The Department of Labor also announced it would not enforce a rule concerning proxy voting, saying it had heard from stakeholders that the rules had a 'chilling effect on appropriate integration of ESG factors in investment decisions.'
Cetera Advisors gets into the M&A game, buying its first RIA from another Genstar Capital–backed firm, Ascensus.
Some 10% now have a stake in the fast-growing RIA. 'We anticipate that the percentage that’s owned by employees should increase every year from now and ongoing,' Mallouk said.