Global Private Banker’s Post

For our inaugural Financial Services Notebook, we dive into regulatory creep, venture capital enforcement, and insurance trends. Walker Newell truly enhances our already formidable position in the financial services and venture capital industries. #FinancialServices

The Citco group of companies (Citco) has upgraded its Citco Waterfall™ tool to enable real assets fund clients to automate complex carried interest waterfalls for funds and joint ventures. Using industry leading, System and Organization Control (SOC) compliant technology, supplemented by a dedicated team of subject matter experts, Citco Waterfall streamlines the waterfall calculation process for real assets funds through its automated, transparent and scalable service offering. The new functionality covers unrealized/hypothetical distributions, realized cash distributions and scenario/projection calculations, and provides for the allocation of deal specific carried interest calculations. This can be of particular benefit to deal teams as the hypothetical distribution can be recorded in the financial statements so the actual cash distribution determined upon each asset sale can be projected, allowing users to view the impact of alternative sale prices on carried interest. For joint ventures that have an array of potential calculations, the Citco Waterfall Tool can also automate these calculations in the three scenarios outlined above (dependent on the joint venture partner). This allows users to take control and test partners’ projections, rather than having to wait for an actual sale before getting an up-to-date calculation. The new enhancements not only provide benefits to clients using Citco’s fund administration services, but are also available to non-administration clients via Citco’s Waterfall Ancillary Services offering. To learn more about Citco Waterfall and its capabilities, please contact Michelle Clements, Head of North America – Real Assets, Citco Fund Services (USA) Inc., or visit our website here: https://bit.ly/3U8WkNB #Waterfall #RealAssets #TheCitcoWay

Some interesting updates on the independent brokerages.... By Tobias Salinger Chief Correspondent At the time FP published last year's IBD Elite ranking of the largest independent brokerages in wealth management, two of the top 15 firms had been sold or were in the process of being sold. As I write these words, at least two additional firms on this list either have changed hands or will fold into larger competitors later this year. As FP compiles this year's ranking and we get closer to the online launch of the 2024 feature on Aug. 14, it makes me wonder how many more we will see bought up before that date by the biggest companies in an increasingly top-heavy channel of the industry. All we can say for sure is that the trends causing that fragmentation and the accompanying consolidation aren't going to slow down any time soon. Check out the ranking below, stay tuned for the IBD Elite later this summer and have a great weekend.

Appreciate the coverage Wealth Solutions Report and Jeff Berman!

https://lnkd.in/dknvJ-mA KKR Inc., the global alternative asset manager has investment focus in technology, infrastructure and insurance. Much of the private equity funds raised by KKR Inc are focused at technology and infrastructure investments, according to Wolfteam Ltd.'s calculations and analysis. In addition KKR is using the insurance premiums fees it gets from the insurance firms it owns to invest in its private equity, real assets, credit and liquid strategies and principal investments business lines. Below is an excerpt from KKR's second quarter 2024 earnings report press release detailing its insurance segment performance: #kkr #investing #investments #portfoliomanagement #hedgefunds #realestate #credit #lending #markets #stocks #stockmarket #wallstreet

Existential danger to family wealth in Israel in an era of war, economic instability and a tax policy that changes every so often The subject will be discussed in detail by a leading expert in the construction of features of protection and preservation of financial assets in the said circumstances. In a webinar on behalf of the Israeli company Globalnet, Dr. Boaz Barack, CEO of a leading independent financial company in Switzerland (BONART), will explain the legal format for preserving family assets in the world's advanced countries. Barack was at the time a senior management member of the two leading Swiss banks Credit Suisse and UBS and operates under a management license and supervision of the Swiss Securities Authority - FINMA. The company managed by Barack designs solutions for maintaining the value of money and its management in cooperation with the leading fund managers in the world. The money management is completely tax-free when the investor or the family is not Swiss (there is also no withholding tax). The nature of management is under family guidelines. The family assets can be tradable securities and assets such as movables and real estate, while the management format makes them tradable. The entity holding the assets is a Swiss security (having an ISIN) listed on the Zurich Stock Exchange (but not tradable). Investors are offered comprehensive international professional liability insurance. At the request of the Global Group, which administers pensions and provident benefits, the service above is offered to investors without the establishment costs of the legal structure until the end of October 2024. Additional explanations will be sent (in Hebrew and English) to applicants at bb@bonart-fp.com Dr. Boaz Barack, CEO BONART Financial Performance Ltd. (FINMA LICENSED) Felsenmattstrasse 6 | Wollerau, Schwyz 8832 | Switzerland boaz.barack@bonart.financial +41 79 2648390 https://lnkd.in/dQsrz6-y  Tearing down the barriers for professional money managers – GenTwo.

