The Securities and Exchange Commission passed a new rule on Monday allowing mutual funds to send electronic reports to shareholders. Before rule 30e-3, mutual funds were required to send paper reports, costing the industry billions of dollars. Companies will be required to provide two years of notice to shareholders before relying on the rule if they plan to discontinue providing paper reports before Jan. 1, 2022. If a client requests a print copy, mutual funds must provide them one without charge, according to the new rule.
Baird, the employee-owned investment firm that manages and oversees more than $200 billion in client assets, said Monday it agreed to acquire M. Griffith Investment Services. The terms of the deal were not disclosed. The central New York-based M. Griffith Investment Services is an independent, employee-owned firm with 12 financial advisors who oversee more than $2 billion in client assets. It was founded in 1947 and is led by President David Griffith, who has held the position since 1972. Griffith will serve as vice chairman of Baird’s Private Wealth Management group. Baird has 860 financial advisors working out of 94 offices in 30 states.
EP Wealth Advisors, an independent registered investment advisor, said Monday it acquired Donnelly Wealth Advisors, a fee-only RIA that manages more than $400 million. Richard Donnelly, who founded the namesake firm in 1997, will become a regional director at EP Wealth. He and two other advisors will also become partners at their new firm. The acquisition of Donnelly Wealth Advisors will bring EP Wealth’s total assets under management to more than $4 billion.