What does the TaxStatus Discovery tool actually do for an advisory firm?
According to TaxStatus, Discovery runs more than 160 checks across every authorized client, organized into 11 categories including growth, retention, investment management, banking, tax, retirement, business owners, estate, insurance, IRS resolution and operations. Each finding includes metrics, methodology and a client-level list. TaxStatus CEO Kevin Knull said it allows firm leaders to calculate wallet share by household and account and assign named opportunity lists to relationship owners.
How does TaxStatus identify assets held away at other custodians?
According to TaxStatus, every IRA, income-producing bank and brokerage account, workplace plan, mortgage and, starting in tax year 2025, every digital-asset sale through a broker is reported to the IRS by name and account number. Discovery uses those forms to build a household-by-institution inventory. Once a firm identifies its own custodians, it can calculate a wallet-share figure for each household, including the value of assets held elsewhere and by whom.
Which AI assistants are compatible with TaxStatus Client Connector?
TaxStatus said Client Connector, built on the open Model Context Protocol, lets compatible AI assistants including Claude, ChatGPT and Microsoft Copilot query data on individual clients or an entire book, where firms have enabled such supported connections. Every call is logged, and firms control which tools receive data, according to the company.
What does TaxStatus cost and how many households does the base subscription cover?
According to TaxStatus, the subscription costs $10,000 per year or $1,000 per month on a one-year commitment. The base subscription supports up to 240 households, and additional households are priced at $48 each.
What specific planning opportunities can TaxStatus surface ahead of client meetings?
According to TaxStatus, the data can prepare advisors ahead of client meetings by generating discussion points ranked by dollars at stake, deadline and irreversibility. Examples cited by the company include a Roth conversion window tied to a zero federal tax bill, a Medicare premium adjustment that could save about $5,000 a year, and digital-asset proceeds reported on a 1099-DA that were omitted from a tax return.
Why did municipal bond ETFs see such large inflows in 2026?
Tax-loss harvesting drove the inflows, according to Vanguard Group. Investors sold securities that dropped in value to offset capital gains elsewhere, then swapped into similar but not substantially identical securities for 30 days. Munis dropped about 6.4% in the third quarter of 2026, the biggest quarterly loss in more than four decades, creating harvesting opportunities, according to the article.
Will the money that moved from muni mutual funds into muni ETFs flow back to mutual funds?
Justin Schwartz, head of municipals at Vanguard, said investors who moved into ETFs to harvest losses are unlikely to sell and reinvest back into open-end funds. Schwartz said, 'There's a good chance that a lot of it stays in the ETFs at this point,' noting that selling the ETF position to return to a mutual fund would itself trigger a taxable gain.
Which muni ETFs have attracted the most assets in 2026?
BlackRock Inc.'s iShares National Muni Bond ETF has taken in $14 billion in 2026, and Vanguard's Tax-Exempt Bond ETF has taken in $12 billion, making them the two largest muni ETFs by inflows, according to data compiled by Bloomberg. Both funds track broad municipal bond indexes.
How large is the total muni ETF market and how is it structured?
Total muni ETF assets stand at roughly $266 billion, according to the article. About 70% of those assets are held in passive funds. ETFs account for 97% of the $76 billion in total muni fund inflows recorded in 2026, according to JPMorgan Chase & Co.
What role do model portfolios play in the growth of muni ETFs?
Continued adoption of model portfolios by investment advisers and their clients may also contribute to muni ETF growth, according to Matthew Gastall, head of municipal research and strategy at Bloomberg Intelligence. Model portfolios package ETFs and other funds into customized asset allocation strategies, with some positions tailored to individual risk tolerances, market outlooks and planning objectives, Gastall said.
What are institutional target allocations to real estate in 2026?
Institutional target allocations to real estate held steady at 10.7% in 2026, according to the 14th annual Institutional Real Estate Allocations Monitor published by Hodes Weill and Cornell University's Baker Program in Real Estate. Institutions expect to increase that target by 10 basis points to 10.8% in 2027.
Why are so many institutions under-allocated to real estate right now?
Douglas Weill, senior managing director at Hodes Weill, said the widening gap between actual and target allocations reflects strong public equity performance. Approximately 54% of institutions reported being under-allocated in 2026, up from 40% in 2025, the highest level since 2021, according to the Institutional Real Estate Allocations Monitor.
How much has the gap between target and actual real estate allocations widened?
The gap between target allocations and actual allocations widened by 30 basis points year over year in 2026, according to the 14th annual Institutional Real Estate Allocations Monitor published by Hodes Weill and Cornell University's Baker Program in Real Estate.
How confident are institutions in real estate as an investment opportunity in 2026?
The Conviction Index, which measures institutions' view of real estate as an investment opportunity from a risk-return standpoint on a scale of one to ten, declined to 6.0 in 2026 from 6.4 in 2025, matching its five-year low, according to the Institutional Real Estate Allocations Monitor.
Are institutions likely to deploy more capital into real estate given the current under-allocation?
Douglas Weill, senior managing director at Hodes Weill, said many institutions are positioning to invest selectively at reset valuations, and that as distributions recover, the current allocation headroom could support a renewed pace of investment. Weill also said renewed interest rate volatility and geopolitical uncertainty delayed the recovery many investors anticipated coming into 2026.
What share of family office portfolios is allocated to real estate in 2026?
According to BNY Wealth's 2026 Investment Insights for Single Family Offices, real estate accounts for 11% of family office portfolios, making it the second-largest individual asset class holding behind public equity at 13%. Private real estate is a top-year-ahead private-market priority for 16% of US offices and 8% of non-US offices.
Are family offices increasing infrastructure allocations in 2026?
Yes. BNY Wealth's survey of 290 single-family offices found that 56% plan to increase infrastructure exposure over the coming 12 months. The report ties this shift to the global build-out of AI data centres, power systems and semiconductor capacity. Non-US offices put more weight on infrastructure than their US peers, with 21% versus 9% citing it as a top private-market priority.
How have family office alternatives allocations changed over the past year?
BNY Wealth's 2026 survey of 290 single-family offices found alternatives allocations rose 12 percentage points over the past year to 60%, surpassing traditional assets at 41% and marking the first time family offices have placed a majority of their assets in alternatives. BNY Wealth notes that some survey response options changed year over year, which may have contributed to the difference.
What are family offices prioritising in private markets for the year ahead?
According to BNY Wealth's survey of 290 single-family offices, growth equity is the leading private-market priority globally at 40%, followed by private infrastructure at 15%, private equity buyout at 14%, private credit at 13% and private real estate at 12%. Non-US offices weight infrastructure and buyouts more heavily than US offices.
How widely are family offices using AI in their investment process?
BNY Wealth's 2026 survey found 51% of family office decision-makers use data analytics and predictive modelling, often augmented by AI. Only 8% say AI is extensively integrated, while 40% have integrated it experimentally and 29% for specific asset classes. The most common uses already in place or being piloted are reporting automation and investment research, each cited by 72% of respondents.
Who sold the Apple Montreal flagship building and what did they originally pay for it?
ASG Equities, the Gindi family's real estate investment business, sold the property. The Gindi family reportedly acquired the building through De La Montagne Canadian Venture for $7.4 million in December 2001. The reported $51.93 million sale price is approximately $44.53 million above that original purchase price, though Retail Insider noted that redevelopment, financing and transaction costs have not been established.
What are the lease terms for Apple at the Montreal property Deka just bought?
Apple occupies the entire property under a long-term lease, according to Deka. Transaction reporting indicates the agreement has an initial 15-year term, two renewal options and a triple-net structure under which the tenant generally assumes responsibility for specified property expenses. Retail Insider noted those detailed lease provisions have not been independently confirmed.
How large is the Apple Montreal property that Deka acquired?
Deka identifies the entire property as containing approximately 35,833 square feet of leasable space across four floors, according to Retail Insider. The building at 1255 Sainte-Catherine Street West was built in 1896 and was historically associated with Montreal's Ogilvy department store.
Which Deka fund is the Montreal Apple property going into and what other Canadian assets does it hold?
The property will be added to the Deka-ImmobilienGlobal fund, according to Deka's November 6, 2026 acquisition announcement. That fund already holds Canadian real estate investments in Edmonton and Vancouver. Deka also holds a separate Montreal investment, Tour Deloitte, acquired in January 2026 for its Deka-ImmobilienMetropolen fund.
How was the Montreal Apple store building restored before the sale?
Montreal-based SAJO undertook nearly two and a half years of work combining modern retail construction with extensive heritage restoration across approximately 20,000 square feet on four levels. The project included recreating the building's original patinated copper cornices, use of robotic layout tools and LiDAR scanning, and preservation of a stone façade featuring historic Saint-Marc stone from Quebec and local granite, according to SAJO's account and Apple's January 2026 store-opening announcement.
Who acquired 40 Jessie Street in San Francisco and what did they buy?
A joint venture between affiliates of 1754 Properties and Vander Capital Partners acquired 40 Jessie Street, a 49,560-square-foot office building in downtown San Francisco. The building is 100% leased to Google through December 2030 and includes both conventional office space and purpose-built laboratory infrastructure.
How long is Google's lease at 40 Jessie Street and when does it expire?
According to the acquisition announcement, Google and its predecessor affiliate have leased 40 Jessie Street since 2016, and the current lease runs through December 2030.
What is the state of the San Francisco office market in 2026?
According to Cushman & Wakefield's San Francisco Office MarketBeat Q3 2026, San Francisco recorded 3.6 million square feet of office leasing in Q3 2026, with year-to-date leasing exceeding 9.0 million square feet, surpassing all of 2025. Citywide vacancy fell 410 basis points year over year to its lowest level since 2023.
What is 1754 Properties' investor base and typical deal size?
1754 Properties is backed by top family offices from the USA and abroad, financial institutions from the Middle East, and private equity investment firms, according to the announcement. The firm typically invests in assets ranging from $50 million to $500 million in value and has executed over 50 institutional investments with partners including pension plans of Fortune 500 companies and university endowments.
Is 1754 Properties seeking additional co-GP partners for office acquisitions?
Joe Smith, CEO of 1754 Properties, said the firm is seeking more sponsors in the office sector in top MSA locations who would benefit from 1754's GP capital, access to institutional limited partner equity capital, deep debt relationships, substantial guarantee capacity, and finance and accounting teams to help execute transactions.
Why does Vasant Capital's founder say she is comfortable with volatility in Western real estate markets?
Nataliya Johnson, CEO and founder of Vasant Capital Limited, grew up in the Soviet Union and experienced extreme inflation, currency devaluation and money held in an account becoming worthless overnight during the transition to a market economy. She told the Alfi Private Assets Conference on 9 November that this history leads her to view Western market volatility through a different lens: 'We actually embrace volatility.'
How has the Kulczyk family changed its investment strategy and capital structure in recent years?
Sebastian Bedekier, Co-Managing Partner at Nextus Capital, said Kulczyk Investments sold its stake in a major Polish motorway around three years ago and shifted toward technology, venture capital and real estate. The group was negotiating two joint ventures with large Western European family offices and had turned to private debt providers and investment partners to move faster than bank financing allows.
What real estate sectors is Nextus Capital targeting in Poland and why?
Sebastian Bedekier said Nextus Capital's Luxembourg-based real estate fund focuses on three areas in Poland: warehousing and logistics, affordable housing and selected opportunities in existing commercial property. Bedekier also identified central Warsaw offices as an opportunity, arguing that limited development following the pandemic had left demand for city-centre space insufficiently served.
What is Union Bancaire Privée's current view on family office appetite for real estate versus infrastructure?
Simon Würthenberger, Global Head of Private Markets Development at Union Bancaire Privée, said real estate is 'a very, very tough one at the moment' for client appetite. Infrastructure is attracting stronger demand, with some clients viewing it as an alternative to property because of its income characteristics and, depending on the strategy, opportunities to manage downside and interest rate risks.
What is Vasant Capital's most recent real estate project and what jurisdiction does it favour for fund structures?
Nataliya Johnson described a property in France that Vasant Capital intends to convert into a boutique hotel, though she declined to share the address. For fund structures, Johnson said Luxembourg is Vasant Capital's preferred jurisdiction, describing the step of establishing a fund as giving the investment activity the sophistication it now deserves.
How much did family offices and high-net-worth individuals invest in commercial real estate compared to institutions last year?
According to Knight Frank's analysis, global investment from family offices and high-net-worth individuals in commercial real estate totaled $464 billion last year, outweighing institutional investment of $347 billion. MSCI Executive Director Jim Costello said institutional and cross-border money has been a seller in recent periods, while private capital has been moving in.
Why are institutional investors sitting on the sidelines in commercial real estate right now?
Cushman & Wakefield senior economist Adrian Ponsen said institutional capital is locked in legacy funds that were committed when the 10-Year Treasury was 100 to 200 basis points or more lower than today. Ponsen said GPs managing those funds are hesitant to sell and liquidate because they want to preserve equity, tying up institutional funds and slowing their ability to recycle and reallocate into the sector.
How fast are family offices growing and how does that affect real estate capital flows?
Wealth-intelligence firm Altrata tracked a 50 percent growth in family office formation, from about 6,000 in 2019 to more than 9,200 today. Cushman & Wakefield senior economist Adrian Ponsen said the top 1 percent of the U.S. has seen its aggregate net worth more than double in the last 10 years, and wealth creation feeding family office fundraising has outpaced growth in assets under management for public pension funds and institutional investors.
Are foreign investors pulling out of U.S. commercial real estate?
Savills found global cross-border capital investment in the U.S. during the first half of the year hit $16.1 billion, up 23 percent annually. Gunnar Branson, CEO of the Association of Foreign Investors in Real Estate, said a pause does not mean foreign investors are pulling out, but that they are not aggressively pursuing new transactions, describing the current environment as an age of hesitation.
What is driving the surge in data center investment in commercial real estate?
MSCI data showed deal volume into data centers jumped 1,525 percent year-over-year in Q3 2026. The source text notes sovereign wealth funds have been extremely busy with data center deals, and in June the Kuwait Investment Authority joined a partnership committing $10 billion to launch Helix Digital Infrastructure. Clarion Partners found 31 percent of an estimated $11.4 trillion in institutional real estate holdings is now in alternative sectors, which include data centers.
Which family offices were involved in the Rosewood London acquisition?
Miami-based White Bridge Capital and its international network of private investors and family offices invested alongside Gencom in the acquisition of Rosewood London. White Bridge Capital also supported the financing arranged by HSBC and Santander for the transaction.
What is the Rosewood London property and where is it located?
Rosewood London is a 308-key luxury hotel occupying a Grade II-listed building at 252 High Holborn in Central London.
Who arranged the financing for the Rosewood London deal?
Financing for the Rosewood London acquisition was arranged by HSBC and Santander. White Bridge Capital supported this financing alongside its equity co-investment with Gencom.
Are family offices investing in luxury hospitality assets outside the United States?
The Rosewood London transaction illustrates family-office co-investment in trophy hospitality assets beyond traditional U.S. gateway markets, according to the deal announcement. White Bridge Capital and its international network of family offices participated alongside Gencom in the Central London acquisition.
What role did Gencom play in the Rosewood London transaction?
Gencom led the acquisition of Rosewood London, the 308-key luxury hotel at 252 High Holborn in Central London, with family office investors including White Bridge Capital investing alongside Gencom in the deal.
Which firms did CW Advisors acquire and how much AUM did they add?
CW Advisors acquired Yosemite Capital Management, Threadgill Financial, and Peddock Capital Advisors, with the Peddock transaction also including tax practice Peddock Tax Services, LLC. The three firms added a combined $1.6 billion in assets under management, bringing CW Advisors' total to more than $19.7 billion.
How many acquisitions is CW Advisors targeting in 2026?
CW Advisors is targeting eight acquisitions in 2026, according to a spokesperson. The three deals announced put the firm on track to meet that goal.
Who owns CW Advisors and who is backing its acquisition strategy?
CW Advisors is owned by independent broker/dealer Osaic, whose majority owner is private equity firm Reverence Capital Partners. Reverence closed a recapitalization of Osaic in 2026 that raised more than $2 billion in capital, including from new investor Bain Capital.
What is CW Advisors' total AUM and how does it compare to Osaic overall?
CW Advisors oversees more than $19.7 billion in assets under management following the three acquisitions. Osaic manages $810 billion in assets under management and advisement in total, meaning CW Advisors accounts for only a small portion of the parent firm's overall assets.
Which advisors represented the acquired firms in these transactions?
Gladstone Associates represented Peddock Capital Advisors in its transaction. Boardwalk Financial Partners advised both Yosemite Capital Management and Threadgill Financial, according to the announcement.
What price did Braemar Hotels sell the Four Seasons Scottsdale for and what were the deal metrics?
Braemar Hotels & Resorts sold the 210-room Four Seasons Resort Scottsdale for $372 million, or $1.8 million per key. Including anticipated capital expenditures of $23 million, the sale represents a 5.8% capitalization rate on net operating income and a 15.0x Hotel EBITDA multiple for the trailing 12 months ended September 2026.
What return did Braemar Hotels generate on the Four Seasons Scottsdale investment?
Braemar Hotels & Resorts generated an unlevered return of approximately 15% on the Four Seasons Resort Scottsdale, which Richard J. Stockton, President and CEO, described as significantly above the company's 10% minimum target. Braemar acquired the property in 2022.
What will Braemar Hotels do with the proceeds from the Four Seasons Scottsdale sale?
Braemar Hotels & Resorts said it expects the proceeds from the Four Seasons Scottsdale sale, together with cash on hand, to fund the remaining fees owed to its external advisor under the company's separation agreement. Braemar also said it remains on track to complete its transition to a self-managed REIT in mid-November.
When did Braemar Hotels close the Four Seasons Scottsdale sale?
Braemar Hotels & Resorts announced the closing of the Four Seasons Resort Scottsdale sale on November 3, 2026, according to a press release issued that day from Dallas.
Is Braemar Hotels becoming self-managed and what is the timeline?
Braemar Hotels & Resorts said it remains on track to complete its transition to a self-managed REIT in mid-November, according to Richard J. Stockton, President and Chief Executive Officer, in the November 3, 2026 press release. The company said proceeds from the Scottsdale sale will help fund fees owed under its separation agreement with its external advisor.
What was the sale price and financing amount for 510 Place in Seattle?
JLL Capital Markets arranged the $10.732 million sale of 510 Place and separately secured $6.7 million in acquisition financing for the buyer through Freddie Mac via JREC. The 36-unit mid-rise multifamily property is located in Seattle's lower Queen Anne neighborhood.
Who sold and who bought the 510 Place apartment building in Seattle?
510/520 Fourth West Properties LLC, a local investment group led by Kevin Chinn, sold the property. 510 Apartments LLC, described by JLL as a longtime local investor, purchased the asset in an off-market transaction.
Is the seller of 510 Place doing a 1031 exchange?
Yes. According to JLL, 510/520 Fourth West Properties LLC is completing a 1031 exchange as part of a strategic portfolio repositioning for the next generation. JLL Senior Director Casey Zejdlik confirmed the transaction represented 'another successful 1031 exchange' for the client.
Which JLL team members led the 510 Place transaction in Seattle?
JLL's Seattle Private Capital and Middle Markets team representing the seller was led by Senior Director Casey Zejdlik and Directors Michael Lyford and Reed Curtis. JLL's Debt Advisory team, led by Steve Petrie and Seth Heikkila, arranged the acquisition financing for the buyer.
Who is behind Project Uris and what have they bought in San Francisco?
Project Uris is the operating name for Uris Acquisitions, the Union Square buying vehicle of Ian Jacobs and Max Raskin. The entity has acquired seven buildings in San Francisco for roughly $50 million in total, including the most recent purchase of 47 Kearny Street and 165 Post Street for a combined $19.6 million, according to The Registry.
What did Uris Acquisitions pay for 47 Kearny Street and 165 Post Street?
Uris Acquisitions paid a combined $19.6 million for the two properties at 47 Kearny Street and 165 Post Street in San Francisco's Union Square. The buildings total 75,000 square feet and were previously family-held, according to The Registry.
How large is the Uris Acquisitions San Francisco portfolio after this deal?
Following the acquisition of 47 Kearny Street and 165 Post Street, Uris Acquisitions holds seven buildings in San Francisco acquired for roughly $50 million in total, according to The Registry.
What types of properties has Uris Acquisitions been buying near Union Square?
Uris Acquisitions has been acquiring office and retail buildings near San Francisco's Union Square, according to The Registry. The two most recent purchases at 47 Kearny Street and 165 Post Street are described as family-held office and retail buildings totaling 75,000 square feet.
Who were the sellers of 47 Kearny Street and 165 Post Street in San Francisco?
The sellers of 47 Kearny Street and 165 Post Street were family-held owners, according to The Registry. No further identification of the sellers is provided in the source.
Who provided the financing for Gencom's acquisition of Rosewood London?
Acquisition financing for Gencom's purchase of Rosewood London was provided by HSBC and Santander. White Bridge Capital supported Gencom on arranging that financing, according to the November 3, 2026 press release.
What is White Bridge Capital's role in the Rosewood London deal?
White Bridge Capital, a Miami-based private real estate investment and lending advisory firm, invested in the transaction alongside its international network of private investors and family offices, and supported Gencom on the acquisition financing provided by HSBC and Santander, according to the press release.
What is Gencom's track record and portfolio size in luxury hospitality?
Gencom was founded more than 40 years ago and has grown to a portfolio comprising $7 billion in assets under management and under development, including 17 owned assets with over 5,000 hotel rooms worldwide, according to the press release. Gencom also operates 185 managed properties totaling 50,000 keys through its affiliate Pyramid Global Hospitality.
What other deal have White Bridge Capital and Gencom done together?
The Rosewood London transaction further strengthens White Bridge Capital's strategic partnership with Gencom, following the recent acquisition of the InterContinental Miami, according to the press release.
What are the key features and location of Rosewood London?
Rosewood London occupies a landmark 1912 building at 252 High Holborn, proximate to Covent Garden, the Royal Opera House, the British Museum, and Somerset House. The hotel's 308 rooms include 44 suites, and its seven Houses span up to 185 square meters. The hotel underwent a comprehensive transformation between 2011 and 2014, led by design firm Tony Chi Studios, according to the press release.
What did Jarrell Properties pay for the two downtown Fredericksburg buildings and what did it buy?
Jarrell Properties Inc. paid $3,342,500 for two historic buildings totaling about 46,000 square feet at 925 Caroline and 1001 Caroline streets in downtown Fredericksburg. The properties were purchased from the Sale family and currently house the Antique Court of Shoppes and The Fredericksburg Antique Mall & Clock Shop.
How large is Jarrell Properties' downtown Fredericksburg portfolio after this acquisition?
Following the purchase of the two Caroline Street buildings, Jarrell Properties Inc.'s downtown Fredericksburg portfolio numbers 14 properties totaling about 126,000 square feet, according to the Fredericksburg Free Press.
What does Jarrell Properties plan to do with the two newly acquired Fredericksburg buildings?
Jarrell Properties said in a statement that the company is 'currently evaluating the best long-term uses for both buildings, with a focus on preserving their historic character and bringing new life to the storefronts at downtown's busiest intersection.' No specific redevelopment plans were announced.
Is Jarrell Properties the only Jarrell-affiliated entity owning downtown Fredericksburg real estate?
No. The Stover Jarrell Agency, described by the Fredericksburg Free Press as a related but separate entity to Jarrell Properties Inc., owns eight downtown Fredericksburg properties including addresses on William Street, Sophia Street, and Caroline Street.
Who sold the Caroline Street buildings to Jarrell Properties?
The Sale family sold the two buildings at 925 Caroline and 1001 Caroline streets to Jarrell Properties Inc. for $3,342,500, according to the Fredericksburg Free Press.
Which banks are leading New York real estate lending in 2025-2026?
According to a Real Deal analysis of mortgages recorded from August 2025 to July 2026, Wells Fargo led with $6.3 billion, followed by JPMorgan Chase with $5.6 billion and Citibank at $3.1 billion. Alternative lenders including Apollo Global Management also appeared in the top 20 rankings alongside traditional banks.
