United States: Wealth & Asset Management

Family offices are navigating a rapidly evolving compensation landscape where traditional informal arrangements are giving way to structured incentive programs and competitive talent strategies.

Christian Munafo, Portfolio Manager of Growth Equity at VanEck, discusses the evolution of the non-traditional secondaries market, the rise of late-stage private investing, and the growing convergence of public and private markets. Drawing on more than 20 years of experience in venture and growth equity secondaries, he explains how the market has expanded beyond traditional LP-led transactions to include GP-led deals, structured solutions, and direct investments in private companies.

The SEC's Division of Examinations has identified significant compliance gaps in how investment advisers handle economic conflicts of interest, particularly around cash management programs and revenue-sharing arrangements. Recent examinations revealed advisers failing to adequately disclose compensation received from custodians, charging fees inconsistent with client agreements, and maintaining deficient compliance programs that don't address fee-related risks. These findings underscore the ongoing regulato

Large family offices and institutional investors are increasingly turning to NAV loans as a portfolio management tool for their alternatives holdings.

The Securities and Exchange Commission (SEC) has raised the dollar thresholds for “qualified client” status under Rule 205-3 of the Investment Advisers Act of 1940 (Advisers Act).

Brian Lucareli and John Melko explore the intricacies of Delaware Asset Protective Trusts, examining statutory exceptions and how enforcement varies across different states. The discussion provides families and advisors with practical insights into evaluating asset-protection planning strategies.

The U.S. Treasury Department and the Internal Revenue Service (IRS) have recently released proposed regulations (REG-105064-25)...

In the second part of their discussion, Neil Shah and Rob Projansky take a closer look at what happens...

ASIC has released its financial advice update for February 2026, covering the following developments and issues affecting financial advice...