Client cash moving to T-bills is a custody contract fight
Clients put $6.2 billion into the muni ETF and $5 billion into three-month bills in 30 days. That is a sweep-yield decision, and it gets priced at custody renewal, not on the fund menu.
Private Wealth Daily
Long reads
PWD Deep Dives, The Week in Wealth and the monthly PWD Data Report: original analysis of wealth management, built from our data and many sources.
Busiest RIA buyers average $679 million a deal, below the median
Hightower announced three deals in the 90 days to Oct. 26 and closed none; one moved a $1.1 billion practice already inside the firm.
UBS Bought $5.3 Billion of Recruits and Lost $11 Billion
UBS recruited eight teams and $5.3 billion of disclosed books while $11 billion walked out. An advisor holding the offer should price it after forfeiture, against that record.
The $947 Million Median Is Not the Bid a Sub-$1B RIA Gets
Owners of $250 million-to-$1 billion RIAs sell into a market defined by closed sub-$1 billion deals and founders who stayed, not by headline AUM.
A buyer's deal pipeline is not collateral for an RIA sale
Wealth managers announced 156 deals and closed 50 in 90 days. Sellers should price the buyer on closes, committed capital and who stays.