Orion Advisor Services is integrating with CAIS, a platform that provides wealth managers with access to alternative funds and products, and will give Orion advisors access directly through Orion Connect. The integration also brings in an account opening workflow and will add the funds to Orion’s performance reporting. In the coming months, the companies also plan to add a research workflow that lets advisors obtain information about specific holdings from the household portfolio dashboard. Tim Shannon, the president of CAIS, called Orion’s technology a “natural fit” and said the integration will make it even easier for advisors to monitor and allocate assets to private funds and capital markets.
The Golden Age of Chinese Wealth Management
Even though China's economic expansion is slowing, wealth creation continues to grow at an unprecedented scale, UBS' CIO and chief economist for Greater China Hu Yifan tells Institutional Investor. China is currently home to 2 million families with $1 million or more in investable assets, worth a combined $6 trillion. By 2020, the number of families is expected to double to 4 million families, who will control a total of $15 trillion. Chinese high-net-worth families grew their wealth by building, manufacturing, high-tech and real estate companies, and later by investing in the stock market. "Many families want diversification in terms of assets and geographies," Hu said. "Many want more than cash equities and cash income. Many want trusts, insurance and alternative investment. Many also are gaining risk appetite."
Jenner & Block Creates Private Wealth Practice
Chicago-based law firm Jenner & Block has created a new Private Wealth Practice, focusing on tax, estate, business planning and charitable advisory services to high-net-worth individuals and families. The firm added wealth management lawyers Barbara R. Grayson and H. Debra Levin to co-chair the practice, joining department counsel Anne E. Brynn, who was most recently senior counsel in the Wealth Management Group at BMO Harris Bank . The group will provide counsel to clients in wealth transfer and business succession planning, including estate planning, philanthropy and administration of estates and trusts.