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Stay ahead of the latest trends in wealth management, institutional investing, and private markets with Dakota’s daily newsletter — your go-to source for key updates on fund allocations, manager moves, and industry shifts.
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Institutional Investor News
The UK government introduced the Pension Schemes Bill, aiming to overhaul the £2.7T pension system by consolidating DC schemes into £25B “megafunds” by 2030 and enabling DB schemes to release £217B in surplus. Supported by Chancellor Rachel Reeves, the reforms promise better returns and capital for UK growth sectors. Critics like AJ Bell’s Rachel Vahey warn this could reduce competition. The bill follows the Mansion House Accord, with 17 funds pledging 10% allocation to UK assets by 2030. Meanwhile, NEPC, CPP Investments, Texas CDRS, and Cincinnati Retirement made real estate and venture capital moves, and Ontario Teachers’ seeks bidders for Sahyadri Hospitals.
Wealth Channel News
The RIA industry grew to $144.6T AUM across 15,870 SEC-registered firms in 2024, with private markets increasingly penetrating the space. Over 111,000 private funds were managed, mainly under $100M, showing fragmentation but rising opportunity. Growth in digital advice and non-HNW clients drives demand. New RIAs like Tempo Wealth, Strive Retirement Group, Loomis Wealth, and Knowles Private Wealth joined platforms like Charles Schwab, Altruist, and Raymond James. Meanwhile, leadership changes included Adam Murl joining Worldsource Wealth, and reshuffling at UBS, BNP Paribas, and RBC BlueBay reflecting evolving global wealth strategies.
Private Fund News
Neuberger Berman raised $4B for its GP-led secondaries fund, exceeding its $2.5B target and positioning it as one of the market’s largest. The firm now manages over $135B in private markets AUM, with $20B in secondaries. Additional raises included Banner Capital’s $400M continuation fund and new vehicle, Carlyle Group’s trimmed $6B Asia fund, and HIG Capital’s refocused $1.2B small-cap buyout fund. B & Capital, Chilton Trust, and Enko Capital also advanced new funds. Personnel moves saw Antin’s CFO exit, and M&G named Neil Godfrey global client head. Allianz SE is in talks to acquire Capital Four, amid broader consolidation pressure in Europe, according to CVC Capital CEO Rob Lucas.
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