The Daily Brief
Defining Who's Rich

Defining Who's Rich

Americans’ definition of personal wealth is wide-ranging, particularly when it comes to describing who’s “rich.” Vox looked at a 2011 chart from Roper and Gallup that showed "rich" had a fluid definition: The less you make, the less you think it takes to be rich, and, alternatively, the more you make, the more you think it takes to be rich. Meanwhile, most Americans consider themselves middle class.

A Growth Business

Assets have grown at Wealthfront 20 times in two years.

Wealthfront on Tuesday surpassed $2 billion in assets under management, growing from less than $100 million just two years ago, according to the company’s blog. It took the online automated financial management platform, one of the so-called "robo advisors," about two and a half years to reach $1 billion in assets, but less than nine months to add its second billion, says CEO Adam Nash.

Genworth(less)

Calling a $44 million accounting error a "material weakness" is an understatement.

The problems for Genworth Financial keep adding up. Shares of the long-term care insurance provider lost half their value over the last year, and on Monday the company announced a $44 million calculation error while reviewing its LTC claim reserves. Genworth said there was a material weakness in its controls, but the mistake was corrected before it reported a fourth-quarter loss of $760 million. Genworth shares fell 6.6 percent following the announcement. 

Women Sticking Together

Alexandra Lebenthal is adding to her empire.

Lebenthal Asset Management and Alexandra Lebenthal, CEO of Lebenthal Holdings, have acquired minority stakes in AH Lisanti Capital Growth, a woman-owned asset management firm. Mary Lisanti, founder of the firm, will remain president and the largest shareholder. “I am a passionate supporter of woman-owned businesses, and am thrilled we were able to make this transaction happen,” Lebenthal said. Lisanti manages small-cap, high-growth equity portfolios for institutional investors, and also runs a mutual fund, which will be renamed Lebenthal Lisanti Small Cap Growth (ASCGX).

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