https://lnkd.in/dNeS4g2y KKR Inc., the global alternative asset manager has investment focus in technology, infrastructure and insurance. Much of the private equity funds raised by KKR Inc are focused at technology and infrastructure investments, according to Wolfteam Ltd.'s calculations and analysis. In addition KKR is using the insurance premiums fees it gets from the insurance firms it owns to invest in its private equity, real assets, credit and liquid strategies and principal investments business lines. Below is an excerpt from KKR's second quarter 2024 earnings report press release detailing its insurance segment performance: #kkr #investing #investments #portfoliomanagement #hedgefunds #realestate #credit #lending #markets #stocks #stockmarket #wallstreet

One of the first and most consequential decisions that any advisor makes when deciding to go independent is the choice of their primary custodian. This single decision has numerous implications as it often influences which financial products and technology they will have access to, as well as how easy that technology will be to imbed or integrate into their RIA. Fortunately, this year's #FutureProof featured several innovative custodial offerings from the companies still interested in courting RIAs to win their business, including two of the largest: BNY Pershing and Fidelity Investments. What was more compelling—to this old custody salt—was the scrappy and upstart offerings from two new-ish custodians who seem hungry to take business away from those providers who relaxed and stayed home. First up is Axos, who's parent scooped up E*TRADE's Advisor Services business back in 2021 (although, in my opinion their better acquisition may have been that of my former Pershing teammate Summer Fischer-Tom). Their in-house platform, Liberty, acts as the core of Axos’s RIA offering with a comprehensive suite of tools like digital account opening, portfolio management, rebalancing, and performance reporting. They've got a wide-open platform, a rich API and —from what I can tell—are well-integrated with all of the common RIA technology providers. The technology seemed interesting—that was my focus, after all—but what struck me was their insistence on telling the service side of the Axos story: I walked away from their booth with the impression that these guys really want to feel like part of your squad. I also visited Altruist the digital-first, scrappy upstart custodian that launched in 2019. In addition to entering our space without any legacy technical debt, they seem keenly focused on technology, speed & efficiency, and leveraging their clearing platform to reduce costs and offer some unique, real-time services to RIAs. Their platform includes almost all the tools your practice will need: account opening, portfolio management, rebalancing, reporting, and billing, and will even let you aggregate account data from your other custodians. To me, they seem ideal choice for those looking for a lean, tech-savvy solution that cuts through the cruft of the legacy players. However, Altruist—at least at the moment—may lack the depth of service or sophistication that larger and more complex firms are largely attracted to. The current custody story was writ large upon the event's boardwalk, but despite the recent consolidation in that space, it was encouraging to see that advisors still have a healthy marketplace of compelling choices when it comes to finding the right custodial partner. The technology, product, and service platforms of all the custodians represented at #FutureProof continue to improve and impress. (This is a weeklong series of articles about interesting or innovative companies I discovered at the #FutureProof 2024 conference. Last one tomorrow!)

The investment advisory landscape extends far beyond major wire houses, embracing smaller independent registered investment advisors (RIAs), breakaway RIA's, and PE-backed mega organizations. Trustee expert Judith L. Pearson discusses the relevant history and tech platforms that not only drive efficiency for independent wealth managers, but also bring new risks not covered by traditional insurance. https://lnkd.in/e-qk9Cck #wsinsights #trustees #RIA

This will make that platform even stronger.