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The SEC recently adopted Rule 13h-1, which imposes registration and reporting obligations on large traders. Private funds, family offices, investment advisors, and individuals all could qualify, depending on how actively they trade certain types of securities. The rule went into effect October 3, and large traders must identify themselves by December 1.

The major rating agencies have published a number of reports highlighting the favorable trends for the life/annuity and health insurance industry. This paper provides a synopsis of recent reports from A.M Best, Standard & Poor's, Fitch and Moody's.

While things may very well turn out well for risky assets in the coming months, the possibility of a messy European outcome or for further political and economic turmoil in the U.S. is significant and cannot be ignored. Emerging economies, while not immune to the travails of Europe, Japan and the U.S., remain resilient and their stock markets offer good value and growth prospects.

European Union leaders announced a "solution" to the Greek sovereign debt crisis during their July 21 meetings. The market reaction, as it was after earlier "solutions", was positive. Yet, many specifics are unresolved, and it is highly unlikely that these actions will resolve the solvency issue once and for all.

The authors believe the U.S. economy is likely to continue to grow, albeit slowly; the European Union is not likely to fracture; and the emerging economies, including China and India, are likely to continue to grow fast enough to help the global economy grow at a near normal pace.

Local currency emerging market debt funds have enjoyed robust asset growth in recent years as the investable universe has expanded and liquidity has sharply improved. This growing asset class provides diversification benefits and an attractive risk/reward profile for fixed-income and multi-asset portfolios.

An agreement was reached on 24 August between the UK Treasury and Swiss Federal Department of Finance regarding the treatment of Swiss accounts held by UK taxpayers. The agreement is due to be signed by both parties within the next few months at which stage the detailed terms will be issued. This briefing note summarises the outline of the agreement, which has been communicated by HMRC in advance of the full detail being available.

Investment portfolios with diversified allocations exhibit beta spikes, which are commonly believed to be the result of increased portfolio correlation to U.S. equity. However, the fundamental mechanism driving beta to stress levels is the portfolio volatility ratio relative to equities, rather than the portfolio correlation itself.

Private split dollar can help freeze an estate, minimize gift taxes, provide access to cash values, and finance needed or desired insurance for family members. Properly structured, death benefits may be excluded from the insured's taxable estate and even passed to many successive generations if a dynasty-type trust is used.

In a series of articles, the author has written about problems of trust and distrust in family enterprises. In the third in the series, he discusses a fictionalized case of an owner who resists forming, or even learning about, professional family offices. The article analyzes ways advisors can persist (without being fired) in raising the issues a founder needs to address for the family's long-term health.