How are rising interest rates affecting SL Green's finances?
SL Green's refinancing of 245 Park Ave. raised its rate from 4.3% to 6.4% on a $2 billion loan. Rising rates are projected to reduce SL Green's 2026 earnings by 25 cents per share, delay property sales, and lead to higher debt balances. SL Green's Q3 funds from operations of $1.59 per share fell short of the $1.63 analyst consensus.
What is the outlook for New York multifamily lending right now?
Multifamily accounted for about 18.5% of new lending deals in New York in the August 2025 to July 2026 period, according to a Real Deal analysis. S3 Capital Partners attributed a significant boost in its lending activity to sustained tenant demand. The analysis noted record rent levels as a strong underlying market fundamental supporting financing activity.
What did the Brooklyn appeals court decide about the NYC pied-à-terre tax lawsuit?
The Brooklyn appellate court reversed a lower-court ruling by Staten Island Justice Wayne Ozzi that had twice halted the tax rollout. The appeals court found that the homeowner plaintiffs lacked standing because they had not shown they would actually be subject to the tax, and ruled that publication of a supplemental property roll did not cause plaintiffs any concrete or definable injury.
Which properties are subject to the NYC pied-à-terre tax?
The NYC pied-à-terre tax applies to single-family homes with market values of $5 million or more, and to co-ops and condominiums worth at least $1 million, according to the source text.
When will the NYC pied-à-terre tax surcharge appear on property tax bills?
New York City officials plan to include the pied-à-terre surcharge on property tax bills due January 1.
Are there still active legal challenges to the NYC pied-à-terre tax?
Yes. Two suits against the state, including one brought by former US Commerce Secretary Wilbur Ross and casino tycoon Steve Wynn, argue the tax is unconstitutional because it discriminates against non-residents of New York City. Arguments in those cases are scheduled for December 1. The dismissed lawsuit challenged the city's implementation of the tax, not its legality.
How many exemptions has New York City granted from the pied-à-terre tax?
New York City officials said in late September that they had granted 5,200 exemptions out of roughly 9,300 applications reviewed. In July, the city had sent 17,000 notices to owners of properties potentially eligible for the tax, inviting them to apply for exemptions. The deadline to apply for exemptions was October 13.
Will the December Fed rate rise cause Hong Kong family offices to sell their overseas property holdings?
According to industry insiders, an expected 0.25 percentage point US Federal Reserve rate increase in December is unlikely to dampen Hong Kong family offices' interest in European, US and Japanese property investments. Ken Peng of Raffles Family Office said there are currently no signs of a large-scale sell-off in the US real estate market.
How long does Raffles Family Office expect the Fed rate-hiking cycle to last?
Ken Peng, chief investment officer at Raffles Family Office, said he believes the Federal Reserve's current rate-hiking cycle could be quite short. Peng said that following the midterm elections, fiscal policy might tighten by 2027, which would slow US economic growth and ease inflationary pressures.
Which overseas property markets are Hong Kong family offices focused on?
According to industry insiders cited in the South China Morning Post, Hong Kong family offices maintain interest in European, US and Japanese property investments, and the expected December Fed rate increase is unlikely to dampen that interest.
Why did Miami rank third among U.S. real estate markets for 2027?
The Urban Land Institute and PwC's Emerging Trends in Real Estate 2027 report cited corporate relocations, international capital, Ken Griffin's acquisitions, and billions of dollars in construction lending from Tyko Capital as key drivers. The report also noted Miami's growing finance and tech sectors as central to its commercial real estate appeal.
What major office deals has Ken Griffin done in Miami?
Ken Griffin's Citadel launched construction in March on a planned 1.7 million-square-foot Brickell headquarters valued at $2.5 billion. Griffin also paid $1.1 billion for Mana Wynwood and nearby properties to build a 35-acre Carnegie Mellon University campus, and teamed with Goldman Properties to buy the 545wyn office building in Wynwood for $181 million.
What are current Miami office rents and vacancy rates?
Miami office vacancy fell to 13.7 percent in the third quarter, its lowest level since late 2020. Average office rents are nearing $68 per square foot, 10 percent below Manhattan's average. Class A space is fetching between $100 and $120 per square foot, while office buildings are trading for approximately $400 to $600 per square foot depending on the submarket.
How has Miami multifamily performed recently?
South Florida multifamily deals have bounced back from a 2023 low and are on pace to reach $3.1 billion in 2026. Apartment demand ranks 12th nationally relative to existing stock, vacancy has fallen to 8.1 percent, and rents rose 2.8 percent year over year in the third quarter, according to the Urban Land Institute and PwC's Emerging Trends in Real Estate 2027 report.
What is the largest construction loan ever made in Florida for real estate?
Tyko Capital provided an $817 million construction loan to Edgardo Defortuna's Fortune International Group and Shahab Karmely's KAR Properties, setting a Florida state record. The previous record was held by a $668 million financing package for the Waldorf Astoria Hotel & Residences Miami from Bank OZK and Related Fund Management, arranged for Property Markets Group.
Which family offices backed the InterContinental Miami acquisition?
Miami-based White Bridge Capital and its international family office partners provided a significant portion of the equity for the acquisition, according to the companies. White Bridge Capital is described as a private real estate investment and lending advisory firm that works with international family offices and sponsors to find, structure and manage real estate opportunities across the United States and other markets.
What is Gencom's existing presence in Miami real estate?
Gencom co-developed The Ritz-Carlton Key Biscayne in the late 1990s and recently completed a transformation of that 423-room resort costing more than $100 million. In December 2025 Gencom reacquired a majority interest in the 115-room Ritz-Carlton Coconut Grove. Gencom is also advancing Miami Riverbridge, a joint venture with Hyatt worth more than $1.5 billion.
Why are family offices investing in luxury hospitality assets like the InterContinental Miami?
According to the partners, the deal reflects continued institutional and family office interest in high-quality hospitality assets in markets that are hard to enter, backed by strong sponsors. Regina Garcia Handal, chief investment officer of White Bridge Capital, said the transaction reflects an investment philosophy of investing in irreplaceable assets with strong long-term fundamentals in premier gateway markets.
What are the key physical and operational characteristics of the InterContinental Miami?
The InterContinental Miami is a 34-storey, 652-room waterfront hotel at 100 Chopin Plaza. It has 35 meeting rooms and more than 90,000 square feet of indoor and outdoor event space. The hotel recently completed a full renovation of its rooms, club lounge and outdoor event space, and has a mix of leisure, corporate and group business, according to Gencom's managing director of acquisitions Ignasi Puig.
What is White Bridge Capital and who leads it?
White Bridge Capital is a Miami-based private real estate investment and lending advisory firm that works with international family offices and sponsors to find, structure and manage real estate opportunities across the United States and other markets. Tommy Campbell is its founder and chief executive, and Regina Garcia Handal serves as its chief investment officer.
What did the SEC find that Snowden Lane Partners did wrong?
The SEC found that Snowden Lane Partners breached its fiduciary duty to retail clients over more than five years by not disclosing that its affiliated broker-dealer marked up margin interest rates and collected clearing-firm compensation from client cash sweep balances. The SEC also found that Snowden Lane used a hedge clause in client agreements inconsistent with an investment advisor's fiduciary duty.
How much did Snowden Lane pay to settle the SEC charges?
Snowden Lane Partners agreed to pay more than $360,000 in disgorgement, interest, and penalties. As part of the settlement, the firm also consented to a cease-and-desist order and a formal censure. Snowden Lane did not admit the SEC's findings.
How long did the undisclosed margin markup arrangement at Snowden Lane last?
According to the SEC's order, the undisclosed margin interest markup arrangement ran from at least February 2018 through March 2023, a period of more than five years. The separate undisclosed cash sweep revenue conflict ran from February 2018 through June 2020.
What is the hedge clause issue in the Snowden Lane SEC settlement?
Starting in July 2019, Snowden Lane included a hedge clause in its advisory agreements purporting to limit its liability to clients. The SEC found this language risked misleading retail clients into believing they could not exercise certain legal rights that cannot in fact be waived. Snowden Lane adopted a policy against such clauses in June 2023 but did not revise existing client agreements to remove the language.
Did Snowden Lane's clients lose money as a result of these disclosure failures?
According to a Snowden Lane spokesperson, clients did not experience investment losses. The spokesperson also said the SEC's order acknowledges that clients received disclosures regarding the compensation arrangements at issue, and that the firm updated relevant disclosures and advisory agreement language following the initial examination in 2022.
Should I buy Anthropic stock at the IPO price or wait?
All three CIOs interviewed — Erik Kratz of Arena Private Wealth, Brian Glenn of Premier Path Wealth Partners, and Travis Poodiack of Birch Financial Group — recommend a slow approach. Brian Glenn said buyers who purchased SpaceX at the IPO price have not seen a phenomenal return, and Travis Poodiack said a long-term investor may see little difference between buying on day one or waiting weeks or months for a potentially lower price.
How long might it take for Anthropic stock to deliver steady gains?
All three CIOs advise clients to expect to potentially wait five to 10 years before Anthropic stock begins to see a steady rise in value, according to the article. They say there is no reason to believe Anthropic will follow a different trajectory than SpaceX, which saw an initial pop followed by a significant decline within about a month of listing.
What is Anthropic's debt load going into the IPO?
According to the article, Anthropic owes at least $516 billion to creditors across the tech ecosystem, including Google, Amazon, and NScale Global. The company's operating cash flow in the first six months of 2026 totaled $3.9 billion. Erik Kratz of Arena Private Wealth noted that holding a top position in AI requires spending heavily on innovation every three to four months.
Are there ETFs that offer exposure to Anthropic ahead of or after the IPO?
The article identifies two ETFs with Anthropic exposure: the TEMA Photonics & Optical ETF (LAZR), which raised its Anthropic allocation to 10.5% after the S-1 filing, and the Corgi MANGOS ETF (MANGOS), with an allocation of approximately 9.0%. However, advisors quoted in the article say investors seeking direct Anthropic exposure specifically may as well buy the stock outright.
Why is client interest in the Anthropic IPO lower than it was for SpaceX?
Travis Poodiack of Birch Financial Group cited the lack of an 'Elon effect' and a more crowded field of pure AI companies. Brian Glenn of Premier Path Wealth Partners said there are many competing AI brands — including OpenAI, Google Gemini, and Microsoft Copilot — which dilutes enthusiasm, whereas SpaceX was 'sort of one of a kind' with multiple revenue lines and may have created more of a buzz.
How are family offices changing their real estate strategy in response to higher interest rates?
Higher interest rates have made family offices more selective about investing in real estate, with many focusing on highly discounted properties and assets with strong pricing power, according to chief investment officers who told CNBC.
What is Michels Family Office's current approach to real estate investing?
Rob Haugen of Michels Family Office said uncertainty over where interest rates are headed has made the firm pickier about investing in real estate.
Who is Rob Haugen and what is his role at Michels Family Office?
Rob Haugen oversees private capital investments, mergers and acquisitions at Michels Family Office and is also the chief investment officer of its spinout firm River1 Asset Management.
What types of real estate assets are family offices targeting right now?
According to CNBC, many family offices are focusing on highly discounted properties and assets with strong pricing power as higher interest rates have made them more selective in the asset class.
What is the valuation and ownership structure of the 1301 Avenue of the Americas joint venture?
CRE Daily reported on October 5, citing Commercial Observer, that DRA Advisors is taking a 49% stake in 1301 Avenue of the Americas at a $1.3 billion valuation. Rithm Capital holds the 51% majority and continues to operate the tower through its Elecor Properties platform. IREI noted that specific financial terms were not disclosed.
Who are the major tenants at 1301 Avenue of the Americas?
The 1.7 million square foot tower is fully leased. Tenants include KeyBank, Piper Sandler, Crédit Agricole and O'Melveny & Myers. The building also houses The Aurelian, a renovated 32,000 square foot private club, according to IREI.
What is the current Manhattan office vacancy rate and how does it compare to last year?
JLL data cited by IREI shows Manhattan office vacancy fell to 12.6% through the third quarter of 2026, down from 14.7% a year earlier. CRE Daily identified 12.6% as the lowest vacancy rate since before 2020, with limited new supply cited as the main constraint.
Which Manhattan office submarkets have the lowest vacancy rates right now?
According to IREI, vacancy in Manhattan varies significantly by submarket. Hudson Yards sits at 7%, the World Trade Center area at 7.3%, and the Midtown Core at 9.7%. Midtown East remains the weakest submarket at 16.9% vacancy.
What are Rithm Capital's plans for its Elecor portfolio after this deal?
Rithm Capital plans similar capital partnerships across its Elecor Properties portfolio, which it acquired in December 2025 along with class A offices in New York and San Francisco, according to IREI. Rithm vice president Jonny Nierenberg told IREI that activity across recapitalizations, refinancings and sales has picked up, with demand across the capital stack.
What is the Chelsea deal that Bricksave closed with a family office?
Bricksave completed funding for 110 West 26th Street, a $13.5 million loft repositioning in Chelsea, Manhattan. The deal was co-invested alongside a leading institutional family office, according to Bricksave's Q3 2026 portfolio update published October 30, 2026.
What returns is Bricksave generating on its US real estate portfolio?
Bricksave reported a 7.65% average annual return across its US portfolio for Q3 2026, according to the platform's own disclosure. Bricksave noted that past performance is not a reliable indicator of future results and that capital is at risk.
What type of property is 110 West 26th Street in New York?
110 West 26th Street is described as a loft repositioning project located in Chelsea, Manhattan, according to Bricksave's Q3 2026 portfolio update. The total deal size was $13.5 million.
What city dominated Bricksave's deal activity in Q3 2026?
According to Bricksave's Q3 2026 portfolio update authored by Alice Dunn, Quarter 3 2026 was shaped by New York, with the $13.5 million Chelsea loft repositioning at 110 West 26th Street completing its funding in October.
What is GARBE Private Capital AG and what does it do?
GARBE Private Capital AG is a newly formed company domiciled in Zurich, launched on 28 October 2026, that serves as a single point of contact for family offices, private banks and entrepreneurial families. Its business centres on club deals, co-investments, joint ventures and individually structured equity investments, with GARBE's shareholder families committing their own capital alongside investment partners.
Which real estate and infrastructure asset classes does GARBE Private Capital target?
GARBE Private Capital AG's investment spectrum follows GARBE's 'Sheds, Beds & Infrastructure' strategy. According to GARBE, this includes logistics and industrial, food retail and residential real estate along with hotels, data centres and infrastructure.
Who is leading GARBE Private Capital AG and what is his background?
Peter Paschke is Managing Director of GARBE Private Capital AG, effective 1 October 2026, and also sits on its Board of Directors. He brings more than 14 years of experience in private markets and investor relations focused on family offices. His prior roles include a single family office in Zug, Pangaea Life Capital Partners and New York-based hedge fund manager Muirfield Capital.
How large is GARBE as a firm and what is its geographic reach?
GARBE has more than 15 billion euros in assets under management, according to the company. GARBE operates 23 branch offices in 16 countries and has a presence in Europe, the United States and the Middle East.
How large is GARBE as a firm and what is its geographic reach?
GARBE has more than 15 billion euros in assets under management, according to the company. GARBE operates 23 branch offices in 16 countries and has a presence in Europe, the United States and the Middle East.
What legal services does Venable's Family Offices practice now cover?
According to Venable LLP, the expanded practice covers governance, tax and wealth planning, M&A, direct and fund investments, enterprise protection, philanthropy, succession, real estate, employment, regulatory compliance, cybersecurity, data privacy, and artificial intelligence, as well as specialized assets such as sports teams, NIL rights, royalties, and intellectual property.
Who leads Venable's Family Offices expansion?
Chuck Morton, managing partner of Venable's Baltimore office and described by the firm as a veteran corporate attorney with decades of experience advising family offices on M&A and complex business matters, and Sandra Newman, a partner in Venable Private Wealth Planning who focuses on investment structures, risk management, succession, and tax optimization strategies, are both identified as key figures in the expanded practice.
Why is Venable formalizing its family office practice now?
Venable LLP stated that family offices are growing in number, scale, and sophistication, with many operating as institutional investors and complex business enterprises whose legal needs extend well beyond traditional wealth and estate planning. Chuck Morton said the expansion formalizes work Venable has already been conducting across many areas of the firm for years.
Does Venable's family office practice cover real estate transactions?
Yes. Venable LLP stated that its expanded Family Offices offering addresses client needs in acquiring real estate and listed real estate as one of the specialized asset classes on which the firm counsels. Real estate is also cited among the broader legal and business need areas the practice is designed to serve.
How large is Venable LLP as a firm?
Venable LLP has more than 900 professionals, according to the firm. It is headquartered in Washington, DC, holds American Lawyer Global 100 status, and operates offices in California, Colorado, Delaware, Florida, Illinois, Maryland, New York, Virginia, and Washington, DC.
What did the Federal Reserve decide at its October 2026 meeting?
The Federal Open Market Committee voted 10-2 on October 28, 2026, to hold its benchmark federal funds rate in a range of 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring a quarter-point increase. The committee did not offer a clear signal that it might raise rates at its next meeting in December.
Why did the Fed choose not to raise rates at the October 2026 meeting?
The committee said that accumulation of more information will help determine the appropriate policy stance to ensure a timely return of inflation to its 2% goal. New York Fed President John Williams and Vice Chair Philip Jefferson had previously said the Fed's September hike had bought time to assess the economy, which caused investor expectations for an October hike to fall below 10%.
Is the Fed likely to raise rates in December 2026?
The post-meeting statement offered no clear signal of a December rate increase. The committee stated that more data accumulation will guide its next decision. Policymakers were set to receive fresh inflation data Thursday when the Bureau of Economic Analysis releases the September personal consumption expenditures price index reading.
What is the current state of US inflation and economic growth as of October 2026?
The consumer price index rose in September at its fastest pace in five months, driven largely by higher energy prices connected to the Iran war, with broad-based inflation also seen across goods and services. Economists expected third-quarter US GDP growth at a robust annualized pace of about 3.2%, with strong consumer spending and investment into artificial intelligence continuing to boost growth.
What is the controversy surrounding Fed Governor Lisa Cook in late 2026?
Governor Lisa Cook is challenging President Donald Trump's attempt to fire her. Administration officials scheduled a hearing at the White House in early November to examine allegations of mortgage fraud that Cook has long denied. Cook said she would not be able to attend the hearing.
What is the $4,800 Schwab credit for Claude AI and who qualifies?
Schwab is offering a $4,800 credit to RIAs that custody with Schwab and sign up for the enterprise version of Claude for Financial Advisors by Nov. 30, 2026, according to Alison Dooher, head of AI for Schwab Advisor Services. The credit equals the 12-month 20-seat minimum cost, making it cost-neutral for smaller firms.
What does the Claude for Financial Advisors enterprise plan actually do for RIAs?
The Claude for Financial Advisors collaboration gives RIAs AI connectors between the Schwab Advisor Center and their own tools to help automate research, meeting preparation and documentation tasks, according to Schwab executives at the Schwab Impact conference. Schwab and Anthropic mutually recommend the enterprise license for its additional compliance and security features, according to Dooher.
Is Schwab's AI deal with Anthropic exclusive?
Dooher said Schwab would remain open to various AI partnerships, signaling that the deal with Claude and other vendors would not be exclusive, according to reporting from the Schwab Impact conference.
What is Nevis and what is Schwab's involvement?
Nevis is an AI-powered back-office operating platform for wealth management that uses AI agents to handle meeting preparation, client servicing and onboarding, routing work through tools such as Schwab Advisor Center. Schwab made a minority investment in Nevis and participated in Nevis's $70 million Series B funding round, which brought total Nevis funding to $110 million.
What is Wealth.com's Ester and how can RIAs access it through Schwab?
Ester is an AI-powered tax and estate planning tool from Wealth.com that helps advisors with tasks including uploading documents, creating a visual mapping of beneficiaries, and answering client questions, according to Wealth.com co-founder and Chief Growth Officer Tim White. A limited version is available for free on the Schwab Advisor Center until February 2027, after which access will be broader and fee-based.
What did Morgan Stanley pay for the Virginia logistics facility and who is the tenant?
Morgan Stanley Real Estate Investing paid $172.1 million for the facility in Stafford, Virginia. The tenant is J.E. Richards under a long-term net lease, with the lease guaranteed by Quanta Services, Inc., an investment-grade parent company and specialty infrastructure solutions provider.
What are the key physical specs of the Morgan Stanley Virginia industrial acquisition?
The facility is 935,000 square feet with a cross-dock configuration, 40-foot clear heights, and extensive loading capacity. It was constructed in 2026, has immediate access to I-95, and is located approximately one hour from both Washington, D.C. and Richmond.
Why did Morgan Stanley Real Estate Investing choose Northern Virginia for this industrial deal?
David Gross, Managing Director at Morgan Stanley Real Estate Investing, said the Northern Virginia region continues to benefit from significant investment in digital infrastructure, creating opportunities across the broader ecosystem of businesses and real estate that support its continued expansion.
How much real estate does Morgan Stanley Real Estate Investing manage globally?
Morgan Stanley Real Estate Investing currently manages $58 billion of gross real estate assets worldwide on behalf of its clients, according to the Morgan Stanley announcement.
Is the Quanta Services lease guarantee investment grade?
Yes. According to the Morgan Stanley announcement, the long-term net lease with J.E. Richards is guaranteed by Quanta Services, Inc., which is described as an investment-grade parent company and a leading provider of specialty infrastructure solutions.
What yields are family offices targeting in real estate right now?
Rob Haugen, chief investment officer of River1 Asset Management and overseer of private capital at Michels Family Office, said he typically targets potential yields on cost in the high single digits or in double digits. He cited buying an office building at a heavy discount with a known tenant and big-box retail as two strategies for reaching those levels, according to CNBC.
How much leverage are family office advisers willing to accept on real estate funds?
Joel Houck, chief investment officer of HB Wealth, said his firm generally steers clients away from funds with leverage above 65%, whether at the property or fund level. Houck said higher rates can create chances to buy at a discount, but investors must watch how much debt a fund uses.
Are family offices investing in data centers?
Mike Silverman, chief investment officer at Cresset, said clients ask often about data centers but Cresset has not pursued them because of the risk. Silverman said he tends to think of data centers as more of a technology investment than a real estate investment, noting that a data center may not be valuable at the end of a 15-year lease due to technology change.
What real assets are large family offices showing interest in beyond traditional real estate?
Joel Houck, chief investment officer of HB Wealth, said he has seen more interest from large family offices in real assets including industrial warehouses, farmland, and timberland. Houck said certain types offer protection against inflation, a top concern for many family offices, and can also be tax-efficient through mechanisms such as a depreciation shield.
Where does the 30-year fixed mortgage rate stand and what is the Fed expected to do?
Freddie Mac's weekly survey put the 30-year fixed mortgage rate at 7.40% on October 15, up from 6.27% a year earlier. The Federal Reserve was scheduled to meet October 27–28 and was widely expected to hold its benchmark range at 3.75% to 4.00%, according to AFP reporting cited in the source.
How are family offices changing their real estate investment strategy because of high interest rates?
According to Rob Haugen, CIO of Michels Family Financial, LLC and River1 Asset Management LLC, family offices are becoming more selective, only making large investments in 'truly exceptional' projects unless confident that interest rates will decline. The focus has shifted to deeply discounted assets or properties where rents can be quickly reset.
What types of real estate are family offices still buying in a high-rate environment?
Michels Family Financial, LLC targets office buildings acquired at a discount with tenants already in place and large retail properties, according to Rob Haugen. Joel Houck of HB Wealth Management, LLC noted that many large family offices continue to focus on industrial, farmland, and timberland for inflation protection.
Are family offices investing in data centers?
Family office investors are cautious about data centers. Rob Haugen said data center projects typically carry a 10-to-15-year lock-up period, making them too risky in a high-rate environment. Cresset CIO Mike Silverman said Cresset avoids data centers, viewing them as a 'technology bet' rather than a 'real estate bet,' with building values potentially threatened by rapid technological change.
