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UBS Raises Money for Bono-Backed Impact Fund

Morningstar weighs in on the new Vanguard CEO, UBS puts wealthy clients in an impact fund backed by Bono, and marketing and education platform Harvest is now offering CFP continuing education classes.

UBS has a five-year plan to “mobilize private wealth for public good,” and in its most recent effort toward that goal, the firm raised $325 million for The Rise Fund, a private-equity impact fund committed to social and environmental outcomes. The fund was cofounded by Bono, Bill McGlashan, CEO of The Rise Fund and founder and managing partner at TPG Growth, and Jeff Skoll, the first president of eBay. UBS’s investment is the largest in the fund to date. "Our wealthiest clients can commonly commit to longer-term investments and are therefore well suited to impact investing,” said Simon Smiles, chief investment officer for ultra-high net worth at UBS Wealth Management, in a statement. “Interest in impact investing is especially high among millennials, but is also growing strongly across our entire client base, particularly in Asia."

Continuity and Tech Savvy Could Smooth Vanguard Transition

Vanguard CEO Bill McNabb

In the wake of Thursday’s surprise announcement that Vanguard CEO Bill McNabb is stepping down and will be succeeded by current CIO Tim Buckley, investors may be concerned about any potential impact on the company or their client's money invested in the firm's funds. According to Kevin McDevitt, senior manager and research analyst at Morningstar, investors shouldn’t get too up in arms. “I think that the main theme here is continuity” he explains. “[Buckley] is so steeped in Vanguard's culture and philosophy and he's been part of the leadership team already, going back to 2001.” In addition to the advantages of elevating a longtime company man, McDevitt also thinks Buckley brings particular expertise in a crucial area—technology. “One of the big emphases for Vanguard has been technology. Just investing heavily in technology, that's how the firm has scaled so remarkably under McNabb's tenure. I think that Buckley is well suited to continue that.”

Harvest to Offer Free CFP Continuing Education Courses

Harvest Exchange, an information, sales and marketing platform used by financial advisors, will now offer a CFP Board Continuing Education program. Peter Hans, the company's CEO, said in a statement the program is "a logical extension of our commitment to free planner education and efficient discovery." The first course—Principles of Financial Planning—can be completed free of charge and is worth one continuing education credit.

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