jamie Price. ooded the market over the last half-dozen years, looking to snap up IT’S AN RIA nancing deal with what the assets of highly pro table RIAs. InvestmentNews (ISSN 1098-1837) is published bi-weekly except the last week of May, rst week of July and the rst week of September by InvestmentNews LLC., 685 Third Avenue, New York, NY 10017-4024. Contents © Copyright 2022 by InvestmentNews LLC. The ne totaled $5.8 million, not $5.8 billion. 8, 2022, issue incorrectly stated the amount that Private Advisor Group was ned by the SEC. PODCASTS SCAN THE QR CODE TO HEAR THE LATEST EPISODE OF THE INVESTMENTNEWS PODCAST Correction: The headline of an article in the Aug. TopNews INSIDE AUG6 Opinion 14 IN Depth 16 Analysis & Commentary ACCURACY / EXCELLENCE / FAIRNESS / IMPARTIALITY / INDEPENDENCE Advisor Group makes a deal - with a twist Hedge fund Lone Pine snaps up 2.3M shares of LPL Financial BY BRUCE KELLY 18 IRA Alert New rules complicate calculat-ing RMDs for inherited IRAs.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |