Nick Maounis, the founder of the miserably flopped Amaranth Advisors, might be looking to get back into the Wall Street game, according to The Wall Street Journal. Amaranth lost $6.4 billion in a few days, in what is known as the worst disaster in the industry’s history. Maounis is thinking about starting a firm with some former colleagues from Amaranth, people close to the matter say. The new company would manage money for investors directly, or help other funds run their businesses. However, it is unclear how much interest Maounis has in the endeavor. If a new company is launched, rather than distancing himself from the Amaranth name, two new possible names for the firm could be “Continuum” and “Segue,” sources say. Despite the huge blowup, in private, Maounis has expressed pride in the hedge fund’s risk management tactics, stating that the fund’s problems stemmed from an unexpected tumble in natural-gas futures prices. Talk of a new firm possibly launching doesn’t surprise some people. “There was a strong camaraderie at Amaranth,” says Sandy Gross of
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Also this week, Wells Fargo recruits from LPL, RBC and TD Private Wealth, and Corient moves overseas in a deal that doubles its AUM.
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Merrill and Bank of America Private Bank seeks niche private equity opportunities for its ultrawealthy clients, while Goldman looks to retirement savers and Wells Fargo to everyday investors.
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Though one study recently found that 78% of hiring managers said they expect AI use will lead to layoffs of recent graduates, advisors say plenty of on-ramps into wealth management will remain — they just might not look the same.
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Rising health care and long-term care costs are reshaping retirement planning. Advisors need to know how the landscape is shifting for retirees.
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A speech by Louis Barajas, a panel on entrepreneurship and a dating game-style mentorship matching event illuminated advisors' hard-earned lessons.
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