Industry

In this week's fund news, iM Global Partner continues U.S. expansion; ProFunds debuts the first Bitcoin strategy mutual fund; and investors have saved $357 billion thanks to passive indexing.

LPL's advisory and brokerage assets edged past $1 trillion in the quarter, along with a 17% increase in income and a 13% increase in advisors.

George Heckler is also facing litigation from the SEC in connection with an alleged scheme that lasted a decade and defrauded investors of millions.

Nearly 26,000 candidates sat for the Level I exam. The 10-year average pass rate is 42%.

The firm already had a small wealth management business in the U.K., but this acquisition puts Raymond James in a more competitive position, CEO Paul Reilly says.

Former New Jersey State Attorney General Gurbir S. Grewal proposed a uniform fiduciary standard for that state, indicating a possible 'expansive' interpretation of Reg BI in his new role.

Mariner's latest deal expands its presence in California and brings it another step closer to becoming a national RIA.

First-year analysts will now earn at least $100,000, up from $85,000. Their second-year counterparts will make $105,000, up from $90,000.

The latest funding round was lead by Singapore-based Temasek along with many repeat investors, including Blackstone, UBS, BNY Mellon and Wells Fargo.

The Charles Schwab 2021 Benchmarking Study predicts AUM will double for firms who continue to employ digital strategies.