AssetMark Financial Holdings has announced its acquisition of $12 billion in assets from Morningstar Wealth’s Turnkey Asset Management Platform (TAMP). This significant deal, revealed on June 20, 2024, will see Morningstar Wealth integrated as a third-party strategist on the AssetMark platform, bringing with it model portfolios and separately managed accounts. This development underscores AssetMark’s ongoing commitment to expanding its platform
The asset management industry is undergoing a significant transformation driven by global trends and technological advancements. A recent survey conducted by Northern Trust sheds light on current priorities and challenges faced by 300 global asset management firms. The findings highlight a shift towards product quality, accurate data management, and the adoption of advanced technologies. In an era where competition is
The gaming blockchain Ronin has made a significant stride by announcing its new Ronin zkEVM, a zero-knowledge Ethereum Virtual Machine layer-2 chain that employs a customized version of the Polygon Chain Development Kit. This pivotal development aims to greatly enhance Ronin’s capability to handle the expected surge in user base and transaction volumes over the coming years. The network is
The rise of digital communication has brought with it an increase in cyber threats. Among the recent threats is a highly deceptive phishing campaign targeting Chinese citizens, leveraging advanced technological tactics. Dubbed “quishing,” this latest scam utilizes QR codes embedded in fake official documents to trick unsuspecting victims into revealing sensitive information, exploiting the trust and familiarity people have with
Danske Bank has made a significant advancement in mobile banking and sustainable finance by integrating a new feature into its mobile app. This development enables users to gain clear insights into the sustainability of their investment portfolios, directly addressing the increasing demand among Danish investors for a stronger emphasis on sustainability in their investment activities. Traditionally, obtaining detailed information about
Ethiopia is making significant strides in its economic reform efforts, one of the most notable being the establishment of a Central Bank Digital Currency (CBDC). This initiative is framed within the broader context of Ethiopia’s Homegrown Economic Reform Agenda, which aims to modernize the nation’s financial infrastructure and integrate the Ethiopian economy into the global financial system. The National Bank
The recent ransomware attack on Ascension, a prominent US-based healthcare organization, has stirred considerable concerns within the cybersecurity community. The incident, which led to significant operational disruptions and data breaches, underscores the persistent and evolving challenges faced by the healthcare sector. Ascension disclosed the breach on May 10, 2023, revealing that both personally identifiable information (PII) and protected health information
FlowBank’s recent bankruptcy proceedings have sent shockwaves through the financial community, casting a glaring spotlight on the importance of stringent regulatory compliance. The Swiss Financial Market Supervisory Authority (Finma) has initiated bankruptcy proceedings against FlowBank due to severe and repeated breaches of capital requirements and other regulatory standards. FlowBank, an investment banking challenger headquartered in Geneva with subsidiaries in London
Ramify, a French WealthTech company, has recently announced an impressive financial milestone, having completed an €11 million Series A funding round. The round was initiated by 13books Capital and saw participation from Fidelity International Strategic Ventures alongside existing investors like Newfund, AG2R, Crédit Agricole, and several prominent business angels. This fresh infusion of capital is set to propel Ramify toward
Bitcoin, historically viewed as a speculative asset meant only for risk-tolerant investors, is increasingly being recognized as a viable addition to traditional investment portfolios. This shift in perspective comes in the wake of the Securities and Exchange Commission (SEC) approving spot Bitcoin Exchange-Traded Funds (ETFs) earlier this year. The move has led to greater adoption by registered investment advisors (RIAs)
The wealth management industry in the Asia Pacific region is undergoing a seismic shift, driven by the rapid adoption of artificial intelligence (AI) and digital innovation. As technology advances and the number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) continues to surge, particularly among a burgeoning class of self-made entrepreneurs, wealth management firms are evolving to meet their clients’
The recent announcement of a strategic partnership between Mastercard and Thought Machine has sparked significant interest in the financial community. This collaboration is poised to revolutionize core banking systems by merging Mastercard’s extensive network and digital solutions with Thought Machine’s cutting-edge core banking and payments platform. As the banking sector grapples with the imperative to modernize and innovate, this alliance