What leverage level do family office advisors recommend for real estate funds right now?
Joel Houck, CIO of HB Wealth Management, LLC, advises clients to avoid real estate funds with a leverage ratio exceeding 65%.
Does real estate still provide an inflation hedge for family offices?
Joel Houck of HB Wealth Management, LLC said real estate's inflation-hedging effectiveness only holds when property managers can quickly reset lease prices. Houck noted that industrial and residential properties typically have regular rent adjustment mechanisms and limited supply, which supports rent increases. He also noted that real estate's depreciation tax shield allows family offices to defer taxes on distributed income until asset sale.
What yield on cost are family offices targeting for real estate deals right now?
Rob Haugen, who oversees private capital investments at Michels Family Office and serves as CIO of River1 Asset Management, said he typically targets yield on cost in the high single digits or double digits. Haugen pointed to discounted office properties with known tenants as one way to pursue those returns.
What leverage limit does HB Wealth recommend for real estate funds?
Joel Houck, CIO at HB Wealth, said HB Wealth generally advises clients to avoid funds whose leverage exceeds 65% at either the property or fund level. Houck described the 65% threshold as reflecting HB Wealth's approach.
Which real estate asset classes are large family offices showing the most interest in?
Houck said he has seen increased interest among large family offices in real estate and other real assets, including industrial warehouses, farmland, and timberland. Houck added that industrial properties and housing can offer more regular rent-increase opportunities and may also benefit from supply constraints.
Why are some family office CIOs avoiding data-center investments?
Mike Silverman, CIO at Cresset, said Cresset had not pursued data-center investments, citing the risk that technology changes could reduce a facility's value despite a 15-year lease. Rob Haugen also said he was wary of data-center investments with lockups lasting 10 to 15 years.
How does rent-reset frequency affect whether real estate can hedge inflation for family offices?
Houck said a property's potential to hedge inflation depends in part on whether rents can rise as leases reset, and noted that not all rents reset at the same rate. Houck said industrial properties and housing can offer more regular rent-increase opportunities compared to other property types.
Why are family offices pulling back from real estate right now?
Higher interest rates are making family offices more selective about real estate, with many chasing steep discounts and assets that can raise rents, chief investment officers told CNBC. Rob Haugen of Michels Family Office and River1 Asset Management said the firm needs conviction that rates are heading lower before committing capital beyond the rare, deeply discounted opportunity.
What real estate asset types are family offices still interested in?
Joel Houck, CIO of HB Wealth, told CNBC that large family offices have been asking about warehouses, farmland and timber as inflation hedges. Industrial and multifamily also appeal because they can lift rents on a regular schedule and both benefit from limited supply, Houck said. Discounted office buildings with tenants already in place and big-box retail are also mentioned by Rob Haugen of Michels Family Office.
How much leverage should family offices accept on real estate funds?
HB Wealth tells clients to avoid funds above 65% leverage, whether at the property or fund level, according to CIO Joel Houck. Houck said higher rates can open the door to buying at a discount, but leverage is the guardrail.
Are family offices investing in data centers?
Family offices are curious about data centers but cautious. Rob Haugen of Michels Family Office told CNBC he balks at a 10- to 15-year lockup with rates this high. Mike Silverman, CIO at Cresset, told CNBC clients ask about data centers often but Cresset has not pursued any, with Silverman viewing them as more of a tech bet than a property bet.
Does real estate still offer a tax benefit that attracts family offices?
Yes, according to Joel Houck, CIO of HB Wealth, who told CNBC that a depreciation shield can push tax on distributions out until the asset sells. Houck also noted the inflation-hedge angle, but cautioned the hedge only works if the property manager can reprice leases quickly, and that multifamily, industrial and retail do not reset at the same pace.
Why is real estate no longer considered a reliable inflation hedge?
According to Institutional Investor, the inflation-hedge narrative for real estate broke in 2022 when inflation spiked but income assets performed poorly over the next two years. While rates were up, expectations for long-term inflation stayed low, so landlords could not justify raising rents.
Which real estate sectors are institutional investors focusing on in 2026?
Seth Laughlin, Cohen and Steers' head of real estate strategy and research, said the bulk of institutional capital is focused on industrial and multifamily within core real estate, calling them the sectors with 'the most enthusiasm.' Laughlin also said the senior housing sector will be 'as strong as it's ever been over the last 20 years.'
Are family offices and institutions overexposed to apartments right now?
Cohen and Steers thinks investors are overallocated in apartments. Seth Laughlin, Cohen and Steers' head of real estate strategy and research, said 'the enthusiasm for the rebound in apartment fundamentals has been overstated,' pointing specifically to falling values and rising cap rates.
Is office real estate showing any signs of recovery in 2026?
Cameron LaPoint, assistant professor of finance at Yale School of Management, told Institutional Investor that A-plus office is recovering in New York City and San Francisco Bay Area markets. LaPoint also said suburban office has become a recent darling 'that's getting a lot of the deals these days.'
What is driving real estate market performance if not interest rates?
Seth Laughlin, Cohen and Steers' head of real estate strategy and research, said interest rates have not been driving real estate markets as much as investors think. Instead, according to Laughlin, the market has placed a premium on growth, with investors chasing the AI trade and undervaluing real estate, which is driven by income.
Do higher record keeper advocacy scores reliably predict which firms win more advisor plan placements?
No, according to NMG Consulting's DC Advisor Study of nearly 600 advisors. Two record keepers with identical 77% advocacy scores saw their shares of top-3 advisor relationships move in opposite directions between 2024 and 2025. NMG partner Joshua Dietch said advocacy measures regard but does not solely establish whether a record keeper will win an advisor's next plan.
What is the top reason advisors stop doing business with a record keeper?
Poor advisor service is the leading reason for not doing business with a record keeper, averaging 28% across record keepers, according to NMG Consulting's DC Advisor Study. By comparison, fees account for only 8%. NMG's Joshua Dietch said price gets a record keeper onto the shortlist, but poor service knocks it off.
What do DC specialist advisors need most from record keepers?
According to NMG Consulting's DC Advisor Study, DC specialists prioritize capacity to scale. Eighty-nine percent expect revenue to increase over the next 12 to 24 months, but only 43% expect gross margins to improve. NMG's Joshua Dietch said serving more plans without comparable staffing increases can help close that gap, and that service failures quickly become capacity problems at specialist volume.
How do wealth advisors' record keeper selection criteria differ from those of DC specialists?
According to NMG Consulting's DC Advisor Study, 28% of wealth advisors cite ease of doing business as a selection criterion, compared with 13% of DC specialists. NMG partner Joshua Dietch said retirement plans must fit within a practice focused elsewhere for wealth advisors, without requiring the advisor to become a retirement expert.
Do advisors prefer fully digital record keeper experiences over having dedicated contacts?
No, according to NMG Consulting's DC Advisor Study. Thirty-seven percent of advisors want greater support through dedicated contacts. NMG partner Joshua Dietch said the best experience is not purely digital, and that advisors want technology to simplify routine interactions and someone accountable when problems arise.
Which sectors are family offices targeting most for direct investments in 2026?
According to Citi Wealth's 2026 Global Family Office Report, artificial intelligence is the top destination for direct investments, selected by 51% of participants. Healthcare ranks second at 32% and real estate third at 31%. The preferred deal size for 44% of family offices ranges between $1 million and $5 million.
How are family offices performing financially in 2026?
Citi Wealth's 2026 Global Family Office Report found that 89% of family offices reported positive portfolio returns so far in 2026. Nearly 60% reported gains of up to 10%, while 13% reported appreciation exceeding 15%. The Asia-Pacific region led, with 26% of family offices achieving gains above 15%.
What is the biggest macroeconomic concern for family offices in 2026?
According to Citi Wealth's 2026 Global Family Office Report, inflation emerged as the dominant macroeconomic concern in 2026, cited by 63% of respondents, a significant jump from 37% in 2025. Interest rate trends followed at 44%, and global financial system stability at 38%. Concern over tariffs dropped to 18%.
How are family offices using artificial intelligence in their operations?
Citi Wealth's 2026 Global Family Office Report found that 40% of respondents describe their AI adoption as early-stage and 30% report moderate adoption. The leading use case is generating meeting notes and summaries. 67% said AI has dramatically improved the speed of information processing, and 35% cited faster due diligence as a benefit.
How prepared are family offices for leadership succession?
Citi Wealth's 2026 Global Family Office Report found that one-third of family offices expect a leadership transition within the next five years, but only 17% feel 'well prepared' and 34% consider themselves 'somewhat prepared.' The primary obstacle cited was the lack of a clear leadership succession plan, named by 29% of respondents.
Who bought Timber Cove Resort and for how much?
Snowmass Creek Capital, an Oklahoma City family office led by banking executive Jeff Records, acquired Timber Cove Resort for $37.4 million, according to The Registry. Marisa Records is also named in connection with Snowmass Creek Capital in the source.
What are the key details about Timber Cove Resort as a property?
Timber Cove Resort is a 46-room cliffside hotel on the Sonoma Coast, originally built as an A-frame structure in the 1960s and renovated in 2016. The property once served as a retreat for Ansel Adams, according to The Registry.
How is the Sonoma County hotel market performing at the time of this sale?
Sonoma County hotel occupancy has climbed 6.4 percent this year, according to The Registry. The acquisition of Timber Cove Resort was reported in the context of that rising occupancy trend.
Where exactly is Timber Cove Resort located?
Timber Cove Resort is located at 21780 N. Coast Highway 1, on the Sonoma Coast, near Jenner, according to The Registry. The Russian River is also listed as a geographic reference in the source.
Which hospitality and advisory firms are associated with the Timber Cove Resort transaction?
The Registry names Atlas Hospitality Group, Ironwave Hospitality, R.D. Olson Development, Wave Hospitality, and Gensler in connection with the Timber Cove Resort story, along with individuals Jeff Records, Marisa Records, Jens von Gierke, and Richard Clements.
Why are family offices being more selective about real estate right now?
Chief investment officers told CNBC that high interest rates have raised the bar for deals. Rob Haugen of Michels Family Office said uncertainty over where interest rates are headed has made the firm pickier, adding that without strong conviction rates are headed back down, the family office wants to pursue only the really special project.
What types of real estate are family offices targeting in this rate environment?
Family offices are focusing on heavily discounted properties with strong pricing power, according to CNBC. Rob Haugen of Michels Family Office cited office buildings bought at heavy discounts with known tenants and big-box retail spaces as opportunistic avenues. Joel Houck of HB Wealth noted increased family office interest in industrial warehouses, farmland and timberland.
How much leverage should family offices accept in a real estate fund?
HB Wealth chief investment officer Joel Houck said HB Wealth generally steers clients away from funds with leverage above 65%, whether at the operating property or fund level. Houck noted that while higher rates can create opportunities to buy assets at a discount, investors also need to watch how much debt a fund uses.
Should family offices invest in data center real estate?
Family investors are curious about data center real estate but many are wary of the commitment it requires, according to CNBC. Rob Haugen of Michels Family Office is wary of entering a 10- to 15-year lock-up at high interest rates. Mike Silverman of Cresset said Cresset has not pursued data center opportunities, cautioning that technology change could render a data center not valuable at the end of a 15-year lease.
Which real estate asset classes offer the best inflation protection for family offices?
HB Wealth chief investment officer Joel Houck said inflation protection in real estate comes from the ability of the underlying property manager to reset rental rates, and that not all subclasses reset rents at the same rate. Houck said industrial real estate and housing both offer the ability to raise rents on a regular basis and can both benefit from supply constraints.
Why are family offices increasing infrastructure allocations in 2026?
BlackRock's survey of 206 single-family offices found respondents most often cited diversification (32%), inflation hedging (26%) and low correlation with other assets (20%) as their reasons for investing in infrastructure. Newer offices founded less than 20 years ago are driving most of the demand, with 38% of them planning to increase infrastructure exposure versus 16% of older offices.
Are family offices pulling back from private credit?
According to BlackRock's survey of 206 single-family offices, 49% plan to keep private credit allocations unchanged, 17% plan increases and 15% plan cuts. BlackRock described this as a cooler reading than a year earlier, when private credit topped the wish list. Among offices planning changes, distressed debt is set to draw the strongest net demand, while business development companies and fund-of-funds face net outflows.
How are newer family offices different from older ones in their alternatives approach?
BlackRock's survey found that newer offices, defined as those founded less than 20 years ago, show stronger appetite for infrastructure, with 38% planning to increase exposure versus 16% of older offices. In private equity, 45% of newer offices named secondaries as a preferred route compared with 28% of older ones, while established offices lean more on co-investments at 75% against 60% for newer offices.
What is the biggest obstacle to family office private equity returns right now?
About 76% of respondents in BlackRock's survey of 206 single-family offices cited the exit environment as a main obstacle to private equity returns over the next 12 months, and half pointed to valuations. Despite those concerns, 32% of respondents plan to add to private equity over the next year, up from 26% in BlackRock's 2025 global family office survey.
How large is BlackRock's own alternatives platform compared to what it is surveying clients about?
BlackRock's third-quarter earnings disclosures showed its alternatives platform held $800 billion in total assets as of September 30, including $216 billion in infrastructure and $249 billion in private credit, up from $717 billion a year earlier. Alternatives represent approximately 3% of BlackRock's $15.5 trillion in total assets but approximately 15% of base fees and securities lending revenue.
What is Modera Wealth Management's Mira platform and what does it do?
Mira is a proprietary agentic AI-powered platform launched by Modera Wealth Management, a $20 billion RIA based in Westwood, N.J. Mira is a unified platform that connects advisor workflows and systems with an AI intelligence and orchestration layer on top. It uses Modera's data to generate business insights, surface opportunities, evaluate scenarios, and automate operational tasks.
Who built the technology behind Modera's Mira AI platform?
Modera developed Mira over two years with OnTrade, an AI-native operating platform and data interface designed for wealth management firms. OnTrade powers the AI layer behind Mira, and its digital agents assist advisors with planning, proposals, and investment research. OnTrade was founded by former Pro.com executives.
When did Modera's Mira platform go live and how will it support the firm's growth strategy?
Mira has been available since July 2026. Modera said the platform will support its acquisition strategy by enabling new advisors to consolidate their data onto a common platform. Modera President Joe McCuine also said the integrated approach will appeal to firms that have seen limited benefits from adopting individual AI tools without a broader enterprise strategy.
How does Modera's AI platform compare to what other large RIAs are doing with AI?
Several large RIAs have launched proprietary AI platforms. Mercer Global Advisors, a Denver-headquartered RIA with $110 billion in assets, released Aspen 2.0 in July 2026. Mariner, an Overland Park, Kan.-based RIA with more than $630 billion in client assets, entered a five-year partnership with Humanity Labs to scale an AI workforce representing more than 700 full-time equivalents. Connecticut Wealth Management, with $5.2 billion in AUM, hired Subatomic in a five-year partnership to build an AI operating system.
Who led the development of Modera's Mira platform?
Modera President Joe McCuine, along with Modera's tech team, led the effort to create the Mira platform, according to the firm. Modera also said it invested in operational and tech leadership and worked on data restructuring and data and AI governance over the two-year development period.
Why are solo RIA operators considering giving up their own Form ADV and joining a 1099 platform?
Matt Regan of Wealthcare Capital Management said increased SEC reporting requirements around cybersecurity are a primary driver. Regan cited a 104-question SEC cybersecurity audit that left a $250 million advisor unable to operate normally for six weeks. Rob Sandrew of Mariner Independent added that fear of being outspent on AI technology by larger firms is also pushing solo practitioners toward platforms.
What does it cost an advisor to join a supported-independence or 1099 RIA platform?
According to a study by consultancy Winthrop & Co., supported-independence channels charge advisors 10% to 20% of revenue in exchange for offloading back-office tasks and gaining access to scaled resources and technology. Matt Regan of Wealthcare argued that for growing independent firms, this can be more economical than separately hiring a CIO, trader, and compliance officer.
Do advisors on 1099 platforms receive lower valuation multiples for their practices than W-2 advisors?
Matt Regan of Wealthcare Capital Management said advisors should not assume W-2 employment is required to achieve a high valuation. Regan said Wealthcare pays 'the same multiples as everyone else' for 1099 independent contractors.
What role does AI play in pushing advisors toward larger RIA platforms?
Rob Sandrew, head of Mariner Independent, said AI advancements are driving solo practitioners toward larger platforms primarily out of fear of being left behind by firms that can outspend them on technology. Sandrew said there is 'a very strong consensus that in the next three to five years, client expectations are rising significantly' and that the advisor-client dynamic will become heavily EQ driven.
Which firms were represented on the 1099 platform panel at RIA Edge Orange County?
The panel featured Matt Regan, president of Wealthcare Capital Management, and Rob Sandrew, head of Mariner Independent, the 1099 independent contractor division of Mariner. The panel was moderated by Stephen Caruso, director of wealth management at Cerulli Associates.
Who did Madison Capital Group hire to lead its family office distribution effort?
Madison Capital Group named Chris Best managing director to lead its expansion into the RIA and family office channels. Best will oversee capital raising initiatives, distribution strategy and team development. Ryan Hanks, founder and CEO of Madison Capital Group, said Best has a proven track record of building relationships across the wealth management industry.
What is Chris Best's background before joining Madison Capital Group?
Chris Best brings more than two decades of leadership experience in capital formation, alternative investments and fund distribution, having directed the placement of billions of dollars across public and private fund structures. He previously served as director at Core Spaces and spent more than 16 years at Sterling Capital Management as executive director and senior client strategist.
What real estate sectors does Madison Capital Group focus on?
Madison Capital Group is a privately held, vertically integrated real estate investment and development firm focused on the multifamily, self-storage, retail and marina sectors. The company operates through subsidiaries including Madison Communities, Go Store It Self-Storage, Madison Commercial and Madison Marinas.
Why is Madison Capital Group targeting RIAs and family offices for distribution?
Chris Best said RIAs and family offices are increasingly embracing alternative investments as they look beyond traditional stocks and bonds to address portfolio diversification, tax efficiency and long-term wealth preservation. Best also said tax-advantaged real estate strategies can play a particularly compelling role in those conversations.
Where is Madison Capital Group headquartered?
Madison Capital Group is headquartered in Charlotte, North Carolina, according to the October 19, 2026 Business Wire press release.
How prepared are incoming family office principals for leadership transitions?
Among family offices that experienced a succession in the past decade, only 37% said their incoming principal was very prepared, according to the Bank of America Family Office Study. Elizabeth Thiessen, Head of Family Office at Bank of America Private Bank, said preparation requires strong governance, a shared vision and the ability to adapt to changing opportunities and priorities across generations.
Are next-generation family office principals shifting toward alternative investments?
Among family offices with a potential next-generation principal, 79% predict alternative investments will represent a larger portion of portfolios going forward, according to the Bank of America Family Office Study. Private equity is the top wealth-generation opportunity cited by 51% of offices, and 59% plan to increase private equity exposure over the next three years.
How are family offices using real estate and credit together?
According to the Bank of America Family Office Study, 45% of family offices primarily use credit to support real estate investments, making it the top use of credit. However, only 27% use leverage consistently as part of a long-term wealth strategy, and 77% believe the next generation will take a more strategic approach to borrowing to build wealth.
What governance gaps do family offices face heading into succession?
The Bank of America Family Office Study found that 83% of family offices have identified a successor, but only 27% have a trust distribution policy or guiding principles in place. Family dynamics are the top governance challenge for 45% of offices, and 73% plan to adopt additional governance structures in the next three years.
How are family offices adopting AI and what do they expect from it?
The Bank of America Family Office Study found that 42% of family offices report regular employee use of AI, primarily for data analysis at 64%, meeting summaries at 57% and automation at 49%. Eight in 10 believe AI has the potential to improve investment returns, rising to 88% among family offices with next-generation involvement.
What is the Nashville Yards deal and which family office was behind it?
A second-generation principal on the panel said his firm was behind Nashville Yards, which he described as the biggest deal in Tennessee history at $3.4 billion, done with the owner of the Suns. The same firm has completed about $2.4 billion of private equity overall, with 80 percent of its portfolio in real estate and special situations.
How large is this family office's manufactured housing portfolio in Texas?
The second-generation principal said his firm, through an affiliate, is currently the largest player in manufactured housing affordable housing development, holding 6,800 lots throughout Houston and Dallas. He described the portfolio as a couple-billion-dollar portfolio and said the firm views affordable housing as a serious crisis in the country.
What return thresholds do the family offices and angels on this panel require?
The Puerto Rico-based family office principal said his firm targets a minimum 10x to 40x returns. Angel investor Mark Schneider said that if a prospective deal cannot generate 30x he loses interest, though his group has achieved investments returning 150x to 160x and has passed on opportunities that returned 800x.
What services does the Palm Beach family office platform offer to other families?
The second-generation Palm Beach principal said the platform, which grew from a 49-year single-family office founded by his father, offers a full-service accounting firm, attorney partnerships, investment deal sourcing, soup-to-nuts family office setup, outsourced or turnkey operation, cleanup, next-generation wealth transfer, and an executive education curriculum for next-gen inheritors and trustees through Palm Beach Atlantic University.
What shared infrastructure is the Dallas-based family office building for other family offices?
The Dallas-based second-generation principal said his firm is working on a funded in-house fund administration platform, an in-house general ledger application, and other tools that address issues current software does not properly solve. The principal said the firm also intends to use generative AI to help build what he described as the new version of what a family office is.
What exactly did Trevor Uhls do to defraud investors?
According to court documents, Uhls solicited investor funds for fake short-term, crowdfunded real estate deals purportedly secured by promissory notes with local construction companies. Uhls claimed to be pooling capital as loans to real estate development companies and guaranteed investors could get their principal back after 30 to 90 days at 10% to 15% interest, but the deals were fabricated.
What happened to the investor money Uhls collected?
The DOJ traced the funds and found Uhls used most of them on sports betting, cryptocurrency exchange transactions, jewelry purchases, and credit card payments totaling over $880,000. Between September 2024 and December 2025, Uhls gambled over $652,000 on sports bets and paid over $23,000 for chartered jet flights, according to the DOJ.
Was Trevor Uhls registered with MML Investors Services when the fraud occurred?
According to a FINRA settlement barring Uhls from the industry, Uhls was never registered with MML Investors Services and was instead referred to as a 'former associated person.' MML filed to have him registered in 2023, but in January 2026, before FINRA could approve his paperwork, MML ended Uhls' contract due to inaccurate statements concerning a complaint about unauthorized promissory note sales.
What warning signs should firms look for to prevent promissory note fraud like the Uhls scheme?
Attorney Chase Carlson said firms should have systems to monitor email and DocuSign when an employee is sending out promissory notes to clients. Carlson said many frauds run the same playbook, often involving promissory notes at high interest rates, and advised other firms to learn from MML Investors Services' alleged mistakes.
Why are family offices increasing allocations to watches, art and jewelry right now?
BNY Wealth's survey of 290 single-family offices suggests the growing popularity of luxury assets may reflect their potential as inflation hedges. Inflation, along with potential central bank missteps, ranked as the top risk family offices see over the next five years, according to BNY Wealth's report.
Do luxury assets actually protect against inflation?
Evidence is mixed. A 2021 study by Duke University's Campbell Harvey and researchers at Man Group found that during eight U.S. inflationary periods, art returned about 7% a year above inflation, wine 5% and stamps 9%. However, a 2025 study in Applied Economics found that art hedged against inflation over the long term in France but not in the U.S. or U.K.
Which luxury asset categories performed best in 2025?
According to the Knight Frank Luxury Investment Index, watch prices climbed 5.1% in 2025, led by Patek Philippe up 12.1% and Rolex up 4.6%. Fine art sales across major auction houses rose 11%. Fine wine fell 2.5%, leaving prices down nearly 25% from their 2022 peak, as U.S. tariffs weighed on demand.
Are family offices still investing in AI alongside these luxury asset allocations?
