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In prior rising rate environments, various parts of the municipal yield curve reacted differently based on economic conditions and the pace and scale of Fed activity. An analysis of historical changes in monetary policy shows that in the past three rising rate environments, a hypothetical investor who stayed the course through the tightening ...

The process to execute and close deals continues to challenge investors flush with cash. The trend in deal volume over the last several quarters brings this to light. Nevertheless, the M&A community continues to churn with activity as buyers and sellers try to create mutually beneficial outcomes. Whether you are a buyer or seller, the featured ...

Despite continued geopolitical instability and the media’s newfound focus on jihadist terror, equities rallied during the month on optimism that monetary policies among major central banks will continue to be quite supportive. U.S. corporate earnings for the second quarter of 2014 also came in stronger than expected, with the S&P 500 earn...

The fixed income environment is changing, and as a result we believe opportunistic fixed income strategies with the flexibility to go anywhere are better suited to today’s market realities than traditional, duration-heavy core holdings. But because these strategies come in different shapes and sizes, we think it is important for investors to ...

The tightening of regulations around the world is prompting banks to offload a variety of financial assets onto the capital markets. Investors are aware of this opportunity. However, we think that many hold misconceptions about it because of the opaque nature of the disintermediation process, and the unfamiliar and heterogeneous nature of the asset...

The UK has delivered a remarkable cyclical upswing over the past year; with GDP growing at an average pace of over 3% annualised growth for 5 quarters in a row. This has been the result of extraordinary policy support both on the monetary side (low base rate policy and quantitative easing) and fiscal policy (smaller fiscal drag, Help to Buy scheme)...

Investment advisers often contract with subadvisers to obtain special investment expertise and sometimes outsource important operations or compliance-related functions to service pro­viders. Outsourcing often provides cost-effective solutions but comes with its own compliance obligations, notably initial and on-going due diligence.

Employee Stock Ownership Plans, or ESOPs, have been used as succession planning tools for family-owned businesses for 40 years. Ownership succession planning is critically important in a family-owned business. There are many issues to review in succession planning and an ESOP should always be considered. An ESOP may be the ideal solution for the co...

Over the past several years, investors have experienced a challenging investment environment. We believe a key element in building a sustainable investment strategy is to “invest with purpose” and the first step in doing so is to understand exactly what each investor is trying to achieve with their wealth. This paper highlights and delv...

We’re in the early stages of what stands to be an extended business cycle. We’re calling the cycle the era of innovation, and it has some definite characteristics. We’re seeing aggressive technological advancement, a manufacturing renaissance, easier access to liquidity and cash-rich entities spanning the globe, supply-demand mism...

In terms of life of life span and medical need, a close look at the underlying numbers reveals a sharp disparity between developed and developing regions; particularly in poorer areas worldwide. Some differences are so stark, in fact, that there is what might be called a global healthcare divide. And for investors it’s a division worth unders...

Creating a well-diversified portfolio of stocks or bonds (or whatever financial assets or vehicles seem appealing and fit a client’s profile) is certainly a viable option and one that may dampen volatility and could prevent any one bad idea from having an outsized impact on a portfolio. Alas, this decision is not without tradeoffs. Diver...

In recent years, impact investing has captured the attention of leaders in finance, philanthropy, business, and government seeking innovative ways to help solve some of society’s most pressing issues. It harnesses the efficiency and discipline of private capital markets to address the root causes o...

The U.S. Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (Division) issued a no-action letter providing family offices relief from commodity trading advisor registration, in connection with advisory services they provide to family clients. As a result, a qualifying family office will be exempt from&nb...

The U.S. Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (Division) issued a no-action letter providing family offices relief from commodity trading advisor registration, in connection with advisory services they provide to family clients.In order to receive relief, a family office must submit a claim...