Capital markets

The firm joins a growing roster of asset managers taking advantage of new tax breaks for investing in low-income communities.

The discussions, which have since been abandoned, centered on a REIT with a market value of $2 billion, according to people familiar with the matter.

The allegation was laid out in an SEC order, which hit a U.S. unit of the firm with a $500,000 penalty.

One theory for underperformance has been the long steady gains in markets since the financial crisis.

CEO Ronald O’Hanley says the poor performance reflects both the industry’s “continued challenging conditions,” as well as “lower client activity.”

People familiar with the matter said that Centerbridge Partners is in talks to buy the four-firm, 6,500-advisor IBD network.

The partnership aims to provide exposure to areas such as middle-market private equity, real estate and infrastructure.

The firm has experienced net outflows in each fiscal year since 2014.

The large aggregator faces questions about its future.

The change will boost the firm’s “ability to reach a dramatically larger audience,” said CEO Stephen Schwarzman.