Yes. BNY Wealth found that for the third straight year, AI ranked as the most compelling investment theme for the next five years, cited by 68% of respondents across the 290 single-family offices surveyed.
Which luxury goods hold up best during high inflation periods?
A 2022 study by Credit Suisse in collaboration with Deloitte Private found that Chanel handbags, traditional Chinese art and watches performed well in high-inflation periods. Fine wines, modern and contemporary art, and American and Latin American art were found to tend to suffer in high-inflation regimes, according to the same study.
What is Everstead and who is behind it?
Everstead is a private wealth and family office brand launched by Waterloo Capital, an Austin-based registered investment adviser. It is headquartered in Atlanta's Buckhead neighborhood and led by founder and managing partner Grayson Dunaway, who previously served as a managing director at Oxford Financial Group, a multi-family office overseeing more than $30 billion.
What services does Everstead offer family office clients?
Everstead unites three Waterloo capabilities under one brand: Waterloo Family Office, Waterloo Tax Partners, and Waterloo Capital's full investment and wealth management platform. Everstead clients work with one integrated team covering investments, taxes, estate planning, and family governance, rather than coordinating separate advisers.
What is Grayson Dunaway's background before joining Waterloo Capital?
Grayson Dunaway brings nearly 15 years of private wealth experience to Everstead. She previously served as a managing director at Oxford Financial Group, a multi-family office overseeing more than $30 billion, and held roles at Goldman Sachs and UBS before joining Waterloo Capital.
Where is Everstead located?
Everstead is based in Atlanta's Buckhead neighborhood, according to Waterloo Capital's announcement.
What problem does Everstead solve for ultra-high-net-worth families?
According to Waterloo Capital, Everstead allows ultra-high-net-worth clients to work with one integrated team that sees the whole balance sheet, instead of coordinating separate advisers for investments, taxes, estate planning, and family governance.
How much did family offices invest in real estate in Q3 2026?
According to the FINTRX Q3 2026 Family Office Investment Activity Report, family offices completed 23 real estate transactions between July and September 2026 with total disclosed property deal value of $2.41 billion. Seventy-eight percent of those transactions were US-based, with international deals recorded in the United Kingdom and the Czech Republic.
Which family offices were most active in real estate deals in Q3 2026?
FINTRX data identified Pontegadea Investments, the family office of Amancio Ortega, as completing the largest single transaction — the $912 million acquisition of Capital 8 in London. Ofer Global acquired 120 Park Avenue in New York for $382 million. Pebb Capital, Broad Creek Capital, and Leon Capital Group were among the most frequently cited US multifamily buyers.
What property types did family offices target in Q3 2026?
The FINTRX Q3 2026 Family Office Investment Activity Report shows family office real estate transactions in Q3 2026 spanned office, multifamily, industrial, healthcare, and mixed-use assets. Multifamily residential remained active, with Pebb Capital, Broad Creek Capital, and Leon Capital Group among the most frequently cited US buyers in that segment.
Which single deals attracted the most family office capital in Q3 2026?
According to FINTRX data, the largest rounds attracting family office participation in Q3 2026 were Blue Origin at $10 billion, Databricks at $5 billion, Mistral AI at $3.5 billion, and The Boring Company at $3 billion. In real estate, Pontegadea Investments' $912 million acquisition of Capital 8 in London was the standout transaction.
How active were family offices in RIA acquisitions during Q3 2026?
FINTRX tracked 49 RIA acquisitions among the 342 company transactions in Q3 2026, making wealth management consolidation the second most active deal category behind pure technology. Wealth Enhancement Advisory Services led with 11 RIA acquisitions, followed by Corient with four, including the $21 billion Summit Trail Advisors. Cerity Partners and MAI Capital Management were also among the most active acquirers.
What is the ASK Curated Luxury Assets Fund-I and how large is it?
ASK Curated Luxury Assets Fund-I (CLAF-I) is a Rs 500 crore equity platform established by ASK Property Fund and India Sotheby's International Realty in partnership with Amavi by Clarks. It is registered with SEBI as a Category II Alternative Investment Fund and will invest equity capital in branded luxury second homes across hills, lakes, and spiritual destinations in India.
Who are the partners behind the Amavi by Clarks branded second homes platform?
The platform brings together ASK Property Fund, India Sotheby's International Realty, and Amavi by Clarks. Amavi by Clarks is backed by the promoters of Clarks Group of Hotels and Brij Hotels. Amit Goyal, MD of India Sotheby's International Realty, said the platform will benefit from its luxury buyer understanding, ASK's investment expertise, and the Clarks Group's hospitality strength.
What types of locations will the ASK luxury second homes platform target in India?
According to the statement, ASK Curated Luxury Assets Fund-I will invest equity capital in branded luxury second homes across hills, lakes, and spiritual destinations in India.
What is the regulatory structure of the ASK Curated Luxury Assets Fund-I?
ASK Curated Luxury Assets Fund-I is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund, according to the statement.
What is driving demand for luxury second homes in India according to the fund's principals?
Amit Bhagat, Co-Founder, CEO, and MD at ASK Property Fund, said India's Ultra High Net Worth Individuals are increasingly drawn to luxury second homes and that the platform is designed to unlock rare, high-value opportunities in this space. Amit Goyal of India Sotheby's International Realty said the aim is to deliver branded villa developments that blend investment potential with experiential living.
What drove Morgan Stanley's record net new assets in Q3 2026?
Morgan Stanley said more than half of its record $232 billion in net new assets were tied to IPO-related flows, including the SpaceX IPO earlier in 2026. The $232 billion figure represented a 187% increase from the prior year and a 57% jump from the previous quarter, and doubled analysts' expectations.
How did Bank of America Merrill Lynch wealth perform in Q3 2026?
Bank of America Merrill Lynch wealth reported $7.1 billion in revenue, a 13% year-over-year increase, and $1.5 billion in net income. Asset management fees rose 16% to $4.5 billion. Merrill added 4,200 net new household relationships with assets over $500,000 in the quarter.
What was the Bank of America anti-money laundering fine and how did it affect earnings?
The U.S. Treasury imposed a fine of more than $1.2 billion on Bank of America for failing to mitigate and report priority national security risks, including Chinese money laundering networks. The OCC added a $750 million fine. Together the fines cut Bank of America's net income by 17 cents per share.
Is Morgan Stanley expecting continued IPO-driven wealth inflows?
Morgan Stanley CFO Sharon Yeshaya said she expected the IPO market to continue and said the firm and its wealth division should 'continue to benefit from it.' The source cited Anthropic and OpenAI as among the companies expected to go public in the coming months.
How did fixed-income trading perform at these firms in Q3 2026?
Bank of America reported its bond trading fell 17% and equity trading fell 10% in the quarter. Morgan Stanley also saw a decline in fixed-income trading, mirroring results at JPMorgan Chase, Goldman Sachs, and Wells Fargo, where fixed-income slowdowns were offset by equities and wealth revenues.
What is the workflow chart Matt Sonnen says RIA firms are missing?
According to Matt Sonnen, COO of Coldstream Wealth Management, the workflow chart shows how a task moves through a firm from the moment it starts to the moment it is complete, assigning a named owner to every stage. Sonnen contrasts it with the standard org chart, which shows only reporting lines and tells almost nothing about how work actually gets done.
Why does the lack of a documented workflow become a bigger problem as an RIA firm grows?
Sonnen said that in small firms with five employees the informal system of workflow living in people's heads can function, but it breaks the moment headcount increases. New hires cannot learn how things work unless processes are written down, and without documentation every new employee becomes, in Sonnen's words, 'a liability waiting to happen' because they are guessing at a process that exists only as tribal knowledge.
How does mapping workflows improve hiring decisions at advisory firms?
Matt Sonnen said firms cannot hire for a gap they have not identified, and they cannot identify a gap without first mapping how tasks flow through the organization. Sonnen argued that a workflow chart turns a general sense of needing more help into a precise understanding of where help is truly needed, preventing firms from repeatedly hiring vague 'operations people' without solving the actual problem.
Where should an RIA firm start when building a workflow chart?
Sonnen recommended starting with the requests that touch clients or occur most often: money movement, account opening, performance report delivery, and billing. For each one, Sonnen said firms should walk through every single step from start to finish and assign a named owner to each stage, with the goal of identifying formal ownership so the business is not relying on informal habit.
What is the relationship between a workflow chart and an operations manual?
Matt Sonnen, COO of Coldstream Wealth Management, described the workflow chart as a prerequisite to the operations manual, applying the same documented-operations idea at a more fundamental level. Sonnen said a firm must know who owns each piece of a process before it can document that process, and must map the actual sequence of hand-offs before it can build a CRM workflow.
How much are Indian family offices investing in startups and how has that changed?
According to Tracxn data cited by CNA, Indian family office-backed startup funding nearly doubled to $1.62 billion in 2024 from $876.7 million the year before. Analysts attribute the shift to family offices' 'patient capital,' which operates without the eight-to-ten-year return pressure that constrains institutional venture capital.
Are Indian family offices moving away from real estate?
Roughly 30% of Indian family offices now favor startup allocations in healthtech, fintech, and AI versus traditional investments such as real estate and gold, according to a report by The Economic Times and 1Lattice. Sattva Group's family office is cited as an example, having diversified from real estate into tech by backing firms like InCred.
How large is the Indian family office market in total assets?
According to a report by The Economic Times and market intelligence firm 1Lattice, India now hosts more than 300 family offices managing over $30 billion in assets. High-net-worth families with more than $30 million in assets are projected to nearly double from 16,000 in 2025 to 26,000 by 2030.
What role are younger generations playing in Indian family office investment decisions?
Over half of Indian family offices now feature millennials or Gen Z members in investment decisions, according to a report by The Economic Times and 1Lattice. The rise of younger generations has helped shift allocations toward startups in healthtech, fintech, and AI, away from traditional investments such as real estate and gold.
Are Indian family offices doing impact investing and in what sectors?
Between 2021 and 2024, 923 unique high-net-worth families made impact investments, with 86 investing through formal family office structures, according to the source. Climate-tech has emerged as a leading sector, along with financial inclusion platforms and healthcare, though engagement is described as still early-stage and often exploratory.
Why did the University of California seed a $2.5 billion ETF with State Street?
UC CIO Jagdeep Singh Bachher said the goal was to make UC's institutional investment philosophy available to a broader community of investors through the transparency, efficiency, and accessibility of the ETF structure. The ETF is based on UC's $7.9 billion Blue and Gold Endowment Pool, which UC noted has been the best-performing product within its $236 billion portfolio.
What is the investment strategy inside the UCBG ETF launched by the University of California and State Street?
UCBG is 90% allocated to the S&P 500 Index and 10% allocated to the S&P U.S. Investment Grade Corporate Bond 1-3 Year Index, according to the source. UC Investments provides the 90/10 Endowment Strategy Index under license to State Street.
Why did the Texas Permanent School Fund invest $740 million in State Street's PRIV ETF?
Texas Permanent School Fund Co-CIO Stuart Bohart said the fund is willing to be an early seed investor when the stability of its capital and long-term approach allows it to gain advantage through secured capacity, attractive pricing, and enhanced access to the investment manager. Bohart also said PRIV includes an attractive structural edge expected to lead to benchmark-beating performance over time.
How are large institutions changing the way they use ETFs beyond simple index exposure?
Anna Paglia, State Street Investment Management's chief business officer, said institutions are increasingly considering how ETFs can accomplish more specific portfolio objectives rather than treating them only as efficient instruments for obtaining market exposure. Paglia said institutions may begin with liquid beta exposures and expand into more targeted, active, and differentiated strategies as they gain experience with the structure.
What role does Apollo Global Securities play in State Street's PRIV ETF?
State Street's PRIV ETF invests in investment-grade debt, including private credit, via an agreement with Apollo Global Securities. As of October 9, the ETF reported that 21.93% of its holdings were sourced by Apollo.
What is Two Texas Presidents and who is behind it?
Two Texas Presidents is the Austin-based family office of Dallas C. Salazar and the Salazar family. Dallas C. Salazar serves as managing member. The office is capitalized by the Salazar family's natural-gas portfolio and invests family capital into operating businesses and long-duration real assets. It does not manage third-party capital.
What real estate strategy is Two Texas Presidents pursuing?
Dallas C. Salazar said his focus over the next five years is downstream, particularly around convenience retail, fuel retail, fuel distribution and the land underneath that infrastructure. Two Texas Presidents intends to own both the operating businesses and the real estate that supports them, with substantial family capital directed toward that intersection.
What natural-gas assets are backing Two Texas Presidents?
Two Texas Presidents is capitalized by the Salazar family's exposure to the Haynesville, Utica and Marcellus natural-gas plays, with the Haynesville interests described as the leading component. Salazar has also reported large, multi-billion dollar exits in Comstock Resources, Eclipse Resources and Southwestern Energy, according to the announcement.
Has Two Texas Presidents made any investments outside real estate and energy?
Two Texas Presidents has already provided strategic capital in the acquisition of Dart Transit Group, a transportation and logistics business whose history dates to 1934, according to the announcement. That investment extends the Salazar family's activity beyond hydrocarbons.
Who are the financial advisors to Two Texas Presidents?
E.F. Hutton serves as financial advisor to Two Texas Presidents, according to the announcement. Two Texas Presidents also maintains a relationship with Goldman Sachs & Co., according to the same source.
Which states does Noblehouse Family Office currently serve?
Noblehouse Family Office serves families in 19 states and Washington, D.C. The largest concentrations are in Texas, Florida, California, New York, North Carolina, South Carolina, Georgia, Massachusetts, and Connecticut. The firm also serves families in Maryland, New Jersey, Pennsylvania, Virginia, Washington State, Colorado, Illinois, New Hampshire, Nevada, and Arizona.
What is the minimum asset level to work with Noblehouse Family Office?
Noblehouse Family Office serves families with $5 million to $50 million or more in investable assets, according to the firm. The firm positions itself for families who fall below the $100 million threshold typically required by single-family offices and the largest multifamily offices and private banking arms of major Wall Street firms.
What is the 'leakage' that Noblehouse Family Office refers to, and how much does it cost families?
Noblehouse Family Office uses 'leakage' to describe the cost of gaps created when advisors — attorneys, CPAs, wealth managers, and bankers — do not coordinate with one another. The firm's leakage assessment places that cost between $50,000 and $400,000 a year, driven by tax planning done once a year, outdated estate documents, unquestioned investment fees, and banking relationships that were never priced.
What is Mekkos Jones's background before founding Noblehouse Family Office?
Mekkos Jones founded Noblehouse after more than two decades across private capital strategy, private credit, structured real estate investment, risk management, and wealth planning. Jones was an executive at Catalyst Capital, where he directly managed a team responsible for more than $1 billion in private capital, credit, and real estate projects, and held institutional roles at Charles Schwab and Fidelity Investments.
How does the onboarding process work at Noblehouse Family Office?
According to the firm, new clients begin with a Private Briefing, then move to a Financial Architecture Review that measures leakage across tax, investment, estate, insurance, banking, and coordination. The process concludes with a Family Architecture Session in which the team turns the review into a working plan.
Who bought the land parcel near Gate Parkway in Jacksonville?
AJC Investment Group, a family office based in Bloomfield Hills, Michigan, purchased the 4.5-acre parcel near Gate Parkway in Jacksonville, Florida, for $5.38 million. The seller was TPG Global.
How long was the Jacksonville land parcel on the market before it sold?
The 4.5-acre land parcel near Gate Parkway in Jacksonville, Florida, had been marketed for nearly five years before the transaction with AJC Investment Group closed.
What did AJC Investment Group pay for the Jacksonville land parcel?
AJC Investment Group paid $5.38 million for the 4.5-acre land parcel near Gate Parkway in Jacksonville, Florida, acquiring it from TPG Global.
Is AJC Investment Group an institutional buyer or a family office?
The source identifies AJC Investment Group as a family office based in Bloomfield Hills, Michigan, explicitly distinguishing it from a REIT, pension fund, or institutional investment vehicle.
Does AJC Investment Group have other holdings in Jacksonville?
According to the source, the acquisition of the 4.5-acre parcel near Gate Parkway expands AJC Investment Group's existing presence in Jacksonville, Florida, indicating the group held prior interests in the market.
What is EastBanc's strategy for buying distressed office buildings in D.C.?
EastBanc, a 40-year-old D.C.-based family office, launched a new office investment strategy this year targeting buildings it can acquire for around $100 per SF. EastBanc Head of Acquisitions Brian Whitener said the focus is on basis. EastBanc intends to hold assets long-term, overhauling them into better office or residential, with no intention to flip or merchant build.
How are institutional investors approaching D.C. office differently from family offices?
According to The Meridian Group CIO Gary Block, institutional investors are pursuing a 'conviction play' focused on trophy and mission-critical office assets where landlords have leverage on location and asset type and tenants are sticky. By contrast, private players and family offices like EastBanc are focused on basis plays, targeting buildings in the sub-$100-per-SF range.
What D.C. office deals have been done at or below $100 per square foot?
Garfield Investments and Broad Creek Capital paid roughly $100 per SF for a 285,000 SF Navy Yard building last year. This spring, Jemal Equities founder Matthew Jemal closed on a Dupont Circle building for $80 per SF after buying the loan. EastBanc launched a strategy this year targeting acquisitions at around $100 per SF.
How many deals is EastBanc targeting under its new office strategy?
EastBanc CEO Philippe Lanier told Bisnow in April that EastBanc was working to have its first deal done by the end of the summer and saw potential for six new deals by the end of 2027. Lanier told Bisnow this summer that EastBanc has been actively bidding.
What office assets has The Meridian Group recently acquired in the D.C. area?
The Meridian Group last year purchased an empty 24-story trophy asset in Tysons' Boro mixed-use community. This summer, The Meridian Group purchased a five-building portfolio in Chantilly for $67M, which serves the area's surging defense and intelligence sector.
What is the current reading of the WMIQ Advisor Sentiment Index and what does it mean?
Wealth Management's WMIQ Advisor Sentiment Index stood at 115 in September, down three points from the prior month. In the index, 100 represents a completely neutral view, so a reading of 115 remains in positive territory. However, the September reading is 12% below the index's all-time high reached in May.
What share of financial advisors expect the stock market to fall over the next six months?
According to Wealth Management's WMIQ Advisor Sentiment Index, 39% of respondents expect a market decline over the next six months, while 34% expect an improvement and 26% expect stability. Looking out 12 months, 37% expect a decline and 41% expect an improvement.
How are financial advisors viewing the economy right now?
Advisor sentiment on the economy rose four points in September to an index reading of 106, according to Wealth Management's WMIQ Advisor Sentiment Index. Four in ten respondents, or 41%, consider the current state of the economy to be positive, and an additional 42% consider it average.
What factors are financial advisors citing as risks to the market and economic outlook?
According to the WMIQ Advisor Sentiment Index survey responses, a substantial share of advisors tie the economic and market outlook to elections, congressional control, federal policy, government spending, and national debt. Several advisors also said equities are overvalued or trading at historically high multiples, leaving the market vulnerable to disappointing economic news or earnings results.
Who conducted the WMIQ Advisor Sentiment Index survey and when was the data collected?
Methodology, data collection, and analysis were conducted by Wealth Management and Informa Engage, according to the index's methodology statement. Data was collected September 1–30, 2026. Respondents' views on the economy and stock markets are weighted and used to create an index tied to a neutral value of 100.
Why does having multiple advisors still leave a family exposed to financial risk?
Ron Honig of From-Honig Family Office said each advisor sees only one part of the family's financial life: the investment advisor sees the portfolio, the accountant sees the tax position and the attorney sees the legal structure. Each recommendation can make sense on its own and still create a problem when combined with the others, because the family has one balance sheet and one set of goals.
How does concentrated employer equity create a blind spot in a family's investment portfolio?
According to Ron Honig, an investment advisor may build a diversified portfolio without knowing the family holds a large employer-equity position elsewhere. A senior executive may hold employer shares outside the managed portfolio and continue to receive salary, bonus and future equity from the same company, making the family highly concentrated even when the managed portfolio appears diversified.
What liquidity risks do multi-advisor families face that a portfolio review alone won't reveal?
Ron Honig said a family may have substantial net worth but relatively little capital available for the next five years, with wealth sitting in retirement accounts, concentrated in employer shares, locked in property or committed to private investments requiring additional capital before returning any. Looking only at the liquid portfolio can therefore give the wrong answer to how much financial flexibility the family actually has.
How do cross-border holdings complicate financial planning for international families?
Ron Honig said retirement accounts may remain in a country where the family no longer lives, employer equity may have been earned across several jurisdictions, and property, brokerage accounts and private investments may be held in different places and currencies. The currency in which assets are held may also differ from the currency in which the family expects to spend.
What does Ron Honig say is the solution to the multi-advisor coordination problem?
Ron Honig said the advisors do not need to do one another's jobs but do need to be working from the same picture. Someone needs to know how the pieces fit together, starting with the family's goals — where they expect to live, when work might become optional, what capital will be needed over the next five or ten years and what they want to provide for children or grandchildren.
Why did institutional investment in Indian residential real estate fall so sharply in 2026?
According to Colliers India, institutional investment in India's residential real estate fell 39% year-on-year to USD 694.5 million during January–September 2026 because real estate companies increasingly preferred to fund projects through internal accruals rather than external institutional capital.
Which Indian real estate asset class attracted the most institutional capital in the first nine months of 2026?
Office assets attracted the most institutional capital, recording USD 2.17 billion during January–September 2026, a 46% increase from USD 1.48 billion in the same period the prior year, according to Colliers India. Badal Yagnik of Colliers India said office investments were mainly focused on operational assets.
How much did institutional investment in Indian hospitality real estate change in the first nine months of 2026?
According to Colliers India, institutional investment in hospitality increased sharply to USD 632.2 million during January–September 2026, up from USD 88.2 million in the year-ago period.
What share of Indian office real estate investment came from domestic investors in the first nine months of 2026?
Domestic investors accounted for more than 90% of institutional inflows into office assets during the first nine months of 2026, according to Colliers India. Colliers attributed the segment's investor interest to sustained leasing activity in high-quality Grade A office properties and long-term demand prospects.
What happened to institutional investment in Indian retail real estate in the first nine months of 2026?
Colliers India data show institutional investment in retail real estate, including shopping malls, declined 78% to USD 85.2 million during January–September 2026, down from USD 380 million in the same period the prior year.
Who bought the retail center at 175 W. Jackson St. in Naperville?
A Chicago-based family office purchased the 23,000-square-foot retail center at 175 W. Jackson St. in Naperville, Illinois for $7.3 million. The seller was a private family that had owned and managed the property for over 30 years. Brett Berlin of Quantum Real Estate Advisors Inc. brokered the transaction.
Which broker handled the $7.3 million Naperville retail center sale?
Brett Berlin of Quantum Real Estate Advisors Inc. brokered the $7.3 million sale of the 23,000-square-foot retail center at 175 W. Jackson St. in Naperville, Illinois. The transaction involved a Chicago-based family office as buyer and a private family as seller.
How long did the selling family own the Naperville retail property before selling?
The private family that sold the 23,000-square-foot retail center at 175 W. Jackson St. in Naperville had owned and managed the property for over 30 years before selling it to a Chicago-based family office for $7.3 million in a transaction brokered by Quantum Real Estate Advisors Inc.
Who sold Southside at McEwen and who bought it?
Nuveen sold Southside at McEwen to a high net-worth family office. Lincoln Property Company served as investment advisor to the buying family office. JLL Capital Markets represented Nuveen, the seller, in the transaction.
What is the occupancy rate and tenant sales performance at Southside at McEwen?
Southside at McEwen is 100% leased. In-line shop tenants average more than $800 per square foot in sales, according to JLL. The property also has significant mark-to-market potential, with multiple shop tenants paying substantially below current market rates.
What is the Whole Foods at Southside at McEwen's performance ranking?
The Whole Foods Market at Southside at McEwen is a 45,047-square-foot location that ranks as the most visited Whole Foods in Tennessee and among the top-performing stores nationally, according to JLL.
