Portfolio

An unprecedented 58 funds were closed in the six months through June, marking the industry’s worst-ever start to a year.

An advisor of 36 years, Jay Mastilak moved to Stifel from Wells Fargo.

The custodial bank says it has reimbursed the affected clients with interest.

Clients seeking to recoup some $14 million in damages have received only 12% of their total claims, according to an SEC-appointed receiver.

Ukraine, Nigeria and Kazakhstan offer opportunities because local developments dominate the direction of their markets, the M&G fund manager said.

Many relatively straightforward products have boosted their holdings of lower-rated bonds and emerging markets to juice returns.

The RIA adds $600M in AUM with its third acquisition of the year.

“We are not delaying and we are not changing the standard,” Chairwoman Susan John says of pressure to weaken the board’s tougher guidelines in line with the SEC’s Reg BI.

An otherwise simple strategy has many pitfalls.

Recruitment is ongoing — not a one-time sales pitch.