Vanguard's New Unit, Alpha's Implementation
Welcome to News Brief, a round up of some of Ignites' top stories of the week. Today's issue will be the last for 2024. Happy holidays, and we will see you in the New Year!
Vanguard?has tapped?Joanna Rotenberg, the former president of?Fidelity's Personal Investment division, for its new advice and wealth management unit. With the new group, the firm aims to?expand?its use of technology for it advice and wealth offerings, Ignites'?Daniel Gil?reported. Vanguard offers a suite of advice options, with minimum investments ranging from $100 for its Digital Advisor platform, to $5 million for Vanguard Personal Advisor Wealth Management. The firm has also put?John James?in charge of workplace and advisor solutions. Also this month, a top product executive?resigned.?Karin Risi, the firm's 52-year-old managing director of strategy, product, marketing and communications, will retire at the end of the month, the firm said.
Also last week,?State Street?finished the?first phase?of loading?Harris Oakmark?onto its Alpha servicing platform. The contract was awarded about 10 months ago, State Street said, and it expects to finish migrating the Chicago-based firm onto its platform by March 2026,?Beagan Wilcox Volz?reported. State Street has?struggled?with delayed onboardings onto the platform.?Invesco's implementation, for example, is set to be finished by 2026, which is as much as two years after the firms had initially?expected. Moving operations to State Street's Alpha platform is part of a "fundamental transformation" that the client is undertaking, Chief Executive Officer?Ron O'Hanley?said last week at a conference.
And in other news,?Sallie Krawcheck?is?stepping down?from her role as CEO of?Ellevest, because of a recent diagnosis. She formed the company, which caters to female investors, a decade ago. Ellevest manages $2.4 billion through its robo-advisor and wealth management division,?Joe Morris?reported.?Sylvia Kwan, the company's chief investment officer, and?Connie Hsiung, its finance and operating chief, will become co-CEOs.
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Getting it Right
Just over 100 mutual funds and ETFs reported errors in their calculations of daily net asset values last year, down 30% from 2022, an Ignites review of regulatory filings found. This may have been because of stabilized markets and because more funds have outsourced certain operations,?Brian Ponte?reported. Calmer markets likely required fewer manual pricing interventions, a consultant told Ignites.
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