Where exactly is Southside at McEwen located and what is the surrounding environment?
Southside at McEwen is located at 1554 W McEwen Drive in Franklin, Tennessee, within the Cool Springs corridor. The property has direct visibility along West McEwen Drive and Mallory Lane near Interstate 65, and is surrounded by luxury residential communities, Class A office properties, hospitality uses and complementary retail destinations.
What is driving long-term retail demand in the Nashville market?
According to JLL, Nashville continues to attract corporate relocations and expansions across healthcare, technology, finance and professional services sectors, supporting long-term demand for high-quality retail real estate.
What is Daniel Kaufman's argument for family offices investing in workforce housing?
Kaufman said family office capital is patient by design and that freedom from fund deadlines lets family offices buy land when others are selling, wait out an entitlement process, and build workforce housing that a fund chasing fees would pass on. Kaufman said the advantage of a family office is time, not size, and that every project must stand on its own merit.
What does the Citi Wealth 2026 report say about family office real estate allocations in North America?
Citi Wealth's 2026 Global Family Office Report, a survey of roughly 350 family offices in more than 40 countries, found that direct real estate makes up 13% of the average North American family office portfolio, the highest of any region globally. Nearly a third of North American respondents said they plan to increase their real estate holdings.
Does Kaufman & Company raise outside capital from investors?
Kaufman & Company does not raise outside funds and invests only its own capital, according to Daniel Kaufman. Kaufman said this structure means every project has to stand on its own merit without a fund deadline pushing it.
What is BUILD 2030 and when did Kaufman & Company launch it?
Kaufman & Company launched BUILD 2030 on October 3, describing it as a strategy that brings its housing, construction, technology, and AI infrastructure businesses under one national development platform.
Why have institutional investors historically avoided workforce housing?
According to the source, workforce housing has struggled to attract institutional investment due to thin margins and long timelines. Kaufman's presentation at the Miami summit is intended to test whether family office capital can be directed toward that segment.
How much did institutional investment in Indian office real estate grow in the first nine months of this year?
According to Colliers India, institutional investment in Indian office assets grew 46% to $2,169.3 million in January–September, up from $1,482.7 million in the year-ago period. Domestic investors accounted for more than 90% of those inflows, and Colliers noted that investments were primarily focused on operational assets.
Why did institutional investment in Indian housing fall so sharply in 2026?
Colliers India reported that institutional investment in the Indian residential segment fell 39% to $694.5 million in January–September, down from $1,139.7 million a year earlier. Colliers attributed the decline to realty firms preferring to fund projects through internal accruals rather than institutional capital.
What happened to retail real estate investment in India during January–September?
Colliers India reported that institutional investment in Indian retail real estate, specifically shopping malls, fell 78% to $85.2 million in January–September, compared with $380 million in the year-ago period.
How did Indian hospitality sector investments perform in the first nine months of the year?
Colliers India data showed that institutional investments in the Indian hospitality sector jumped to $632.2 million in January–September from $88.2 million in the year-ago period.
What is the outlook for real estate institutional investment in India according to Colliers?
Badal Yagnik, Chief Executive Officer and Managing Director of Colliers India, said that growing depth in domestic capital is expected to drive real estate investments in India, along with an uptick in foreign investment volumes in upcoming quarters, as preferences across the risk-return spectrum continue to evolve.
Who is David McWhorter and why did PEF Advisors add him to its board?
David 'Mac' McWhorter is a managing director at Institutional Real Estate Inc. with more than 30 years of capital formation experience. He raised more than $12 billion for firms including AEW Capital and Nuveen Real Estate/Henderson Global. PEF Advisors appointed him to its advisory board to support the firm's effort to expand its institutional investor base and strengthen its affordable housing preservation platform.
What is PEF Advisors' investment strategy?
PEF Advisors uses private equity capital to acquire and preserve existing affordable housing, particularly in markets where high housing costs can increase pressure on existing affordable properties. The firm is an affiliate of WNC & Associates, which has participated in the acquisition of more than 121,000 affordable housing units representing approximately $22 billion in investments nationwide through tax credit and preservation equity strategies.
How much capital has David McWhorter raised over his career?
David McWhorter raised more than $12 billion for real estate investment management firms during more than 30 years in capital formation and investor relations. The firms he raised capital for include AEW Capital, Nuveen Real Estate/Henderson Global, Heitman and Carmel Partners.
Who else sits on the PEF Advisors advisory board?
The PEF Advisors advisory board includes Tony Breault, managing director of portfolio management at Ascentris; Gena Cheng, founder of Prospect Avenue Partners; Lawrence J. Hass, an attorney at Difede Ramsdell & Bender; John Hurley, chief investment officer and co-founder of Penwood Real Estate Investment; and Trisha Malone, president of Anton DevCo.
What is WNC & Associates' track record in affordable housing?
WNC & Associates has participated in the acquisition of more than 121,000 affordable housing units representing approximately $22 billion in investments nationwide through tax credit and preservation equity strategies, according to the source. WNC & Associates has more than five decades of industry experience, and PEF Advisors is an affiliate of the WNC & Associates family of companies.
What did Merit Financial Advisors acquire and how big is the firm it bought?
Merit Financial Advisors acquired Moldenhauer & Associates, based in Orchard Park, N.Y., which oversees $1.1 billion in client assets across nearly 1,900 households. Brett Moldenhauer, who leads the firm, joins Merit along with 12 employees. Moldenhauer & Associates was founded in 1974 and joined Commonwealth Financial Network in 2016 with less than $150 million in assets.
How many Commonwealth Financial Network advisor teams has Merit Financial Advisors acquired?
Merit Financial Advisors has acquired 10 former Commonwealth Financial Network teams as of the Moldenhauer & Associates deal. Merit has been competing for these advisors against other firms including Cetera, Kestra Holdings and Osaic, following LPL Financial's acquisition of Commonwealth, which is expected to transition all Commonwealth client assets to its platforms in November 2026.
Why did Moldenhauer & Associates choose Merit Financial Advisors over other acquirers?
Brett Moldenhauer said his firm chose Merit Financial Advisors for its support around marketing, human resources, technology and operations. Moldenhauer also cited the caliber of other Commonwealth advisors choosing Merit, saying in a statement, 'These were successful advisors and industry professionals I knew and respected who were still very focused on growing their businesses and building for the future.'
What other former Commonwealth teams has Merit Financial Advisors recruited in 2026?
In August 2026, Merit Financial Advisors recruited a former Commonwealth team in Southern California overseeing about $900 million in client assets. In September 2026, Merit brought on financial advisor Tim Brennan and his team in Deerfield, Ill., overseeing about $888 million in assets, also from Commonwealth.
How many total acquisitions has Merit Financial Advisors completed and how many in 2026?
Merit Financial Advisors has completed 63 total acquisitions since its inception. The Moldenhauer & Associates deal marks Merit's 12th acquisition in 2026, with former Commonwealth Financial Network advisor teams making up 10 of those 12 deals completed this year.
Is M1 Advisor operating under a fiduciary standard?
Yes. M1 Advisory Services is SEC-registered, which means M1 Advisor operates under a fiduciary duty and must disclose conflicts of interest, according to the announcement. Brian Barnes, founder and CEO of M1, said the AI gives clients advice under the same fiduciary duty a human advisor owes them.
Can the M1 AI advisor take action on my accounts automatically?
No. According to the announcement, M1 Advisor cannot act on its own — it answers questions and provides advice, but the client decides whether to take action. The service is described as non-discretionary investment advisory.
What accounts can M1 Advisor advise on?
M1 Advisor can advise on M1's investing, cash, and borrowing accounts. The system can also connect to outside accounts such as a 401(k), an IRA, a mortgage, or a loan through Plaid, according to the announcement.
Which AI technology providers does M1 Advisor rely on?
M1 Advisor uses large language models and other artificial intelligence technologies from third-party providers including Google, OpenAI, Anthropic, and Amazon, according to the announcement. M1 uses an internal model governance process to evaluate and update the models over time.
How long has M1 been operating and how large is the platform?
M1 was launched in 2016 as an automated investing platform under Brian Barnes. As of September 2026, the company had $14 billion in client assets on the platform and more than 400,000 clients, according to the announcement.
What is the UQA Real Estate Fund and who is it targeting?
The UQA Real Estate Fund is a closed-ended Luxembourg SCSp launched by UNIQA Real Estate Management GmbH for institutional investors. It targets a total volume of EUR 600 million with EUR 300 million in equity. Target investors include institutional investors and large family offices from Germany, Austria, Switzerland, the Nordic countries and Central and Eastern Europe. The minimum commitment is EUR 10 million per investor.
What leverage and fund term does the UQA Real Estate Fund offer?
According to UNIQA Real Estate Management GmbH, the UQA Real Estate Fund may use leverage of up to 50% loan-to-value. The fund is designed for an initial term of ten years, with extension options.
Why is UNIQA Real Estate targeting Austria, Poland and the Czech Republic for office investments now?
Thomas Erdmann, Managing Director of UNIQA Real Estate Management GmbH, said initial yields in Austria, Poland and the Czech Republic have increased by up to 250 basis points compared with peak pricing. Erdmann also said new office supply in Vienna, Warsaw and Prague is extremely limited, while prime-located office space continues to see strong occupier demand, supporting sustainable rental growth.
How large is UNIQA Real Estate's existing portfolio and how long has it been operating?
UNIQA Real Estate has been responsible for the UNIQA Group's real estate management for 50 years, according to the firm. Its portfolio comprises around 200 properties with a total value of approximately EUR 3 billion and around one million square metres of lettable space.
Is the UQA Real Estate Fund an ESG-compliant vehicle?
The UQA Real Estate Fund is structured as an Article 8 fund under the Sustainable Finance Disclosure Regulation, according to UNIQA Real Estate Management GmbH. Sustainability criteria and building certifications form an integral part of the fund's investment criteria.
Why did high-net-worth investors reduce their property exposure in 2026?
Netwealth's 2026 report points to three factors from the May 2026 Federal Budget: limits to negative gearing on older dwellings, a tax increase on superannuation balances over $3 million, and the government's proposal for a minimum 30 per cent tax rate on income earned through discretionary and family trusts, effective from 1 July 2028.
Which investor segments increased their ETF exposure the most in FY26?
According to Netwealth's 2026 report, affluent investors with $1 million to $2.5 million showed the strongest ETF growth, rising 12 percentage points to 67 per cent exposure. Ultra-high-net-worth investors ($10 million to $70 million) rose 7 percentage points to 63 per cent, and emerging high-net-worth investors rose 4 percentage points to 64 per cent.
Are all HNW wealth segments cutting property exposure, or only the wealthiest?
Not all segments cut property exposure. Netwealth found that investors with $1 million to $2.5 million actually increased residential property exposure by nearly 10 percentage points in FY26. Lindsay Coates of Netwealth said this group typically invests a greater share of overall wealth into property and is slower to shift focus.
What happened to hybrid securities as ETF uptake rose among HNW investors?
Netwealth's 2026 report linked greater ETF uptake to a slide in hybrid securities exposure across the board, with drops ranging from 4 to 7 percentage points across wealth segments.
What investment strategy are high-net-worth investors expected to favour in FY27?
Netwealth expects high-net-worth investors to favour a protective, wealth-preservation approach in FY27. The share of investors prioritising wealth preservation rose from 11 per cent to 20 per cent, while those seeking a balance of growth and income fell from 30 to 23 per cent, according to Netwealth's 2026 report.
Who sold Regency Plaza in Denver and what was the sale price?
Granite Properties sold Regency Plaza to PAULS for an undisclosed price. Tim Richey and Jack Richey of Newmark represented Granite Properties in the transaction, according to REBusinessOnline.
What is the current occupancy and leasing status of Regency Plaza?
Regency Plaza is 83 percent leased as of the acquisition. More than 176,000 square feet of new leases have been executed at the property since early 2024, according to REBusinessOnline.
How was the acquisition of Regency Plaza financed?
Collegiate Peaks Bank, a division of Glacier Bank, provided acquisition financing for the Regency Plaza purchase with a fixed-rate loan, according to REBusinessOnline.
What amenities and improvements does Regency Plaza offer?
Regency Plaza features a renovated lobby, an outdoor plaza, a fitness center, a training facility, and an onsite restaurant and market. The building was originally built in 1985 and repositioned in 2020, according to REBusinessOnline.
Is Regency Plaza a new acquisition for PAULS or did PAULS previously own the asset?
The acquisition marks a return of ownership for PAULS, which previously owned Regency Plaza before the property was sold to Granite Properties. PAULS reacquired the 15-story Denver Tech Center tower in a transaction reported on October 1, 2026.
What did Monarch Capital Partners pay for the Westborough Massachusetts flex property?
Monarch Capital Partners acquired 115 & 117 Flanders Rd. in Westborough, MA for $10.7 million, equating to approximately $93 per square foot. The 115,241-square-foot property is classified as flex/R&D/office and shallow-bay industrial and sits on 26.8 acres approximately 31 miles west of downtown Boston.
How was the Monarch Capital Westborough deal structured and what was the family office's role?
The acquisition was structured as a joint venture between Monarch Capital Partners and Lockspur Real Estate, founded by Jeffrey Levine. A family office provided LP capital for the transaction. Monarch Capital sourced the off-market opportunity, which was facilitated by Roy Sandeman of CBRE.
What is the current occupancy and tenant mix at 115 and 117 Flanders Road in Westborough?
The buildings are 52.5% leased. Tenants include Resonetics, a medical device manufacturer; Ameresco and Ingenium Power, both energy infrastructure companies; VAIA Technologies, a developer of AI-powered camera systems; and Alioth Biotech, a provider of advanced filtration systems for the pharmaceutical industry.
Why is Monarch Capital Partners investing in the Greater Boston flex and R&D market?
Malcolm Constable, Managing Partner of Monarch Capital, said increasing public and private investment in 'tough tech'—businesses that translate scientific and engineering advances into real-world products—is an important driver of the firm's investment thesis. Constable said Greater Boston's concentration of research institutions, engineering talent, and skilled workers makes it a natural hub for these industries.
Is the Westborough acquisition Monarch Capital Partners' first deal?
According to Connect CRE, the purchase of 115 & 117 Flanders Rd. in Westborough, MA represents Monarch Capital Partners' first acquisition. The Boston-based commercial real estate investment firm sourced the deal off-market.
Can AI tools like Claude for Financial Advisors be used for investment calculations in a fiduciary context?
Dan Eyre, Chief Operating Officer of DeepVest, said fiduciaries cannot use AI for investment workflows. Multiple studies show hallucination rates for financial calculations reach the mid-to-high 80s, making outputs untrustworthy for decisions involving Monte Carlo analysis, maximum drawdown, portfolio optimization, or rolling correlations.
What is the hallucination rate for AI models doing financial math?
Multiple studies have shown hallucination rates for financial calculations by large language models to be in the mid-to-high 80s, according to Dan Eyre of DeepVest. Eyre framed this as being wrong as many as 88 times in a hundred, which he described as completely untenable for fiduciaries.
Where does AI actually add value in a wealth advisor's technology stack without creating fiduciary risk?
Dan Eyre of DeepVest said most of the benefit of LLMs is in orchestration, interpreting intent, qualitative summarization, and adjacent areas. To keep AI agents reliable, Eyre said firms need a rigorous use-case and process ontology, deterministic tools, a consistent governance framework, and contextual skills.
What liability risks do wealth management firms face from deploying AI overlays?
Dan Eyre of DeepVest said firms with fiduciary duties face regulatory crackdowns and client lawsuits if they rely on AI tools that produce hallucinated financial outputs. Eyre also warned that AI systems could become deeply embedded in a firm's operations, making early technology choices consequential for a very long time.
Why can't adding skill files or plugins fix the math problem in large language models?
Dan Eyre of DeepVest said handing LLMs a pile of skill files does not truly address the gap, because LLMs are statistical text networks not built to perform mathematical calculations. Eyre added that no matter how smart a probabilistic system gets, it will always hallucinate because probabilistic calculations are a feature, not a bug.
What conditions must an RIA meet to self-custody client crypto assets under the SEC's proposed rule?
According to the SEC's fact sheet, the adviser must determine that a 'permitted custodian' is not available to hold the asset and must recheck this quarterly. The adviser must also have 'expertise' on safeguarding each crypto asset, review cybersecurity systems at least annually, implement private key management protocols, require joint authorization of transactions by at least two people, and send account statements to clients at least quarterly.
Why is the SEC allowing self-custody instead of requiring qualified custodians for all crypto assets?
The SEC argued that typical custodians may not be willing or able to hold certain crypto assets, and that even custodians offering the service may not be able to support 'the large and continuously growing number of crypto assets in the market,' including novel assets. Josh Burton of Silver Regulatory Associates added that 'for a long time, holding crypto assets with a qualified custodian was close to impossible for many managers, because so few qualified custodians actually existed by definition.'
How does the new SEC crypto custody proposal differ from the 2023 proposal?
The SEC initially proposed changes in 2023 that would likely have required crypto assets to fall under custody rule requirements for a qualified custodian. The new 2026 proposals mirror a lighter-touch approach for the crypto space associated with Chair Paul Atkins and Commissioner Hester Peirce, allowing self-custody under certain conditions rather than mandating qualified custodian use.
What do critics say is wrong with the SEC's proposed crypto self-custody rule?
Better Markets, an investor protection organization, said the proposal 'subjects investors to the very high risk of loss the SEC exists to prevent.' Securities Policy Director Benjamin Schiffrin said there was 'no reason for the SEC to endanger investors' by allowing advisers to hold client crypto assets, contrasting this with traditional securities typically held at qualified custodians, and argued the agency is creating 'a new regulatory regime with lax standards for the sole benefit of crypto companies.'
What were the occupancy rates for the Houston and Denver office buildings that sold?
Park Towers in Houston's Galleria district was 89.5 percent leased at the time of loan closing, according to the source. Regency Plaza in Denver Tech Center was 83 percent leased at acquisition, with more than 176,000 square feet of new leases executed since early 2024.
Who financed the Park Towers office acquisition in Houston?
Susan Hill of JLL arranged acquisition financing for the Park Towers deal through Morgan Stanley on behalf of buyer Interra Capital Group. Rick Goings, Kevin McConn and Jonathan Napper of JLL represented the seller, Regent Properties, on the sales side.
What is PAULS's history with Regency Plaza in Denver?
PAULS previously owned Regency Plaza before selling it, and the October 2026 purchase from Granite Properties marks a return of ownership for PAULS at the property, according to the source. The 15-story tower was originally built in 1985 and repositioned in 2020.
Who is handling leasing at Park Towers and Regency Plaza following their sales?
The new ownership of Park Towers, Interra Capital Group, has tapped Transwestern to lease the Houston property. Colliers will continue to handle leasing for Regency Plaza in Denver Tech Center following PAULS's acquisition.
What notable office leases were signed in Chicago and New York around the same time as these sales?
Morningstar Inc. signed a lease for more than 275,000 square feet at the Thompson Center in Chicago's Loop, described as Chicago's largest downtown office transaction in 2026 to date. In New York, Loeb & Loeb signed an 18,908-square-foot expansion and 16-year extension at 345 Park Avenue, bringing its total footprint to 178,959 square feet.
How much did Moishe Mana pay for the Fort Lauderdale office tower and what was the discount to the prior sale?
Moishe Mana paid $89 million for 110 Tower at 110 SE Sixth St. in Fort Lauderdale. The seller, Gem Realty Capital, had purchased the property for $112.9 million in 2016, meaning Mana acquired it at a roughly 21% discount to that prior purchase price, according to property records provided by Vizzda.
How did Moishe Mana finance the Fort Lauderdale office tower purchase?
Moishe Mana financed the $89 million acquisition of 110 Tower with two loans totaling $66 million from City National Bank of Florida, according to property records provided by Vizzda.
What are the key physical details of 110 Tower in Fort Lauderdale?
110 Tower at 110 SE Sixth St. in Fort Lauderdale is a 30-story, 394,000-square-foot office building built in 1987 and renovated in 2015. According to a Colliers listing, the tower has up to 9,280 square feet available for lease.
Is the Fort Lauderdale office tower Moishe Mana's first investment outside Miami?
According to the source, the 110 Tower acquisition marks Mana's first venture into Broward County and Fort Lauderdale. Mana is Downtown Miami's largest landowner, with more than 80 buildings to his name in that market.
Who sold the Fort Lauderdale office tower to Moishe Mana?
Gem Realty Capital sold 110 Tower in Fort Lauderdale to Moishe Mana for $89 million. Gem Realty Capital had originally purchased the property in 2016 for $112.9 million, according to property records provided by Vizzda.
What did the family office buy in Lakewood California and how much did it pay?
A high-net-worth family office purchased a two-tenant retail property within Lakewood Center in Lakewood, California for $38.7 million. The property covers 154,997 square feet on 14.7 acres and includes The Home Depot and Albertsons, both operating under absolute below-market ground leases for more than 30 years.
What type of leases are in place at the Lakewood Center Home Depot and Albertsons property?
According to Faris Lee Investments, The Home Depot and Albertsons each occupy their respective parcels under absolute below-market ground leases. Both tenants have operated at the Lakewood Center location for more than 30 years.
Who brokered the $38.7 million Lakewood retail ground-lease sale?
Don MacLellan, Jeff Conover, Scott DeYoung and Greg Lukosky of Faris Lee Investments represented both the seller and the buyer in the $38.7 million transaction. The seller was described as a consortium of multiple owners.
Who sold the Lakewood Center retail ground-lease package?
A consortium of multiple owners sold the two-tenant retail property at Lakewood Center in Lakewood, California for $38.7 million, according to Faris Lee Investments.
How large is the Lakewood retail property that the family office acquired?
The property acquired by the high-net-worth family office totals 154,997 square feet on 14.7 acres, according to Faris Lee Investments. The asset is located within Lakewood Center in Lakewood, California and includes The Home Depot and Albertsons parcels.
What did the Fresno apartment property at 1550 W. Swift Ave. sell for?
The 18-unit multifamily property at 1550 W. Swift Ave. in Fresno sold for $2.23 million. The transaction was brokered by Northmarq's Fresno Investment Sales team, led by Robin Kane and Brendan Kane. The seller was a Colorado-based family office and the buyer was a local family office.
Which brokerage represented the seller in the Fresno family office apartment deal?
Northmarq's Fresno Investment Sales team, led by Robin Kane and Brendan Kane, represented the seller in the transaction. The seller was a Colorado-based family office. The $2.23-million deal involved an 18-unit multifamily property at 1550 W. Swift Ave. in Fresno's Bullard submarket.
What are the physical details of the Fresno apartment property that traded between two family offices?
The property at 1550 W. Swift Ave. in Fresno comprises three buildings totaling 18,296 rentable square feet on 0.83 acres. It contains 18 units, all offering two-bedroom, two-bathroom layouts. The property is located in Fresno's Bullard submarket.
Why did the Colorado family office sell the Fresno apartment property?
Robin Kane of Northmarq said the asset had been held by the seller for many years and 'presented the perfect opportunity for re-positioning in a strong location with positive rent growth.' The source does not state additional reasons for the sale.
What notable retail and academic institutions are near the Fresno apartment property that just sold?
According to the source, the property at 1550 W. Swift Ave. in Fresno's Bullard submarket offers access to River Park Shopping Center, Fig Garden Village and Fashion Fair Mall. It is also located near Fresno State and Fresno City College.
How large is Merchant Investment Management's stake in Ironbark Financial Group?
Merchant Investment Management's stake in Ironbark Financial Group is valued at $255.9 million, according to the announcement. Ironbark manages $97 billion in assets. The deal is Merchant's largest investment outside the United States. Other Ironbark investors include Australian investment company Soul Patts, management, employees and other stakeholders.
What is Ironbark Financial Group planning to do with the Merchant investment?
Ironbark Financial Group plans to use the funds to expand its capabilities across wealth management, artificial intelligence, technology and operations, and to accelerate its growth strategy, according to the announcement. Group CEO Justin Greiner said the capital will also be used to create liquidity for shareholders and pursue a pipeline of strategic acquisitions.
