A college degree doesn't always guarantee wealth, but there are some institutions of higher education that have minted more millionaires and billionaires than others. Wealth-X recently revealed its latest study of where the world's wealthiest people — those with assets over $30 million — went to college, Business Insider reports. Of the top 20 colleges that produce the richest alumni, five are public universities, six are Ivy League and one is outside the United States. Harvard University comes in at the top of the list, with a combined net worth of $811 billion, more than twice that of the No. 2 school, the University of Pennsylvania. Rounding out the top 10 is Columbia University, New York University, Stanford University, Massachusetts Institute of Technology, University of Chicago, Northwestern University, Yale University and Princeton University.
Addepar is expanding its capabilities with alternative investments by acquiring AltX, an intelligence engine that uses A.I. to incorporate reference data, public filings and news that relates to hedge funds, private equity, venture capital and real estate. AltX’s database consists of performance, holdings and other reference data for more than 17,000 funds. Addepar CEO Eric Poirier called it “awesome technology,” and said it allows advisors using Addepar to offer more transparency in the alternatives held in client portfolios. “It propels Addepar forward in building a unified data model and common language to power the financial system,” Poirier said in a statement. Terms of the deal were not disclosed.
Raymond James is continuing its recruitment campaign on the West Coast and tempted a veteran financial advisor in the Los Angeles area to join the firm's traditional broker/dealer. Ken Robbins, who previously managed more than $177 million in client assets at D.A. Davidson, is joining the L.A. office headed by Chris Horner, according to a release by the firm. He will be bringing with him advisor Kathy Roshay and their team will operate as Robbins Roshay Advisors of Raymond James, according to the firm.