In this edition of Odds & Ends:
- Northern Lights Compliance Services Opens an Office in San Francisco Bay Area
- Waddell & Reed Partners with University of Georgia to Offer Online CFP Education Program to Its Financial Advisors
- Rothschild Larch Lane Selects Imagine Software to Provide Risk Solution for New Liquid Alternatives Fund
- Deutsche Asset & Wealth Management Renames Retail Product Suite in the Americas
- Circle Partners acquires Caledonian Global Fund Services
- PENSCO Marketplace Establishes Network of Providers, Products, and Services for Alternative Asset Investors
Northern Lights Compliance Services Opens an Office in San Francisco Bay Area
Northern Lights Compliance Services (NLCS) has opened its first office on the West Coast. NLCS, which is a subsidiary of NorthStar Financial Services Group, provides outsourced chief compliance officer (CCO) services to mutual funds, registered investment advisers (RIAs) and broker-dealers. NLCS’s new office in San Rafael, CA is its third, with the other offices in Hauppauge, NY and Omaha, NE. The addition of an office in the San Francisco Bay area has given NLCS a nationwide footprint, with locations on the East and West coasts of the United States, as well as the Midwest.
Waddell & Reed Partners with University of Georgia to Offer Online CFP Education Program to Its Financial Advisors
Waddell & Reed recently announced a partnership with the University of Georgia and Greene Consulting that will give Waddell & Reed’s team network of approximately 1,800 financial advisors the opportunity to earn Certified Financial Planner (CFP) certification. The online, self-paced program is delivered by Greene Consulting through the University of Georgia’s Terry College of Business, which is considered one of the top business schools in the country. CFP certification, which is the most recognized certification in the industry, signals a “strong commitment to an advisor’s career” while also representing “accomplishment and expertise within the financial community,” according to Waddell & Reed.
Rothschild Larch Lane Selects Imagine Software to Provide Risk Solution for New Liquid Alternatives Fund
Imagine Software provides real-time risk and portfolio-management solutions for some of the financial industry’s most prominent firms, and it can now count Rothschild Larch Management Company LLC among its A-list clients. Earlier this month, Imagine announced that it had developed a portfolio risk and compliance management system to be used by Rothschild Larch Lane for its new alternative mutual fund. According to Eric Konigsberg, Larch Lane’s Director of Risk Management, Imagine was able to provide a “customized, all-in one solution to simultaneously track regulatory limits and investment risks,” which he said was “crucial” for Rothschild Larch Lane.
Deutsche Asset & Wealth Management Renames Retail Product Suite in the Americas
Deutsche Asset & Wealth Management has renamed all of its retail products in the U.S. The announcement was made on August 11, and it took effect immediately. Renaming of the products is intended to be reflective of Deutsche’s integrated platform, as the Deutsche brand better reflects the platforms global capabilities, according to Jerry Miller, Head of Deutsche Asset & Wealth Management for the Americas. A summary of the name changes can be found below:
- The DWS and DWS RREEF branded funds are now under the Deutsche funds brand name;
- DWS variable insurance portfolios (VIPs) are now known as Deutsche VIPs;
- DWS-branded closed-end funds are now branded as Deutsche closed-end funds;
- The db X-tracks ETFs are now known as Deutsche X-trackers ETFs;
- DWS Investments Distributors, Inc. has been renamed DeAWM Distributors, Inc;
- DWS Trust Company has been renamed DeAWM Trust Company; and
- DWS Investments Service Company has been renamed DeAWM Service Company.
Circle Partners acquires Caledonian Global Fund Services
On August 22, Caledonian Global Fund Services announced that it had been acquired by Circle Partners, a Netherlands-based independent financial services provider. Caledonian Global Financial Services issued a statement saying that management and staff at Caledonian were “in full support of the transaction” and that they had “worked with senior management of Circle Partners” to get the deal done. Circle Partners provides fund administration, fiduciary management, and advisory services to its clients.
PENSCO Marketplace Establishes Network of Providers, Products, and Services for Alternative Asset Investors
The PENSCO Trust Company has established the PENSCO Marketplace – a “first of its kind” alternative-investing resource network with six crowdfunding sites designed to make it easier for clients to locate and invest in private placement opportunities. The Marketplace boasts six crowdfunding sites, and the platform allows individual investors to hold alternative assets in self-directed retirement accounts. This capitalizes on two hot trends: (1) Equity-based crowdfunding, and (2) liquid alts. According to Christopher Orr, a relationship manager for PENSCO, more than 50% of new investments the firm sees are in private equity, and a growing number of the deals are discovered through crowdfunding platforms.