Who is leading Ironbark Financial Group after its leadership restructuring?
Justin Greiner was named group CEO of Ironbark Financial Group, while Brendan Carpenter was named chief operating officer, executive director and deputy chair, according to the announcement. Chris Larsen transitioned from CEO to managing director and executive chair. Alex Donald serves as CEO of Ironbark Investment Solutions, and David Stephen is executive director of strategy and growth.
What other deals has Merchant Investment Management done recently?
Earlier in 2026, Merchant Investment Management took a minority stake in Sowell Management, a registered investment advisor based in North Little Rock, Arkansas, with more than $6.5 billion in assets under management, according to the announcement. Merchant also recently appointed Jamie Melville and Eli Glotzer to lead its Australian arm.
How much does fraud actually cost financial institutions beyond the direct loss?
LexisNexis Risk Solutions' 2025 True Cost of Fraud Study found that for every $1 of fraud, U.S. financial services firms incur $5.75 in total costs. That multiplier reflects not just direct losses but investigation overhead, customer service burden and reputational damage that follow every alert, real or not.
How bad is the false positive problem in AI fraud detection for wealth managers?
For every fraudulent transaction currently caught, financial institutions generate between 10 and 20 false positives, according to Mayank Pant, Managing Director at Brillio. Pant argues the root cause is incomplete or fragmented underlying data, not the sophistication of the AI model, and that the result is alert fatigue and analysts spending time clearing noise rather than stopping fraud.
Are deepfake attacks on wealthy clients actually increasing?
According to Mayank Pant of Brillio, deepfake incidents grew from roughly 500,000 in 2023 to approximately 8 million in 2025. Pant noted that wealthy individuals with visible financial relationships and established advisor connections are disproportionately in the crosshairs of these attacks.
What has HSBC done to reduce false positives in fraud detection?
HSBC achieved a 60% reduction in false positives after deploying its AI-driven dynamic risk assessment system, and detected two to four times more financial crime in the process, according to Mayank Pant's commentary published September 30, 2026.
What is the U.S. Treasury's current position on AI fraud tools in financial services?
In February 2026, the U.S. Department of the Treasury concluded a major public-private initiative addressing AI cybersecurity, fraud and digital identity in financial services, releasing practical resources for institutions, particularly small and mid-sized firms, to deploy AI more securely. According to Mayank Pant of Brillio, the regulatory message is that scrutiny has shifted to whether underlying systems are explainable, auditable and working.
What capabilities does RWA Wealth Partners bring to Wealth Enhancement's family office offering?
RWA Family Office adds trust administration, professional trustee services, estate planning coordination, estate settlement, personal and fiduciary tax planning and preparation, estate and gift tax analysis, tax projections, and planning around liquidity events to Reserve by Wealth Enhancement, according to the announcement.
Who will lead RWA Family Office after the acquisition closes?
Upon closing, RWA Family Office will continue to be led by Michelle Knight, JP Powers, Nicole LaChapelle, and Kristin Fazio, according to the announcement. RWA's Private Wealth business will operate as advisor teams at Wealth Enhancement, with Steve Reder continuing to work directly with those teams.
What is the minimum asset threshold to access Reserve by Wealth Enhancement?
Reserve by Wealth Enhancement is generally designed for families with $25 million or more in investable assets and complex, interdependent needs spanning investments, tax, estate planning, trusts, and business ownership or succession, according to the announcement.
Is RWA Wealth Partners woman-led?
RWA Wealth Partners is one of the largest woman-led registered investment advisers in the nation, according to the announcement. RWA is led by Michelle Knight, who serves as Chief Executive Officer and Chief Economist, and is headquartered in Boston, Massachusetts.
What is Summit Partners' role in this transaction?
The acquisition of RWA Wealth Partners by Wealth Enhancement will represent an exit for Summit Partners, according to the announcement. Matt Hamilton, a Managing Director at Summit Partners, and Ashley Smith, a Principal at Summit Partners, both commented on the transaction at the time of the announcement.
Which family office bought the Killeen apartment complex and how did they structure the deal?
A New York-based family office purchased Copper Mountain, a 214-unit apartment complex in Killeen, Texas, via a 1031 exchange. Marcus & Millichap brokered the transaction. The source does not disclose the purchase price or the name of the family office.
What capital improvements is the new owner planning at Copper Mountain in Killeen?
The new owner of Copper Mountain plans to invest approximately $1 million in capital improvements, including exterior building upgrades, new roofs, enhanced lighting, security features and amenity upgrades, according to Marcus & Millichap.
Who was the seller of the Copper Mountain apartment complex in Killeen, Texas?
The seller of Copper Mountain was a California-based investor, according to Marcus & Millichap. The source does not identify the seller by name.
What are the property details for Copper Mountain in Killeen, Texas?
Copper Mountain is a 214-unit apartment complex built in 1985 on 8.7 acres in Killeen, Texas. The property offers studio, one- and two-bedroom units and amenities including a pool, fitness center, business center, playground, basketball and volleyball courts, a pet park and outdoor grilling and dining stations, according to Marcus & Millichap.
Which Marcus & Millichap brokers handled the sale of Copper Mountain in Killeen?
Alec Schenk, Nick Fluellen, Bard Hoover, Peter Flis and John McGregor of Marcus & Millichap represented the California-based seller and procured the New York-based family office buyer in the Copper Mountain transaction, according to Marcus & Millichap.
Why did Corient acquire a Cayman Islands firm?
Corient said the acquisition of FortCay Family Advisory gives the Miami-based firm its first physical footprint in one of the world's most important jurisdictions for holding and administering private wealth. Kurt MacAlpine, Corient's founding partner and chief executive, said that many Corient clients live, work and invest across borders, and that establishing a presence in Cayman deepens the firm's ability to serve them.
How many families and how much in assets does FortCay manage?
FortCay Family Advisory oversees about $2.6 billion for 14 ultra-high-net-worth families, according to the InvestmentNews report on the acquisition.
What other international acquisitions has Corient made in the past year?
Within approximately one year, Corient added more than $214 billion in client assets through deals with Stonehage Fleming and Stanhope, agreed to buy Geneva-based Bedrock Group with $10.7 billion in assets, launched in Canada with about C$10 billion in assets, and confirmed a deal for Paris-based Letus Private Office overseeing about €4.1 billion.
How active has Corient been in M&A compared to the broader RIA market?
Consultancy firm DeVoe & Company counted 167 RIA transactions in the first half of 2026, above the previous first-half record of 148, and ranked Corient among the ten most acquisitive firms. Echelon Partners credited Corient with seven deals of $1 billion or more in 2025.
Who leads FortCay and what drove the decision to join Corient?
FortCay was founded by Billy Harty and Matt Houghton. Harty, FortCay's founder and managing director, said the firms shared high standards and a commitment to putting clients first, and that Corient's partnership model gives FortCay access to the depth and scale of a global firm while creating new opportunities for FortCay's clients.
What is Charlesbank Capital Partners' current strategy for investing in RIAs?
David Katz, managing director at Charlesbank, said the firm's thesis has shifted from relying on industry tailwinds and consolidation to building cohesive institutions. Charlesbank is now focused on platforms that demonstrate durable organic growth, advisor productivity and recruiting, client retention, and strong management teams, rather than firms that are simply aggregating assets.
What RIA investments has Charlesbank made and when?
Charlesbank invested in Lido Advisors in early 2021, Pensionmark (now World Investment Advisors) in 2022, Rise Growth Partners in January 2024, and U.K.-based Perspective Financial Group. Rise Growth Partners has in turn made four minority investments in RIAs using Charlesbank's $250 million capital commitment.
How is Charlesbank using artificial intelligence across its wealth management portfolio companies?
David Katz said Charlesbank has built a center of excellence around AI use cases spanning the companies it touches directly and through Rise Growth Partners. The firm catalogs use cases, uses internal resources and third parties to build solutions, and drives advisor adoption. Katz said middle-office efficiency initiatives are focused less on reducing headcount and more on reducing the rate of headcount growth.
What is the connection between Charlesbank and the Harvard University endowment?
Charlesbank was established in 1998 after its founding team spun out of the Harvard University endowment, according to David Katz. Katz said this heritage shapes the firm's research-based investment approach, which focuses on thematic initiatives in sectors where Charlesbank has deep conviction, and informs its relationships across the institutional investor ecosystem.
What share of high-net-worth investors own investment real estate?
Long Angle's 2025 High-Net-Worth Asset Allocation Report found that two-thirds of high-net-worth investors hold investment real estate. Direct residential ownership is described as the dominant strategy within that group. The source notes real estate provides both income generation and inflation protection for these investors.
How do portfolio allocations change once a high-net-worth investor crosses $25 million in net worth?
According to Long Angle's 2025 High-Net-Worth Asset Allocation Report, public equities make up approximately 47% of the average high-net-worth portfolio, but that figure falls to 38% among investors with more than $25 million in net worth as those investors gain access to a broader range of private and alternative investments.
How are younger high-net-worth investors allocating differently from older ones?
Capgemini data cited in the source shows that 61% of millennial and Gen Z high-net-worth investors allocate capital to higher-growth asset classes and niche offerings. The source also notes that crypto allocations now exceed precious metals among younger high-net-worth investors, reflecting generational differences in asset preferences.
What is Blackstone's new BXPM fund and who can invest in it?
Blackstone Private Markets Fund (BXPM) is a new perpetual flagship strategy providing simplified access to Blackstone's private markets platform in a single allocation across private equity, private infrastructure, private real estate, and credit. According to Blackstone's Global Head of Private Wealth Joan Solotar, BXPM gives eligible investors access to Blackstone in a single, simple allocation.
Is Blackstone involved in any large private equity deals this week?
Platinum Equity completed the sale of Urbaser, a global environmental infrastructure and waste management company, to Blackstone and EQT for approximately $6.6B. Platinum Equity had acquired the Madrid-based business in October 2021 for $4.2B, and Urbaser's revenue increased by more than 60% and EBITDA rose by 70% since 2020.
Which major RIA made its first move into the Cayman Islands?
Corient, the Mubadala Capital-backed mega-RIA with $572B in global assets, acquired FortCay Family Advisory, a $2.6B multi-family office serving 14 ultra-high-net-worth families, marking Corient's first move into the Cayman Islands.
What did the Virginia Retirement System commit to private markets recently?
The Virginia Retirement System committed approximately $2.22B across 14 new investment mandates between June 18 and September 17, 2026, directing capital to private equity, real estate, energy, private credit, public equity, and systematic investment strategies. Private equity accounted for the largest portion at approximately $976M, with the largest single commitment being $300M to GTCR XV.
Why did Corient acquire a Cayman Islands family office?
Corient CEO Kurt MacAlpine said the acquisition establishes Corient's first presence in the Cayman Islands because 'a meaningful share of the world's most complex family wealth is structured and administered' there. MacAlpine also noted that many Corient clients live, work and invest across borders, and a Cayman presence deepens the firm's ability to serve them.
How large is FortCay Family Advisory and how many families does it serve?
FortCay Family Advisory manages $2.6 billion in assets and serves 14 ultra-high-net-worth families. The firm offers wealth management, estate planning and other family office services. FortCay was founded in 2023 by Matt Houghton and Billy Harty and is registered with the Cayman Islands Monetary Authority.
How large is Corient after its recent acquisitions?
Corient has approximately $572 billion in global assets, according to the article. Recent acquisitions include FortCay Family Advisory ($2.6 billion), Summit Trail Advisors ($21 billion), Seven Bridges Advisors ($4.9 billion), two U.K. firms with a combined $175 billion, the Bedrock Group ($10.7 billion) and Capital Advisors ($7.8 billion).
Who founded FortCay Family Advisory and what are their backgrounds?
FortCay Family Advisory was founded by Matt Houghton and Billy Harty. According to the article, Harty previously worked as a Wall Street bond broker, at a German investment bank, at a brokerage firm in Ireland, as an investment advisor for RBC Dominion Securities, and headed a London-headquartered multi-family office. Houghton served as CEO of GroupHealth Benefit Solutions, a Canada-based benefits plan administrator, for nearly 15 years.
Who owns Corient and where is it headquartered?
Corient is headquartered in Miami and was founded in 2020. The firm emerged from the rebranding of the U.S. wealth business of Toronto-based CI Financial. CI Financial was taken private in 2025 by Abu Dhabi-based Mubadala Capital, according to the article.
Why did Corient acquire FortCay and what does it get from the deal?
Corient said the acquisition establishes its presence in the Cayman Islands, which it described as a leading international financial center and important hub for private wealth. FortCay brings 14 ultra-high-net-worth client families and approximately $2.6 billion in assets, along with expertise in serving families with complex cross-border needs.
How big is Corient and how does it operate?
According to Corient, the firm manages approximately $572 billion globally on behalf of ultra-high- and high-net-worth individuals, families, and businesses. Corient has more than 300 partners and over 2,700 employees and operates under a private partnership model with complete fee transparency, as of figures dated June 30, 2026.
Who founded FortCay and what services does it provide?
FortCay Family Advisory was founded by Billy Harty and Matt Houghton. According to the announcement, FortCay provides comprehensive wealth management, estate planning, and family office services to 14 ultra-high-net-worth families representing approximately $2.6 billion in client assets, as of July 31, 2026.
What did FortCay's founder say about joining Corient?
Billy Harty, Founder and Managing Director of FortCay, said the firm felt Corient shared its high standards and commitment to putting clients first. Harty said Corient's partnership model gives FortCay access to the depth and scale of a global firm while creating new opportunities for FortCay clients.
What is Corient's rationale for expanding into the Cayman Islands specifically?
Kurt MacAlpine, Founding Partner and Chief Executive Officer of Corient, said a meaningful share of the world's most complex family wealth is structured and administered in the Cayman Islands. MacAlpine also said many Corient clients live, work, and invest across borders, and that establishing a Cayman presence deepens Corient's ability to serve them.
Who is selling the Hanover logistics property to Cabot Properties?
The seller is BGAR, a Hanover-based German family office and project developer. Bernd Rathenow, Managing Director at BGAR, said the company's focus is now on completing the final stages of construction and handing over the building to Cabot Properties.
What are the key specifications of the Cabot Properties Hanover logistics acquisition?
The property comprises approximately 16,400 square metres with a clear height of approximately 12.20 metres, an ESFR sprinkler system, 14 dock levellers, and two ground-level doors. The building meets Water Hazard Class III requirements and can be divided into two separate units. It is expected to achieve DGNB Gold certification.
Why is the Hanover region considered a strategic logistics market?
According to Cabot Properties, the Hanover region benefits from proximity to the A2 motorway, one of Germany's principal east-west transport routes, providing connections to the Netherlands, the Ruhr region, and access via Berlin to Poland. Major occupiers in the region include Amazon, Airbus, BMW, Continental, DSV, DHL, FedEx, Nagel Group, UPS, Volkswagen, and Rhenus.
How much has Cabot Properties invested in logistics real estate overall?
According to Cabot Properties, the firm has invested over $19 billion in logistics real estate since its founding in 1986, served over 4,400 tenants, and operated over 1,775 buildings totalling more than 245 million square feet.
Who brokered the Cabot Properties acquisition of the Hanover logistics development?
The commercial real estate team at S-ImmobilienVermittlung Hannover GmbH brokered the transaction. Felicitas Roda, Real Estate Agent at S-ImmobilienVermittlung Hannover GmbH, said BGAR's professional management of the process contributed to Cabot's decision to invest in the development during the construction phase.
What did the Southern California family office pay for The Marc at 1600 in Modesto?
A Southern California private family office paid $26.6 million for The Marc at 1600, a 100-unit multifamily community located at 1600 Standiford Avenue in Modesto, California, according to The Mogharebi Group.
What are the loan terms the buyer assumed on the Modesto multifamily acquisition?
The buyer assumed an existing HUD loan at a 3.8% interest rate on The Marc at 1600, according to The Mogharebi Group. Senior Vice President Brian Nakamura said the loan structure enhances financial efficiency in today's high-rate environment.
Who sold The Marc at 1600 in Modesto and who brokered the deal?
Tesseract Capital Group, based out of the San Francisco Bay Area, sold The Marc at 1600. The Mogharebi Group represented the seller, with Executive Vice President Otto Ozen, Senior Vice President Brian Nakamura, and Senior Vice President Nazli Santana on the deal team.
Why are investors targeting Modesto, California for multifamily capital deployment?
Senior Vice President Nazli Santana of The Mogharebi Group said investor appetite in Modesto is fueled by resilient renter demand, a strong regional employment base, and the city's advantageous proximity to both the Bay Area and Sacramento. Santana added that the transaction reflects sustained investor confidence in California's Central Valley.
What are the physical characteristics of The Marc at 1600 multifamily property in Modesto?
The Marc at 1600 is a 100-unit multifamily community located at 1600 Standiford Avenue in Modesto, California. The community consists of one-bedroom and two-bedroom units with an average unit size of 798 square feet, according to The Mogharebi Group.
Who did Michael Williams target in his alleged investment fraud scheme?
According to the SEC, Williams targeted at least 18 investors, many of whom were current or former law enforcement members in South Florida. The SEC said many victims trusted Williams because of his work with a West Palm Beach-based police and firefighter pension plan administrator, and he often asked them to refer friends and family, many of whom were not accredited investors.
How did Michael Williams fake trading returns to deceive investors?
According to the SEC complaint, Williams posted cropped screenshots of returns from a practice trading platform to a Facebook group chat for CMI Capital investors, and sent investors fake profits and portfolio values in monthly reports or on social media. In August 2024, investors realized the returns Williams touted were from a simulated trading account.
What happened to the $860,000 Michael Williams raised from investors?
The SEC alleged Williams used approximately 45% of the $860,000 raised for personal use, including credit card and mortgage payments, cash withdrawals, a high-end sports car, luxury car rentals, jewelry, luxury goods, vacations, restaurants, and medical spa treatments. Williams has returned at least $375,000 to investors to date, largely using funds provided by his family.
Was Michael Williams registered with the SEC or any regulator?
According to the SEC complaint, Williams was never registered when he solicited investments for the two CMI Funds between October 2023 and August 2024. The SEC also noted that Williams never incorporated the two funds he solicited investments for and never opened a brokerage account for CMI Capital.
What penalties is Michael Williams facing as a result of the SEC charges?
In settling some of the charges, Williams agreed to a forthcoming associational bar, as well as disgorgement and further civil penalties to be decided at a later point, according to the SEC complaint filed in federal court in Florida.
What real estate investments would qualify for the new Hong Kong tax exemption under the proposed Bill?
The Bill would add immovable property situated outside Hong Kong to the list of qualifying investments eligible for exemption under the unified tax regime for funds and the family-owned investment holding vehicles regime. Income derived from a private company engaged in trading or developing Hong Kong immovable property would not be eligible for the tax concession.
Does the proposed Hong Kong legislation cover single-investor fund structures used by family offices?
The Bill would bring single-investor arrangements within the definition of 'fund', according to the proposed legislation. The vehicle must still be structured as a fund rather than a proprietary trading business or general commercial or industrial undertaking. The Bills Committee has completed its clause-by-clause examination and a second reading debate is targeted for the second half of 2026.
How does the proposed Bill change the treatment of carried interest in Hong Kong?
The Bill would broaden the carried interest concession beyond private equity to include hedge funds, private credit funds and other performance-based economic arrangements. The proposed changes would remove the requirement for the relevant fund to be certified by the Hong Kong Monetary Authority, remove the existing reference to a hurdle rate, and broaden the range of persons and entities that may participate in qualifying distribution arrangements.
What new reporting or substance requirements would family offices face under the proposed Hong Kong Bill?
The Bill would introduce reporting and economic substance requirements for funds claiming exemption under the unified tax regime for funds, broadly bringing the funds regime closer to obligations already familiar under the family-owned investment holding vehicles regime, according to the proposed legislation. Managers would also need to revisit fund eligibility, asset classification, investment documentation, substance and reporting processes.
When would the Hong Kong tax changes for private funds and family offices take effect?
Subject to enactment, the relevant measures are intended to take effect retrospectively from the year of assessment 2025/26, according to the Bill. The Hong Kong Government is targeting resumption of the second reading debate in the second half of 2026, following the Bills Committee's completion of its clause-by-clause examination.
What 10-year return has BREIT reported and how does it compare to public REITs?
Katie Keenan, CEO of Blackstone Real Estate Income Trust, said BREIT has delivered a 9.4 percent net return over the last 10 years. Keenan said that figure is 35 percent higher than the public REIT market. She attributed the performance to logistics, data centers, and multifamily assets, which make up 90 percent of Blackstone's core-plus portfolio.
What sectors are institutional real estate investors most focused on right now?
According to speakers at the Commercial Observer Institutional Investor & Private Equity Forum, logistics, data centers, multifamily, senior housing, and retail were cited as areas of focus. Greg MacKinnon, head of research at Pension Real Estate Association, noted bright spots in senior housing and retail due to supply shortages, while Miles Treaster of Cushman & Wakefield pointed to data centers and senior housing as examples of strong performance.
What did Starwood Property Trust's president say about rising interest rates and real estate?
Jeff DiModica, president of Starwood Property Trust, said the move of long-term interest rates into 5 percent territory is something the market will need to digest while dealing with hundreds of billions of dollars of debt tied to data center development. DiModica said rate moves are typically bad for real estate because real estate is typically very levered to interest rates, and warned that the market has not worked through many problems from the post-COVID 2022 era.
Are foreign investors increasing allocations to U.S. commercial real estate?
Shawn Lese, chief investment officer at Nuveen Real Estate, said his firm has been raising money from Canada, Germany, and Australia, and that large state plans, sovereign wealth funds, and superannuation funds have consistently said they are underallocated to commercial real estate. Richard Prokup, U.S. CEO of Mapletree, said Australia, Japan, South Korea, Malaysia, and Singapore have been willing to pour capital into domestic CRE, and that the war in the Middle East has redirected some Middle Eastern capital to the U.S.
Who sold the Edge Apartments in Anaheim and what did they originally pay for it?
PGIM Inc., Prudential Financial's asset management business, sold Edge Apartments to H&S Ventures. PGIM originally acquired Edge Apartments as part of a $380 million, three-property portfolio purchase from JPI Companies in 2021, according to the Orange County Business Journal.
What is the Samueli family's total real estate spending in Anaheim since 2020?
Since 2020, including the Edge Apartments acquisition, H&S Ventures has spent approximately $318 million buying properties in Anaheim, according to the Orange County Business Journal. Those purchases include both Stadium Tower office buildings, a 105,000-square-foot industrial property near Angel Stadium, and two retail properties that will be part of OCVibe.
What is the occupancy rate at Edge Apartments and how does the Platinum Triangle market look overall?
Edge Apartments and the neighboring Rise Apartments are each approximately 97% occupied, according to CoStar data cited by the Orange County Business Journal. CBRE's Rachel Parsons said the Platinum Triangle has kept occupancy above 95% with few concessions and described Orange County as every institutional investor's number-one target market right now because fundamentals have been really tight.
Why did CBRE sell Edge Apartments and Rise Apartments separately rather than as a portfolio?
CBRE's Rachel Parsons said selling the two properties together would have made the total price too high for many institutional buyers. Parsons said the check size starts to get really large when pricing exceeds $300 million, and that selling them to two individual groups produced more demand and stronger overall pricing than a single portfolio sale, according to the Orange County Business Journal.
Why is Mercer Advisors refinancing its private credit debt with a bank loan?
Mercer Advisors is refinancing to cut borrowing costs. The existing private credit debt carries a rate of 4.5 percentage points over the floating-rate benchmark; the new leveraged loan is priced at 2.75 percentage points over the same benchmark, reducing the borrowing margin by 1.75 percentage points and saving about $29 million annually. Mercer CFO Gün Keresteci said lower costs will give the firm flexibility to better serve clients.
Who were the private credit lenders that Mercer Advisors is paying off?
Existing lenders on Mercer Advisors' private credit debt include KKR & Co., Ares Management Corp., BlackRock Inc., and funds managed by Apollo Global Management Inc., including a MidCap Financial fund, according to regulatory filings cited in the source.
