Saturday, 18 April 2015
Last updated 2 hours ago
Feb 23 2009 | 12:33am ET
The country’s largest custodian of registered investment adviser assets plans to stop accepting alternative assets.
The Charles Schwab Corp. has told advisers that it would no longer accept custody of offshore funds, promissory notes and new investments requiring issuer setup, effective immediately, Investment News repots. As of April 30, RIAs will be barred from adding to existing domestic alternative accounts.
“Recent events and anticipated regulatory changes in the financial markets have caused us to review ... our areas of custodial focus,” Schwab Advisor Services chief operating officer Trish Cox and sales head Bernie Clark wrote in a note on its Web site. “Emerging reform efforts are likely to focus on the role of custodians and the need for more transparency in this segment of the market.”
The firm will help RIAs transfer their alternative assets to other custodians.
Schwab will also continue to offer some hedge funds from 16 issuers on its alternative investment platforms.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…