Financial advisors are increasingly turning to technology solutions to help comply with new regulations, adopt a fee-based business model, and keep pace with innovations from robo advisors. As a result, custody and clearing firms now find themselves playing the role of technology provider. With technology such a major factor in deciding where advisors custody client assets, digital workstations are now front and center for the major custody and clearing firms. A report by the Aite Group examined the technology offered by six leading clearing and RIA custody firms (Aite said other firms declined to participate or did not respond), providing a look at the various strategies they employ to meet technology demands, what sort of firms they are attracting, and how many advisors are using their workstations. Going forward, Aite believes that in order to attract advisors, these firms will have to focus on integrating with third-party technology vendors to allow advisors to use their favorite tech platforms (including robo advisors) while also focusing on vertical integration to the entire value chain from the asset management, distribution, clearing and custody all the way to the investor.
ETF issuer AccuShares announced it was shutting down its four ETFs and rebranding the firm as a financial technology company, ETFDailyNews.com is reporting. The company made the announcement that it would change its name from AccuShares Investment Management to AccuShares IPP. It holds a series of fintech patents and used its own propriety technology in the development of its ETFs. Now, the firm is going to focus on fund innovation and the next generation of exchange-traded funds, according to a company statement. The shift was precipitated by increased industry regulations, the company said. The funds - AccuShares Spot CBOE VIX Up Shares (NASDAQ:VXUP); AccuShares Spot CBOE VIX Down Shares (NASDAQ:VXDN); AccuShares S&P GSCI Crude Oil Excess Return Up Shares (NASDAQ:OILU); and AccuShares S&P GSCI Crude Oil Excess Return Down Shares (NASDAQ:OILD) - will cease trading on Sept. 8, according to MarketWatch, and will at that time declare cash distributions and distribute cash based on share values to shareholders who had not previously redeemed their shares.
Not bad for a winter home.
The Palm Beach, Fla. compound belonging to Netscape cofounder Jim Clark is up for sale, according to the Wall Street Journal. Clark, who made his fortune by creating the early web browser with Marc Andreessen, is worth about $1.9 billion. He owns property in New York City, upstate New York and the Hamptons, but is shedding his estate, named Il Palmetto, for $137 million. Built in the 1930s, Clark bought the land in 1999 for $11 million and spent four years renovating it. The home now features 10 bedrooms, 13 full bathrooms and 68,000 square feet. In addition to the main building, the property includes massive gardens, a rustic koi pond and an underground tunnel connecting to the nearby beach. It's the second massive, high-end property to go on the market as of late. The most expensive home in the world, Villa Les Cèdres in the south of France, was recently put up for sale for $1.1 billion.