Gough Financial Group, a Wichita, Kan.-based advisory firm with $300 million of assets under management, announced Thursday that it joined Transcendent Advisor Networks, an office of supervisory jurisdiction with the Cetera Advisor Network. Gough Financial was founded in 1997 by Greg Gough and now has seven financial advisors. In a statement, Gough said he joined Cetera for new resources, specifically Cetera’s technology platform, and access to asset management and managed accounts programs. Gough added that his firm hopes to take advantage of Cetera’s scale and expertise to aid the firm’s succession planning efforts.
DoubleLine Capital Jeff Gundlach's first foray into ETFs has turned out to be pretty successful. The SPDR DoubleLine Total Return Tactical ETF has surpassed $1 billion in AUM, ETFTrends.com is reporting. The ETF, which debuted in February, applies a fixed-income strategy, and is a less expensive way to benefit from Gundlach's expertise than investing with his Total Return Fund. It currently sits at $1.08 billion in assets under management, making it one of the most successful new ETFs on the market this year.
A wealthy Irish gambler is suing the U.S government to recover $5.22 million in tax on gambling winnings that was wrongfully remitted to the Internal Revenue Service, Forbes reports. One of Ireland’s richest men, John P. McManus won $17.4 million gambling in the U.S. in 2012. Under a 1997 double taxation treaty, the U.S. income of Irish nationals must be reported to the IRS, but may not be taxed by the U.S. (Irish tax will still be due, though in this case, it would be only €200,000, or about $226,000.) A 2014 audit discovered the discrepancy and the IRS approved a refund, but the actual transfer has been caught up in bureaucratic red tape, leading to the current suit. The IRS has until Oct. 30 to respond or file for extension.