How much does Mercer Advisors manage in client assets?
Mercer Advisors oversees about $111 billion in client assets, according to the source.
Is the trend of refinancing private credit into bank loans widespread in 2026?
According to data from JPMorgan Chase & Co. and KBRA DLD published on the same date as the Mercer announcement, $19.5 billion in private credit has been refinanced into the broadly syndicated loan market so far this year, while only $9.2 billion of broadly syndicated loans have been refinanced into private credit.
What is the $250 million delayed draw term loan in Mercer's deal intended for?
The $250 million delayed draw term loan included in Mercer Advisors' debt offering will go toward funding acquisitions and other investments, according to a person with knowledge of the matter who asked not to be identified because the information is private.
What are Osaic customers alleging in the new cash sweep class action?
Osaic customers Robin Nackman and Douglas Whittaker allege that Osaic kept cash sweep account interest rates artificially low while earning higher returns from fees paid by participating banks, violating contractual, implied, and fiduciary obligations to customers. The complaint argues Osaic did not adjust rates based on economic or prevailing market factors, even when the Federal Reserve raised interest rates.
How does Osaic's cash sweep program work according to the lawsuit?
According to the complaint, uninvested cash from Osaic customer brokerage, advisory, and IRA accounts is swept into interest-bearing accounts through clearing firms Pershing and National Financial Services, which establish deposit accounts at participating banks. Those banks pay fees to Osaic, which the plaintiffs allege reduced the interest paid to customers on their cash balances.
Has Osaic faced cash sweep lawsuits before?
Yes. A customer filed a similar cash sweep class action against Osaic in early 2025, which remains ongoing according to the article. The latest suit filed by Nackman and Whittaker in Arizona federal court is described as an additional class action on top of that prior case.
What are the plaintiffs asking for in the Osaic cash sweep lawsuit?
Nackman and Whittaker are asking the court to declare the case a proper class action and are seeking actual damages, including punitive damages, as well as other profits from Osaic, according to the complaint filed in Arizona federal court.
What price did DFO Management and Sequence Holdings pay to take The Baldwin Group private?
Sequence Holdings and DFO Management, Michael Dell's family office, agreed to acquire The Baldwin Group at $32.50 per share in cash, representing a $7.7 billion enterprise value, according to Davis Polk. The deal was announced September 14, 2026.
Who is DFO Management and what role did they play in the Baldwin Insurance deal?
DFO Management is Michael Dell's family office. DFO Management co-led the take-private of insurance broker The Baldwin Group alongside Sequence Holdings at $32.50 per share in cash and a $7.7 billion enterprise value, according to the Vest M&A Deal Digest for September 5–17, 2026. Sullivan & Cromwell served as DFO Management's legal counsel.
Which law firms advised on the Baldwin Group take-private?
Latham & Watkins advised Sequence Holdings on the buy side, Sullivan & Cromwell advised DFO Management on the buy side, and Davis Polk advised the sell side, according to Vest. Troutman Pepper Locke served in a specialist insurance-regulatory counsel role for Baldwin.
How did the Baldwin take-private rank among the largest deals in the September 2026 M&A period?
The Baldwin Group take-private at $7.7 billion enterprise value was the third-largest disclosed deal in the September 5–17, 2026 period tracked by Vest, behind GE Aerospace's $11.75 billion acquisition of Consolidated Precision Products and the $8.1 billion all-stock merger of Independence Realty Trust and Centerspace.
What type of business is The Baldwin Group?
The Baldwin Group is described as an insurance broker in the Vest M&A Deal Digest for September 5–17, 2026. The deal category is listed as insurance brokerage, and Troutman Pepper Locke's specialist role as insurance-regulatory counsel reflects the regulated nature of the business.
Who sold the U.K. student housing portfolio to Partners Group and Aboria Capital?
HSBC Asset Management sold the five-asset, 1,570-bed purpose-built student accommodation portfolio to the Partners Group and Aboria Capital joint venture for £165 million ($220 million).
Which family offices are involved in the Aboria Capital student accommodation deal?
The acquisition joint venture includes the Downing family office and a U.K. single family office. Aboria Capital was launched in partnership with the Downing family office, and the transaction marks Aboria's first acquisition since that launch.
How leased is the Partners Group and Aboria student accommodation portfolio?
The five-asset, 1,570-bed portfolio is 98.2 percent leased for the 2026–27 academic year, according to the deal announcement.
What type of universities does the U.K. student housing portfolio serve?
The portfolio is largely concentrated across Russell Group institutions and provides exposure to what the source describes as some of the U.K.'s most resilient and demand-driven student markets.
What is Aboria Capital and what is its focus?
Aboria Capital is described as an operational real estate–focused investment management business launched in partnership with the Downing family office. The £165 million ($220 million) PBSA portfolio acquisition is Aboria Capital's first since its launch.
How much did Tishman Speyer make on its sale of 148 Lafayette Street?
Tishman Speyer purchased 148 Lafayette Street from Epic in May 2025 for $105.5 million and is selling the property to Shorenstein Properties for approximately $135 million, representing a sizable profit on a roughly 16-month hold. Tishman Speyer declined to comment on the transaction.
Who are the tenants at 148 Lafayette Street in SoHo?
The 141,359 square feet of office space at 148 Lafayette Street is 100 percent leased to tenants including investment firm General Catalyst, AI code review firm Graphite, coworking firm WeWork, cosmetics company Charlotte Tilbury, digital picture frame company Aura Frames and consulting firm Keystone. The 13,454 square feet of retail space is 100 percent leased to martial arts gym Five Points Academy and discount luxury retailer 260 Sample Sale.
What is the lease term profile and rent range at 148 Lafayette Street?
All but 12,315 square feet of 148 Lafayette Street's space is leased through the 2030s. Around 70 percent of the office portion has been leased to new tenants since January 2025. Rent for the newer leases ranges from $70 to $120 per square foot, according to Commercial Observer.
Who brokered the sale of 148 Lafayette Street?
The sale of 148 Lafayette Street was represented by Newmark's Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Avery Silverstein and Joshua King, according to Commercial Observer.
When did Tishman Speyer last buy office buildings before the 2025 purchase of 148 Lafayette Street?
Prior to purchasing 148 Lafayette Street in May 2025, Tishman Speyer had not bought an office building anywhere in the U.S. since 2021 and had not purchased an office building in Manhattan since 2019, according to previous reporting in Commercial Observer.
How did Soros Fund Management come to own the Argonaut Building?
In April 2024, Soros, as a tenant, filed a foreclosure lawsuit against former landlord Eretz Group, citing a default on a $145 million mortgage, according to The Real Deal. Eretz Group had purchased the site for $213.8 million in 2015. Soros Fund Management subsequently won the building in a foreclosure auction.
What is the asking price for the Argonaut Building and who is brokering the sale?
Soros Fund Management is seeking roughly $100 million for the Argonaut Building at 224 West 57th Street, according to a source with knowledge of the deal. Newmark's Adam Spies, Adam Doneger, and Willis Robbins are marketing the property.
Can the Argonaut Building be converted to residential use?
Newmark's offering memo described the sale as a 'rare opportunity' to reposition the historic building into 'best-in-class residences,' according to The Real Deal. The property has additional air rights that could give it a total buildable space of more than 200,000 square feet, according to the same publication.
What happens to Open Society Foundations if the Argonaut Building is sold?
Open Society Foundations, Soros's grant-making group, occupies the building and holds a lease running through 2042. However, Soros plans to move the grant-making group from the building once a deal is closed, according to The Real Deal.
Are there comparable office-to-residential conversion projects near 224 West 57th Street?
A nearby conversion project is underway at 135 East 57th Street, where TF Cornerstone is turning a former office building into 350 apartments, according to Commercial Observer.
What did the Stellberger brothers buy in Brooklyn and how much did they pay?
An entity tied to Dawson Stellberger paid approximately $21.5 million for a mixed-use building at 291 President Street in Brooklyn's Carroll Gardens together with an adjacent development site at 336 Union Street, according to The Real Deal. The two properties form a corner assemblage in the brownstone neighborhood.
What is 99c and what properties does it control?
99c is a private real estate investment firm at which Dawson Stellberger is a partner, according to The Real Deal. The firm has backed major office acquisitions downtown, including the former AIG building at 175 Water Street and the 41-story tower at 180 Maiden Lane.
What are the Stellbergers planning to do with the Carroll Gardens assemblage?
According to The Real Deal, the Carroll Gardens corner assemblage provides a platform for either future redevelopment or repositioning of existing retail and residential space. The article does not specify which path the brothers intend to pursue.
Who are Dawson and Zachary Stellberger?
Dawson and Zachary Stellberger are ultra-high-net-worth brothers described by The Real Deal as discreet but increasingly influential private investors. Dawson Stellberger is a partner at 99c, a private real estate investment firm active in both neighborhood-scale and trophy assets in New York City.
What did the SEC allege Haywood USA did wrong in its AML program?
The SEC alleged that between May 2021 and January 2026, Haywood USA failed to file required suspicious activity reports with FinCEN and failed to identify or investigate red flags on certain accounts, even when its own compliance personnel had found information indicating potential suspicious activity. The SEC issued its order on September 11, 2026.
How much did Haywood USA pay to settle the SEC AML charges?
Haywood USA agreed to pay $750,000 to settle the SEC's claims related to its anti-money laundering program failures. Haywood USA is a wholly-owned subsidiary of Canada-based Haywood Securities.
What were the specific red-flag accounts at the center of the SEC's case against Haywood USA?
The SEC identified two primary cases. In the first, Haywood USA opened an account for a business whose beneficial owner via a trust was a convicted criminal, with the stated purpose of depositing several hundred million dollars in shares from a single issuer for immediate liquidation. In the second, Haywood opened an account for a British Virgin Islands company linked to a banker under fraud investigation who was subsequently arrested.
What steps has Haywood USA taken to fix its AML compliance program?
According to the SEC, Haywood USA revised its AML policies, increased its compliance staffing, and hired a third-party consultant to bolster annual reviews and testing of its AML compliance program following the instances cited in the SEC's order.
Was Haywood USA subject to any criminal proceedings related to these AML failures?
According to the SEC, Haywood USA faced a criminal subpoena from U.S. authorities related to the account opened for the business linked to the convicted criminal, arriving over a year after that account was opened.
What yields are neighbourhood retail centres achieving in Australia right now?
Two fully leased neighbourhood retail centres transacted in the week of 14 September 2026 at yields between 5.63% and 5.80%. Meridian Village Lifestyle Centre in Clyde North, Victoria reflected a 5.63% fully leased yield, while Richlands Home & Life in Queensland reflected a 5.80% passing yield, according to the deal disclosures.
Who sold the Richlands retail centre in Queensland and what was the WALE?
POD Developments sold Richlands Home & Life at 215 Government Road and 20 Garden Road, Richlands for $33.85 million. The centre is fully leased and generates approximately $2.1 million in net income with an 8.6-year WALE by income, according to Colliers agents Harry Dever and James Wilson.
What did the Cabramatta strata retail shops sell for per square metre?
Two strata retail shops in Hong Kong Shopping Plaza on John Street, Cabramatta sold individually for $3.68 million and $4.56 million, with both transactions achieving rates above $85,000 per sqm. The combined sale price was $8.24 million and established a new benchmark for strata retail values in Cabramatta, according to Colliers and McConnell Bourn.
Who bought the South Brisbane development site and what is it near?
TRK Property Group purchased the mixed-use development site at 176 Montague Road, South Brisbane for $20 million. The 1,917sqm site sits within an urban renewal pocket between South Bank and West End, alongside redevelopment plans for the neighbouring Visy and Parmalat factory precincts, according to Colliers.
What is notable about the Clyde North retail sale for Victorian large-format retail?
Meridian Village Lifestyle Centre at 50 Titan Drive, Clyde North sold for $18.65 million at a $6,844 per sqm building rate, reported as the highest for a Victorian large-format retail centre transaction in more than a decade. The deal completed Griffith Group's $42.6 million sell-down of the broader Meridian Village retail development, according to Stonebridge Property Group.
What site did Hanwha buy for its first residential development in Seoul and how much did it pay?
Hanwha Galleria bought the land at 633-3 Sinsa-dong in Seoul's Gangnam district for 236.7 billion won ($170 million) in July, according to Seoul Economic Daily. Hanwha Galleria's project financing vehicle, Hi-End Dosan PFV, is completing the acquisition on the 14th, with plans to build a top-tier residential complex on the site.
What is Shinsegae building with Aman in Seoul and where is it located?
Shinsegae Group said this month it will build 49 branded residences alongside the Aman Seoul hotel in Cheongdam-dong, Seoul. Aman will handle architecture and design as well as concierge, housekeeping, spa and dining operations after completion. Residents will be tied to the membership-based Aman Club, giving them access to hotel services at all times.
What is the track record of ultra-luxury serviced residences in Seoul and what prices have units achieved?
Lotte Group opened the domestic market for top-tier serviced residences in 2017 when it began selling units at Signiel Residence, according to Seoul Economic Daily. A 489-square-meter unit at Signiel Residence changed hands for 21 billion won ($15.1 million) last October, illustrating the price levels the segment has achieved.
Does Hanwha have any prior experience in residential real estate development?
According to Seoul Economic Daily, Hanwha has no track record in housing development but decided to take on the project itself. Hanwha cited its grasp of ultra-high-net-worth lifestyles — built through operating the Galleria luxury hall and The Plaza hotel — as a core strength justifying the move into residential development.
Is demand for Seoul ultra-luxury residences limited to South Korean buyers?
A hotel industry official quoted by Seoul Economic Daily said the market is not limited to domestic buyers: 'This isn't about the domestic market alone — global demand is part of the calculation.' The official added there is 'more than enough demand for supply of a few dozen ultra-expensive units that guarantee privacy, rather than hundreds of hotel rooms.'
How much are family offices investing in Italian real estate in 2026?
Family offices, family-controlled investment companies and wealthy individuals deployed approximately €1.7 billion into Italian property during the first half of 2026, according to one major market estimate. That figure represented more than one-fifth of total investment under the same methodology and was influenced by a particularly large trophy transaction.
What types of properties are family offices buying in Italy?
The great majority of private-wealth investment in Italy was directed towards high-quality, lower-risk assets, according to the article. Preferred locations include Milan, Rome, Venice, Florence, Lake Como, the Amalfi Coast, Sardinia and Tuscany, where scarcity and geographic characteristics support long-term capital preservation across generational holding periods.
Are Middle Eastern investors active in Italian real estate?
Interest from Middle Eastern investors has been increasing, particularly for prime hotels in major Italian cities and internationally recognised leisure destinations, according to the article. The article states it would be premature to describe Middle Eastern buyers as dominant across Italian commercial property, but their growing attention illustrates an expanding buyer base.
Why is Italy's €7 billion investment recovery considered fragmented?
International institutions are targeting scale and liquidity, private equity is pursuing value-add complexity, family offices favour quality and scarcity, Middle Eastern investors are focused on selected trophy assets, and domestic buyers exploit local knowledge. Several billion euros concentrated in large portfolios and trophy assets can coexist with significant illiquidity in secondary offices, weaker shopping centres and older industrial properties.
What is Baltisse's investment strategy in the U.S. multifamily market?
Andrew Lohrfink, President of U.S. Real Estate for Baltisse, said the firm focuses on investing in high-quality, well-located infill apartment communities at significant discounts to replacement cost. Baltisse U.S. Real Estate targets value-add multifamily and industrial investments in high-growth markets, using a flexible capital mandate and active ownership approach to unlock additional value.
Is this Baltisse's first U.S. real estate deal?
No. The Louis Las Colinas acquisition marks Baltisse U.S. Real Estate's second U.S. multifamily investment in recent months. The first was The Carson, a 298-unit apartment community in Charlotte's South End submarket, according to the announcement.
Who are the major employers near The Louis Las Colinas in Irving, Texas?
According to the announcement, major employers near The Louis Las Colinas include Wells Fargo, McKesson, Caterpillar and Kimberly-Clark. The property is also near Toyota Music Factory and the Irving Convention Center within the Las Colinas Urban Center.
What is Peruna and why is it investing in U.S. real estate?
Peruna is the family office of the Clarebout family, managing permanent family capital with a long-term and partnership-driven approach. Eveline Vereecke, Co-CEO of Peruna, said the investment in The Louis Las Colinas represents an important step in Peruna's continued international expansion, reflecting strong conviction in the long-term fundamentals of the U.S. multifamily market.
What improvements are planned for The Louis Las Colinas after acquisition?
According to the announcement, the value-add business plan includes refreshed amenity spaces, exterior enhancements and upgraded apartment interiors. The partners said the improvements are intended to further differentiate The Louis Las Colinas within the Las Colinas market and enhance the resident experience.
How much are Latin American family offices allocating to private equity and direct investments?
According to UBS' 2026 Global Family Office Report, Latin American family offices allocated 34% of assets to alternatives in 2025. Within that figure, 16% went to private equity, 7% through direct investments, 9% through funds, and 2% to private debt.
Are Latin American family offices planning to change their asset allocation in 2026?
UBS' 2026 Global Family Office Report found that 61% of Latin American family offices surveyed expect to make changes to their strategic asset allocation in 2026.
How much of Latin American family office portfolios are invested inside Latin America versus North America?
According to UBS' 2026 Global Family Office Report, 23% of Latin American family office portfolios were allocated within Latin America itself, while 60% remained invested in North America.
What capital structures can family offices use when investing in a private company?
According to Alessio Mazzanti, Managing Director, family offices can participate through minority or majority equity, direct investments, co-investments, private debt, preferred equity, or hybrid structures, depending on their investment strategy.
Are family office investment processes less rigorous than those of institutional investors?
According to Alessio Mazzanti, family offices have been professionalizing their governance, investment committees, risk management, reporting, and due diligence processes. UBS' latest global survey shows that a significant majority of family offices already use formal mechanisms for measuring investment performance, while many operate through structured investment committees.
Why was Dan Arnold fired from LPL Financial?
LPL Financial's board of directors fired Arnold in October 2024 for violating the company's respectful workplace policies. A board-approved investigation by an outside law firm found Arnold had made statements to employees that violated LPL's Code of Conduct. Arnold resigned from the board, and Rich Steinmeier, Managing Director and Chief Growth Officer, became CEO.
What is Stirling One and when does it launch?
Stirling One is Stirlingshire Investments' artificial intelligence-native operating platform for wealth management. The platform provides onboarding, portfolio management, trading, rebalancing, tax optimization, compliance, reporting, CRM, communications and AI-powered tools. Stirlingshire plans to launch Stirling One at the Future Proof Festival next week.
What role will Dan Arnold play at Stirlingshire Investments?
Arnold has joined Stirlingshire Investments as executive chairman of the board and will work with the company's executive leadership team on strategic oversight. According to Stirlingshire, Arnold will use his experience to help with advisor recruitment, operations, strategic partnerships and scaling the firm.
What was Dan Arnold's track record at LPL Financial?
Arnold joined LPL in 2007 after spending 12 years leading UVEST, a broker/dealer acquired by LPL. He was named CEO of LPL in 2016 when then-Chairman and CEO Mark Casady announced his retirement. Under Arnold's tenure, LPL's total return to shareholders was 537%.
How does Stirlingshire's model differ from traditional wealth management firms?
Stirlingshire claims to have a different model from traditional wealth management firms. Advisors who join get free access to the Stirling One platform and keep 100% of their payout. The firm has both registered investment advisor and broker/dealer entities and uses Apex Fintech Solutions for custody.
What are the main ways family offices structure real estate investments?
According to Realberry's editorial, family offices typically choose among three main approaches when deploying capital into property: buy, build, or lend. Development is most often executed via direct partnerships with sponsors, structured as bespoke joint ventures and club deals that offer higher control and tailored risk-return profiles.
Why do family offices prefer direct partnerships over REITs or private equity funds for development?
Realberry's editorial explains that REITs rarely pursue ground-up projects and private equity funds cap development exposure, leading many family offices to prefer bespoke joint ventures and club deals. These direct partnership structures offer higher control and tailored risk-return profiles compared to pooled vehicles.
Do family offices use IRR or other metrics to evaluate real estate deals?
According to Realberry, family offices tend to underwrite opportunities based on equity multiple and cash-on-cash yield rather than internal rate of return. Realberry attributes this preference to longer holding periods and a strong preference for current income among family office investors.
How do governance and tax considerations affect family office real estate decisions?
Realberry's editorial notes that governance, tax planning, and intergenerational objectives all shape family office decisions when choosing among acquiring stabilized assets, funding developments, or providing credit to real estate operators.
Can family offices act as lenders in real estate rather than equity investors?
Yes. According to Realberry's editorial, lending is one of the three main approaches family offices use when deploying capital into property, alongside buying and building. The editorial also notes that family offices may provide credit directly to real estate operators as part of their strategy.
What share of family offices plan to increase real estate exposure in the next 18 months?
According to Knight Frank's Wealth Report 2025, which surveyed 150 family offices, 44% said they plan to increase their exposure to real estate over the next 18 months.
Which real estate asset class are family offices prioritizing in Asia-Pacific?
Hospitality has become the top real estate asset class for family office capital in Asia-Pacific, according to a Questex press release issued on September 11, 2026.
Where and when is IHIF Asia 2026 taking place?
IHIF Asia will take place September 16–18, 2026, at Regent, Hong Kong. The event is expected to bring together more than 500 investors, owners, operators, developers, and hospitality brands to explore the region's next phase of growth.
Who is speaking on family office deal strategy at IHIF Asia 2026?
A session titled 'Inside Family Office Capital: Decision Frameworks and Deal Strategy' will be presented by Richard Zen, Founder and Managing Partner of Trivium Asset Management, and moderated by Candice Wu, Co-Founder of Tigris Family Office.
What networking opportunities does IHIF Asia offer specifically for family offices?
IHIF Asia is hosting a dedicated networking session on September 17, 2026, the second day of the event, to unite attending family offices and family office-owned property leaders in a lounge setting, according to the Questex press release.
How much did Starlight Investments raise for its UK build-to-rent fund and what will it be used for?
Starlight Investments raised £680 million for its second UK build-to-rent fund. Starlight said the capital, when supplemented with debt, would allow it to build approximately 6,000 build-to-rent homes in the UK. Starlight Head of UK Residential Jonnie Milich said this would place the firm in the top four UK BTR operators.
Which investor provided anchor capital for Starlight's UK BTR Fund II?
The UK Government's National Housing Bank is a cornerstone investor in Starlight UK BTR Fund II, contributing £100 million of equity.
What is the current state of the UK build-to-rent development market?
Annual UK build-to-rent starts fell 79% to 3,455 homes in the 12 months to June 2026, according to data from RE:UK and Savills. Starlight described the decline as driven by a combination of rising costs and falling asset values.
What projects has Starlight already funded with its second UK BTR fund?
A combined £500 million of equity and debt from Starlight UK BTR Fund II has been deployed on three developments. These include a 60-storey, 532-unit tower in Manchester's Castlefield conservation area, a 40-storey, 517-unit tower in Manchester's Greengate neighbourhood, and a 492-unit, three-block mid-rise in Basildon, Essex near the main train station.
How large is Starlight Investments as a company overall?
Starlight Investments is a private company based in Toronto with 30 billion Canadian dollars (£26 billion) of assets under management, comprising 70,000 residential units and 7 million square feet of commercial space. Starlight's existing UK portfolio comprises 4,000 build-to-rent units with an end value of £1.1 billion.
Why was the Ku family exempted from making a mandatory offer for KSL Holdings?
The Securities Commission Malaysia granted the exemption because there was no change to the ultimate shareholders or the proportion of shareholding. The restructuring involved transferring individual family members' stakes into family vehicles under Success Lineage Sdn Bhd, not an acquisition of new shares. The regulator cited subparagraph 4.13(3)(a) of the Rules on Take-overs, Mergers and Compulsory Acquisitions.
How much of KSL Holdings does the Ku family now control through their family office?
