Asset management

The deal will push Paris-based iM Global’s assets above $24 billion and enable it to break into wealth management.

Questions about job losses and real estate are adding more complexity to the usual post-deal issues involving advisor retention and company consolidation.

The unit has $603 billion of assets under management and employs more than 450 investment professionals.

Much of the industry’s skepticism centers on the cryptocurrency’s unpredictable price swings and the lack of things it can buy since its creation.

The results underscore the standout performance of the industry's largest firms in equities, a business where Europe’s banks have struggled to keep up in recent years.

To streamline the company, CEO Charlie Scharf has been looking to sell certain businesses since taking over in 2019.

The firm is the latest in a line of big money managers making a late entry into the $5.6 trillion ETF market.

The move is about “expanding access to high quality growth investing to non-accredited investors,” says Upholdings CEO Robert Cantwell.

The unit could fetch more than $3 billion, according to people familiar with the matter.

The firm, which has more than $3 trillion under management, runs dozens of mutual funds and was a pioneer in index investing.