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New Vanguard CEO sends mixed signals in NYC ...

New Vanguard CEO sends mixed signals in NYC ...

August 10, 2024 - Daily Newsletter for RIABiz subscribers

ARCH DE TRIOMPHE?
Zach Smith: Hired by to develop a world-class sales team.
Salim Ramji is high on alts, low on IPO and is piloting AI for service • Arch now serves 270 clients, up from 200 in January • Nearly 2% of Fidelity's 401(k) clients have $1 million or more • Dave Antonelli leaves BlackRock for start-up after 21 years • Grayscale's Ethereum 'mini-trust' inflows of $130 billion fall far short of main-trust outflows nearing $1.8 billion
21 minutes ago Oisin Breen

New Vanguard CEO Salim Ramji made the rounds in New York City with CNBC and Bloomberg interviews, but left Vanguard watchers unsure whether he's Jack Bogle or BlackRock in sheep's clothing.

EX-VANGUARD
Noni Robinson: Small firms... ' often have fewer resources, which can put them …
The deal with the Chicago up-and-comer all came together in 2024 as part of Fidelity's quiet hire of ex-Vanguard talent to head emerging RIA unit.
22 hours ago Brooke Southall

Brooke's Note: All big custodians are cautious about embracing small RIAs. Small firms demonstrate the maximum dysfunction for the minimum return. Charging small RIAs a minimum fee – of say $10,000 – is one potential solution to mitigate some of …

FORCED MARCH
Jason Wenk: 'Unfortunately, clients cannot stay at Pershing.'
The Culver City, Calif. custodian called a town hall after negotiations with Pershing fell flat and gamely admits this was not the 'original intent'
Wednesday 8.7.24 Lisa Shidler

Brooke's Note: This article was reported on deadline, hence we didn't get all answers before publication. Today, Altruist CEO Jason Wenk assiduously answered all our questions and we added them in a sidebar below.

OWNER/VENDOR
Colin Falls: Through the commercial dialogue with BlackRock, it made sense to a…
The $10-trillion manager, which has no salesforce, is 'powering flows' by allying, as vendor and owner, with RIA outsourcers like GeoWealth, after previous success with Envestnet and iCapital.
Monday 8.5.24 Oisin Breen

When BlackRock talks capital backing in “commercial" chats, TAMPs tend to listen, even when they don't need the money.

MOST RECENT ARTICLES
'Cash' lawsuits are piling up, and even Ameriprise singled it out for alleged bad faith, while the stock fell 7.77%, just on Friday.
The Chicago company also revealed it recorded $3.3 million in severance costs and got more specific about just how much the Tamp was a money pit.







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