complement our world-class investment banking and institutional securities franchise,” says Morgan StanleyChairman and CEO James Gorman.Upon completion, the firm “will oversee $4.4 trillion of client assets andAUM across its wealth managementand investment management segments.”
Oct. 13: Invesco teams with Nasdaqto expand its QQQ product line, whichincludes the $130 billion QQQ ETF.
Oct. 14: JPMorgan is looking to possibly acquire Waddell & Reed and/orLazard, according to Dealreporter; bothfirms provide wealth management andasset management services. Waddell &Reed has about $67 billion in assets andserves U.S.-based clients. Lazard servesclients globally, does investment banking services and has nearly $228 billionin assets.
Oct. 22: Vanguard’s ship hassailed, literally. The HMSVanguard, a 74-gun ship ofthe eighteenth century —the namesake and longtimelogo of the fund giant — nolonger appears on the fundgiant’s printed documents,including its annual report, and frommuch of its website.
“In February, Vanguard partnered witha branding firm to help us modernizethe firms’ brand imagery. As part of thatwork, we are in the process of retiringthe HMS Vanguard ship image, whichhadn’t changed since it was first introduced in 1981,” said a company spokeswoman. “Vanguard has been movingaway from the image of the ship forseveral years now.”
Nov. 13: Cathie Wood, head of ArkInvestment Management and managerof the Ark Innovation ETF is battlinga move from Resolute InvestmentManagers to buy a controlling stakein her firm. Resolute, a fund distributor owned by the private equity groupKelso & Co., purchased a minorityinterest in Ark in July 2016; it includesan option to acquire a controlling voting and equity interest, which is exercisable in early 2021.
Nov. 16: S&P Dow JonesIndices says electric carmaker
Tesla is on track to join thebenchmark in December.
Nov. 17: DFA files with the
Regulation & Compliance News
SEC to launch six actively
managed, tax-efficient ETFs.
Two ETFs it announced in July will
begin trading on Nov. 18.
April 9: The SEC approves a requestfrom the Chicago Board OptionsExchange to list ETFs brought to marketunder a relaxed rule approved that eliminates the requirement for asset managers to file for exemptive relief (underthe Investment Company Act of 1940)for each new ETF application, endingthe need for them to explain how theirproducts different from mutual funds.
April 20: The Labor Department gives
401(k) plans permission to include pri-
vate equity strategies within diversified
investment options, such as target date,
target risk or balanced funds.
June 24: Labor proposes a new rulefor pension plans operating under theEmployee Retirement Income SecurityAct that would limit ESG-focusedinvestments. It aims to clarify “thatERISA plan fiduciaries may not investin ESG vehicles when they understand[its] investment strategy … is to subordinate return or increase risk for thepurpose of non-financial objectives,”the DOL states.
July 10: SEC proposes to raise the minimum for asset managers required to filequarterly disclosures of their investmentactivities and holdings to $3.5 billion, upfrom $100 million, drawing the ire of oneSEC commissioner and several securitiesexperts. The move would eliminate theneed for some 90% of investment managers — about 4,500 of today’s 5,000 currentfilers — to complete Form 13F, includingmany hedge funds and mutual fund firms.(It is reportedly scrapped on Oct. 27.)
June 30: The SEC’senforcement date for thehotly debatedRegulationBest Interestbegins.
Aug. 17: Hester Peirceand Caroline Crenshaware sworn in as commissioners of theSEC and join fellow commissionersAllison Herren Lee and Elad Roisman,as well as Chairman Clayton.
Aug. 18: Labor’s Employee BenefitsSecurity Administration releases aninterim final rule intended to help workers estimate how their current savingsin a defined contribution plan translatesinto lifetime monthly payments.
Aug. 26: The SEC amends its “accredited investor” definition to let investorsqualify based on defined measures ofprofessional knowledge, experienceor certifications — including holdingcertain Financial Industry RegulatoryAuthority licenses — in addition to theexisting tests for income or net worth.
Aug. 31: William Galvin,Massachusetts’ top securities regulator,says he is ready to defend the state’sfiduciary rule as he begins to enforce it.
Sept. 3: At a hearing on how to alignLabor’s fiduciary prohibited transaction