Banco Popular de Puerto Rico

Roughly 100 employees — mostly in management — are expected to move to the wealth management unit's new headquarters in booming South Florida.

Total net new assets for the quarter totaled $158.2 billion, more than the $144 billion projected.

Virtually every major firm on Wall Street has joined the push into private markets, with many trying to get in early on the biggest "next big thing" to hit financial services since the exchange-traded fund.

Wealth management and tax planning stocks tumbled after Altruist launched an AI tool for tax strategies, stoking investor fears of disruption and fee compression.

Darryl Cohen faces a maximum of 20 years in prison for fraudulently persuading professional atheletes to buy insurance policies at massive markups.

The world's third-largest asset manager reported a record year, with assets in its funds rising by more than $1 trillion.

The payouts come as UBS nears completing its integration of Credit Suisse, which it bought in 2023.

Blue Owl's decision to halt withdrawals from one of its private credit funds raises further questions about the already obscure world of private credit.

"Retail investors have learned not to pay attention to the noise," said Rick Wurster from the sidelines of the Future Proof wealth management conference in Miami Beach.

A few weeks ago, analysts at UBS laid out a worst-case scenario for defaults in the private credit sector. Their outlook just became more grim.