Fortress made the decision following requests for $3.51 billion in redemptions from its Drawbridge funds.
Yesterday afternoon, Fortresss stock fell 25.6% to $1.86, Reuters reported.
Fortresss decision was unveiled in a regulatory filing that said, This action will result in amounts requested for redemption with respect to the Nov. 30, 2008 and Dec. 31, 2008 redemption dates remaining part of the companys assets under management for so long as the suspension remains in effect.
Three advisory teams managing $10 billion in the San Francisco area are among an ongoing wave of departures from the biggest U.S. bank.
Experts say that busy entrepreneurs often miss incentives and advantages available to them. Financial advisors and tax professionals can give them a nudge.
The CEO of the RIA "roll-up" outfit thinks that ongoing industry consolidation doesn't necessarily mean all firms will start to look the same.
As ESG investments face political backlash, here's how financial advisors are talking to clients about impact investing.
An industry recruiter said the Bank of America subsidiary has become almost "unhinged" with the amount of money it's willing to offer advisors it's recruiting.
After a decade-long effort by holders of the personal financial specialist credential, aspiring candidates can be tested on investments, retirement plans and other areas.