Success Lineage Sdn Bhd, the Ku family office, holds an indirect interest of 689.69 million KSL Holdings shares, representing a 64.24% stake as of September 3, 2026, through its controlling interests in three intermediate vehicles: Premiere Sector Sdn Bhd, Noble Heritage Sdn Bhd and Gorgeous Horizon Sdn Bhd.
Did the KSL consolidation involve any transfer of shares directly held by the intermediate vehicles?
No. According to the bourse filing, the transfer related only to individual family members' shareholdings in Premiere Sector Sdn Bhd, Noble Heritage Sdn Bhd and Gorgeous Horizon Sdn Bhd, and did not involve any transfer of the ordinary shares in KSL Holdings held by those three vehicles.
What is KSL Holdings and who founded it?
KSL Holdings Bhd is a Johor-based property developer founded by Ku brothers Cheng Hai, Hwa Seng and Tien Sek. At the time of the filing, KSL shares closed at RM2.80, valuing the company at RM3.06 billion.
Which Ku family members participated in the stake consolidation into Success Lineage?
The family members who transferred their stakes to the family vehicles in 2025 were Ku Cheng Hai, Ku Hwa Seng, Ku Tien Sek, Ku Wa Chong, Khoo Keng Ghiap, Khoo Lee Feng, Ku Ek Mei and Ku Keng Yaw, according to the bourse filing.
Who bought Southpoint Commercial in Brisbane and for how much?
LDR Capital, the real estate investment arm of the Lederer Group, purchased Southpoint Commercial from Union Investment Real Estate GmbH for approximately A$255 million. The deal was announced on September 3, 2026, and the price was reported above the asset's most recent expert valuation.
Did the Southpoint Commercial sale price exceed its valuation?
Yes. The A$255 million sale price for Southpoint Commercial was reportedly above the asset's most recent expert valuation, according to the deal announcement, underscoring strong investor demand for prime Australian office and retail property.
What type of asset is Southpoint Commercial and what is its occupancy?
Southpoint Commercial is a fully leased mixed-use office and retail building located in Brisbane's South Bank precinct. It is part of a larger precinct that combines offices, retail, and transport connectivity, according to the deal announcement.
What is LDR Capital and how does it relate to the Lederer Group?
LDR Capital is the real estate investment arm of the Lederer Group, which is described as one of Australia's largest family offices. The acquisition of Southpoint Commercial reflects the Lederer Group's continued deployment of family office capital into core commercial real estate assets in major Australian cities.
Why did Union Investment Real Estate sell Southpoint Commercial?
The source text does not state Union Investment Real Estate GmbH's reasons for selling Southpoint Commercial. The deal closed at approximately A$255 million, reportedly above the asset's most recent expert valuation, on September 3, 2026.
Who is Stuart Mercier and what is his background in Asia real estate?
Stuart Mercier, 44, spent 13 years at Brookfield Asset Management, building the firm's Asia real estate business from founding head into a 350-person platform that oversaw roughly $15 billion of investment activity. He retired last year as a managing partner at Brookfield and now runs Cairdrow Capital, a Singapore advisory firm he co-founded for family offices and institutions.
What role does Stuart Mercier have at Shui On Land?
Shui On Land appointed Stuart Mercier as an independent non-executive director and a member of its audit and risk committee, effective 3 August, according to a filing with the Hong Kong stock exchange.
Did Brookfield have a prior relationship with Shui On Land before Mercier joined its board?
Yes. Brookfield made an investment in Shui On Land's Xintiandi unit in 2013, according to Mingtiandi. Mercier oversaw Brookfield's Asia real estate platform during his 13-year tenure at the firm.
What other senior Asia real estate appointments were announced alongside the Mercier news?
Templewater appointed Laurent Fischler as managing director and head of real estate in Singapore. Aquilius Investment Partners hired Alexander Hoffmann as managing director, investments, in Singapore. HIG Capital hired Younghee Choi as head of Asia for its capital formation group, based in Hong Kong. Raffles Family Office named Ken Peng as its first chief investment officer, based in Hong Kong.
What share of family offices are planning to change their asset allocation in the next year?
According to UBS, 60% of surveyed family offices plan to change their strategic asset allocation over the next twelve months. The UBS survey covered more than 300 family offices across more than 30 markets, with average family net worth of $2.7 billion.
Are newly formed family offices more interested in direct deals or fund structures?
FINTRX data on 96 offices added to its database in Q2 2026 shows 92.7% stated interest in direct investments and 89.6% in private equity. By contrast, only 6.3% reported interest in private credit and 10.4% in hedge funds, suggesting newly tracked offices strongly favor direct ownership over fund structures.
How many family offices globally does Deloitte estimate exist and what assets do they manage?
Deloitte estimated 8,030 single-family offices globally in 2024, up from 6,130 in 2019, and projected 10,720 by 2030. Deloitte also estimated family-office assets under management at $3.1 trillion in 2024, rising to $5.4 trillion by 2030.
What are family offices investing in around artificial intelligence in 2026?
According to the source, family-linked transactions are concentrating on the infrastructure beneath AI applications, including energy-efficient chips, compute capacity, robotics, energy and financial controls. UBS also reports that 65% of surveyed respondents rank AI among the leading themes for capital allocation.
What is Straits Trading's strategy for its new Asia property funds?
Straits Trading's strategy, described by executive chairman Chew Gek Khim as 'Blackstone-like,' is to buy real estate, convert it into REITs, and then exit. The funds will operate on an eight-to-ten-year time frame and are being created through a joint venture with ARA Asset Management CEO John Lim, with up to $950 million in capital committed.
Which geographies are the Straits Trading and ARA joint venture funds targeting for property investments?
The joint venture is still deciding on property locations. Other than Singapore, the funds may seek investments in Europe, Malaysia, and Australia, according to Chew Gek Khim.
How much is Straits Trading paying to become the biggest shareholder of ARA Asset Management?
Straits Trading will pay $294.4 million in cash and shares for a 20.1% stake in ARA Asset Management, acquired from Li Ka-shing's Cheung Kong Investment Co. and ARA CEO John Lim. This transaction will make Straits Trading the biggest shareholder of ARA.
What is the size of the Asia-Pacific commercial real estate market underpinning this strategy?
According to CBRE Research, commercial real estate transactions in the Asia-Pacific region rose 11% to US$21.6 billion in the most recent quarter, while cross-border property transactions climbed 5.5% to US$5.2 billion in the third quarter.
What capital does Straits Trading have available to fund these property investments?
Straits Trading had cash proceeds of $508.8 million after accepting United Engineers Ltd.'s higher offer for its 44.58% stake in WBL Corp., giving Straits Trading more access to capital for its property funds. Straits Trading also has real estate assets worth $830 million, according to Chew Gek Khim.
What is Saudi Arabia's Public Investment Fund building on the Al-Khafji coastline?
Saudi Arabia's Public Investment Fund said it has launched a real estate company to develop a tourism and residential destination on the Al-Khafji coastline. According to Reuters, the project will cover about 20 square kilometres and include a 10-kilometre waterfront, more than 16,000 housing units, hotels, and commercial facilities.
Who are the partners in the Public Investment Fund's Al-Khafji real estate development?
Saudi Arabia's Public Investment Fund said the Al-Khafji development will be built in partnership with private-sector firms. The source does not name specific private-sector partners.
How large is the Public Investment Fund's Al-Khafji coastal development project?
According to Reuters, the Public Investment Fund's Al-Khafji project will cover about 20 square kilometres and feature a 10-kilometre waterfront. The development will include more than 16,000 housing units alongside hotels and commercial facilities.
What asset types will the Public Investment Fund develop at Al-Khafji?
Reuters reports the Al-Khafji project will include more than 16,000 housing units, hotels, and commercial facilities, situated along a 10-kilometre waterfront within a roughly 20-square-kilometre site.
Who bought Arlington Business Park near Reading and at what price?
CoStar reports that the buyer is WillsFlower, an investment vehicle of an unnamed ultra-high-net-worth private investor. WillsFlower is understood to have purchased the 367,000-square-foot campus below its prior guide price. CapitaLand had originally acquired the asset in 2020 for £129.25 million.
What did CapitaLand originally pay for Arlington Business Park?
CapitaLand acquired Arlington Business Park in 2020 for £129.25 million. The estate comprises 11 office buildings totalling 367,000 square feet in Theale near Reading.
Who bought the 702 Oberlin office building in Raleigh?
Pharr, a family-owned company based in McAdenville, North Carolina, bought 702 Oberlin. Pharr acquired the 58,625-square-foot, four-story boutique office building in Raleigh's Village District for $24.225 million from Beacon Partners, a Carolinas-based commercial real estate firm.
What did the 702 Oberlin office building in Raleigh sell for?
702 Oberlin, a 58,625-square-foot boutique office building in Raleigh, North Carolina's Village District, sold for $24.225 million. JLL Capital Markets completed the sale, with Pharr as the buyer and Beacon Partners as the seller.
Who was the seller of the 702 Oberlin office building in Raleigh?
Beacon Partners, a Carolinas-based commercial real estate firm, was the seller of 702 Oberlin. Beacon Partners sold the 58,625-square-foot, four-story boutique office building in Raleigh's Village District to Pharr for $24.225 million.
What type of buyer is Pharr and how is it structured?
Pharr is described as a family-owned operating company based in McAdenville, North Carolina, rather than an institutional fund. The acquisition of 702 Oberlin represents Pharr deploying family capital into direct office ownership, allowing the family enterprise to expand its real estate holdings.
Which brokerage handled the sale of 702 Oberlin in Raleigh?
JLL Capital Markets handled the $24.225 million sale of 702 Oberlin, a 58,625-square-foot boutique office building in Raleigh, North Carolina's Village District. The transaction transferred ownership from Beacon Partners to Pharr, a family-owned company based in McAdenville, North Carolina.
How much in client assets did UBS recruit from Merrill Lynch and Morgan Stanley in September 2026?
UBS recruited three advisory teams managing a combined $2.6 billion in client assets from Merrill Lynch and Morgan Stanley. The individual teams brought approximately $500 million from Merrill Lynch in Bellevue, Washington; $1.4 billion from Morgan Stanley in Pueblo, Colorado; and $750 million from Morgan Stanley in Bethesda, Maryland.
How many advisors has UBS lost in North America in 2026?
According to Wolfe Research's most recent advisor moves data, UBS had a net loss of 196 advisors in North America in 2026 through August 13. Wolfe Research tracks advisor moves via SEC filings. UBS ranked sixth among firms with net advisor losses during that period.
Who are the advisors that joined UBS from Morgan Stanley in Colorado?
Caitlin Alcon, Calvin Mason and Craig Cisney joined UBS's Mountain West Market from Morgan Stanley in Pueblo, Colorado, where they had overseen $1.4 billion in client assets. Mason brings almost 35 years of industry experience, Alcon has more than 25 years including time at Morgan Stanley, RBC and Piper Jaffray, and Cisney previously worked for 17 years as a broadcast meteorologist in Colorado.
What is the background of the Maryland team that joined UBS from Morgan Stanley?
Richard Horn, Jeffrey Deckelbaum and Gerald Horn joined UBS's South Atlantic Market in Bethesda, Maryland from Morgan Stanley. Richard Horn spent almost all of his 40-year financial services career at Morgan Stanley. Deckelbaum started his financial career at Morgan Stanley in 2006. Gerald Horn is a third-generation financial advisor who joined Morgan Stanley in 2018.
How did UBS's Americas wealth business perform in the second quarter of 2026?
UBS's Americas wealth business posted net inflows of $1 billion in the second quarter, even after $10 billion in outflows related to the U.S. tax season, according to the article. UBS's wealth management division beat analyst estimates in the second quarter.
What exactly is Washington State proposing for RIA insurance requirements?
Washington State's Department of Financial Institutions proposed amendments to its investment advisor rules that would mandate state-registered investment advisors carry at least $1 million in errors-and-omissions insurance. The proposed amendments would also adopt the SEC's Marketing Rule, a continuing education requirement for state-registered advisors, and update the definition of 'qualified client' to mirror federal definitions.
Which states currently require RIAs to carry E&O insurance?
Oregon and Oklahoma are currently the only two states requiring RIAs to carry at least $1 million in errors-and-omissions insurance, according to the article. If Washington's proposed rule is adopted, it would become the third state to impose such a mandate.
Why are investor attorneys supporting the Washington E&O insurance mandate?
Joseph Wojcieschowski of Stoltman Law Offices and incoming president of the Public Investors Advocate Bar Association said the rule could help reduce unpaid arbitration awards, which he argued 'continue to plague the financial services industry and harm investors in every state.' PIABA has long tracked rates of unpaid awards, arguing investors too often do not receive money from favorable arbitration decisions.
Do major custodians like Schwab and Fidelity already require RIAs to carry E&O insurance?
According to the article, Schwab and Fidelity have instilled rules requiring RIAs using their custodial services to carry some insurance, including E&O coverage. However, a 2025 University of Michigan Business and Entrepreneurial Law Review article noted that such private insurance requirements 'have not yet proliferated and changed broader industry practices,' with the majority of custodial platforms lacking similar mandates.
What concerns have been raised about requiring E&O insurance for RIAs?
NASAA questioned in 2021 whether E&O insurance could adequately protect clients, citing that it may be too expensive for smaller firms and often excludes high-risk alternative products and instances of fraud from coverage. The concerns were raised in the context of NASAA's model rules, which mirror some of the potential changes proposed in Washington State.
Who is buying 27 Savile Row in London?
BNF Capital, the London-based family office of the Perrodo family, is the lead investor purchasing 27 Savile Row. BNF Capital is executing the acquisition in partnership with Morgan Real Estate, according to Bloomberg. The Perrodo family are billionaire heirs behind one of Europe's largest independent oil companies.
Why is CPI Property Group selling 27 Savile Row?
CPI Property Group SA, a Czech landlord, is selling 27 Savile Row as part of an effort to reduce debt, according to Bloomberg. The deal fits a broader pattern of wealthy families targeting prime London assets during a period of market dislocation, Bloomberg reports.
What is the purchase price for 27 Savile Row?
Final pricing details for the 27 Savile Row transaction have not been disclosed, according to Bloomberg. People familiar with the matter told Bloomberg that terms have been agreed, indicating the deal is in advanced stages, but no specific price has been reported.
What is BNF Capital and who controls it?
BNF Capital is the London-based family office of the Perrodo family, who are billionaire heirs behind one of Europe's largest independent oil companies, according to Bloomberg. BNF Capital is identified as the lead investor in the acquisition of 27 Savile Row in partnership with Morgan Real Estate.
Are family offices still buying trophy commercial real estate in London despite institutional caution?
Bloomberg reports that the Perrodo family's near-acquisition of 27 Savile Row underscores ultra-high-net-worth family offices' continued appetite for trophy commercial real estate in global gateway cities, even as institutional buyers remain more cautious. The deal fits a broader pattern of wealthy families targeting prime London assets during a period of market dislocation.
Who provided the construction financing for the Norwalk office-to-residential conversion?
Bank OZK provided a $75.5 million construction loan for the M7 Lofts development in Norwalk, Connecticut. The borrower is a joint venture between Saber-Hightower and Granoff Real Estate. An undisclosed family office also contributed $32 million in JV equity. Greystone Capital Advisors negotiated the transaction.
What is the M7 Lofts project and where is it located?
M7 Lofts is a 286-unit apartment project converting two eight-story office buildings at 101 and 201 Merritt 7 in Norwalk, Connecticut. The buildings are part of the six-building Merritt 7 Corporate Park, located 10 miles northeast of Downtown Stamford and less than a five-minute walk from the Merritt 7 Metro-North train station.
What amenities are planned for the M7 Lofts apartment conversion?
According to Commercial Observer, the two office buildings will be combined into one apartment complex with amenities that include a fitness center, coworking space and an outdoor pool deck.
Why did Saber-Hightower pursue this office-to-residential conversion in Fairfield County?
Marty Berger, managing principal of Saber-Hightower, said in a statement that the buildings are well-located and can serve Fairfield County far better as housing than as office, and that the property's proximity to transit and existing infrastructure at Merritt 7 support creating a differentiated residential experience.
Which advisors arranged the financing for the M7 Lofts deal?
Greystone Capital Advisors negotiated the transaction. Drew Fletcher, president of Greystone Capital Advisors, led a team that also included Paul Fried, Bryan Grover and Jesse Kopecky, according to Commercial Observer.
Who acquired the Chelsea hotel in Manhattan for $50 million?
Manga Hotels, a closely held hospitality platform backed by an ultra-high-net-worth family, acquired the Chelsea hotel in Manhattan for approximately $50 million, according to a roundup of top New York City deals.
What type of hotel assets does Manga Hotels focus on?
Manga Hotels focuses on branded hospitality assets in major city locations, including urban, limited-service hotels. The platform deploys family capital into North American hotel assets and is described as functioning as a family office-style investor.
How does Manga Hotels compare to institutional buyers in Manhattan real estate?
The Chelsea acquisition was noted as one of the largest hospitality trades over the period surveyed, underscoring the scale at which Manga Hotels' UHNW-backed private family capital is competing directly with institutional buyers in core urban Manhattan submarkets.
What is Manga Hotels' investment strategy for acquiring hotel properties?
Manga Hotels is executing a strategy to accumulate hotel properties during a period of continued recovery in New York's lodging market, targeting urban, limited-service hotels and branded hospitality assets in major city locations, according to the deal roundup.
How much did Industrial Realty Group pay for the South St. Paul distribution facility?
Industrial Realty Group paid $21 million, or $49.76 per square foot, for the former Sportsman's Guide headquarters and distribution facility in South St. Paul, Minnesota, according to Commercial Real Estate Direct.
What was the former use of the South St. Paul property Industrial Realty Group acquired?
The property was the former Sportsman's Guide headquarters and distribution facility in South St. Paul, Minnesota, according to Commercial Real Estate Direct.
When did Industrial Realty Group close on the Minnesota distribution center purchase?
Commercial Real Estate Direct reported the Industrial Realty Group acquisition on August 31, 2026. The source does not state a specific closing date.
Where is the distribution facility that Industrial Realty Group purchased located?
The distribution facility is located in South St. Paul, Minnesota, according to Commercial Real Estate Direct.
What are the terms of the construction loan Gatsby Florida received for The Palm?
Cirrus Real Estate Partners provided a $118.6 million, three-year, floating-rate, interest-only construction loan to Gatsby Florida for The Palm in Palm Beach Gardens, Florida. Berkadia's Charles Foschini, Scott Wadler, and Shannon Wilson brokered the debt. Construction is scheduled to begin in August 2026 and be complete in 2028.
Does The Palm office complex in Palm Beach Gardens have any tenants signed?
The Palm has no tenants signed as of the loan announcement. Gatsby Florida is building the approximately 200,000-square-foot Class A complex on a speculative basis, betting on office demand migrating north from West Palm Beach as high-profile companies open outposts in Palm Beach County.
Why is Gatsby Florida betting on office demand in Palm Beach Gardens rather than West Palm Beach?
Charles Foschini of Berkadia said that as financial services firms, family offices, and other sophisticated businesses continue expanding into Palm Beach County, demand is extending beyond Downtown West Palm Beach into nearby submarkets. Foschini also noted that new institutional-quality office development remains extremely limited in the area.
What is Gatsby Florida's track record in South Florida office investments?
Gatsby Florida, launched by Nader Shalom and Babak Ebrahimzadeh in 2019, bought the 15-story 800 Brickell tower for $125.5 million that same year and purchased the Di Vosta Towers in Palm Beach Gardens for $80 million in 2020. In June 2026, Cirrus Real Estate Partners provided a $100.4 million loan to refinance the 220,000-square-foot Di Vosta Towers property.
What exactly is the SEC proposing to change about private market access for retail investors?
The SEC's proposed rule would amend the Investment Advisers Act of 1940 and the Investment Company Act of 1940, modernizing the performance fee framework and allowing retail exposure to private markets through registered funds, according to the SEC's rulemaking notice. Further details were not included in the notice.
Who currently qualifies to be charged performance fees by investment advisers?
Investment advisers are currently limited to charging performance fees to so-called qualified clients, according to Thoreau Bartmann, partner at K&L Gates and former attorney in the SEC's investment management division. The SEC's proposed rule would allow performance fees to be charged to a wider set of clients.
What is the next step in the SEC rulemaking process before this becomes law?
Once the White House Office of Management and Budget completes its review of the SEC measure, the current three-member commission is expected to release a proposal for public comment. The SEC will then incorporate that input into a final version of the rule, which must be voted on by the commission again, according to the article.
What risks have critics raised about opening private markets to retail investors?
Investments offered privately provide fewer disclosures than those in public markets, which can make them harder to value and exposes investors to more risks, according to groups like Better Markets, as cited in the article.
What has SEC Chairman Paul Atkins said about restricting retail access to private markets?
SEC Chairman Paul Atkins has repeatedly bristled against such restrictions, saying fast-growing companies that attract capital in private markets remain unavailable to most investors. Atkins said at an SEC event in March that broadening access to private markets is about 'freedom and fairness.'
What does the average family office portfolio actually look like in Q2 2026?
According to Addepar's Q2 2026 data covering more than 650 family offices and close to $1.4 trillion, the average portfolio was 54% in public markets and 46% in alternatives. Within public markets, equities led at 37%, followed by cash at 9.1% and fixed income at 8.2%. Within alternatives, private companies were the largest holding at 15%, ahead of real estate at 7.5% and hedge funds at 7%.
Why are family offices holding more cash than fixed income right now?
Addepar's Q2 2026 data showed cash at 9.1% of the average portfolio against 8.2% in fixed income. According to the source, inflation stayed stubborn, the Federal Reserve held rates, and the market began pricing a high probability of a rate increase before year-end. The gap between two-year and ten-year Treasury yields narrowed to roughly 21 basis points, some 15 below its ten-year average, making the extra wait for long-duration bonds unrewarded.
How did private real estate perform for family offices in the trailing twelve months?
According to Addepar, real estate returned 3.4% over the trailing twelve months to 31 March 2026, the weakest result among the private fund categories tracked. Over the same period, 16% of real estate funds were marked down, which Addepar noted was well above the historical average. Real estate represented 7.5% of the average family office portfolio as of 30 June 2026.
Are family offices moving away from alternatives and into public markets?
Addepar's Q2 2026 data showed the alternatives share fell by nearly 3 points over the quarter, driven by markdowns in private capital, strong public equity performance and new money moving into shares. The source notes that some of this shift is arithmetic rather than intention, since public and private holdings are repriced at very different speeds, but describes the direction as clear: portfolios are becoming more liquid.
What drove strong private market returns for family offices in the past year?
According to Addepar, real assets led private fund returns over the trailing twelve months with a median of 9.1%, driven by demand for data centres and power grid capacity. The source described data centres and power capacity as the physical infrastructure of the technology build-out. Private credit followed at 7.6%, with the source attributing its performance to elevated rates sustaining high yields.
Do ultra-wealthy millennials plan to keep working after receiving an inheritance?
According to a Morgan Stanley Private Wealth Management and Campden Wealth survey of 87 ultra-high-net-worth individuals under 40, 68% expect to continue working even after they inherit significant wealth. Additionally, 81% of the wealthy next generation — irrespective of age — believe it is extremely or very important to have a successful career.
How risk tolerant are ultra-wealthy millennials compared to older heirs?
The Morgan Stanley Private Wealth Management and Campden Wealth survey found that only 11% of millennials say they are willing to undertake substantial risk for the possibility of substantial gain, compared with 33% among inheritors aged 30-40, making millennials the most risk averse among next-generation wealthy respondents.
How aligned are ultra-wealthy millennials with their parents' values?
According to the Morgan Stanley Private Wealth Management and Campden Wealth survey, 64% of respondents believe their values are highly aligned with those of their parents, 95% say they recognize what is important to their families, and only 6% said they have belief systems that differ significantly from their parents.
How do ultra-wealthy next-generation heirs prefer to communicate with financial advisors?
The Morgan Stanley Private Wealth Management and Campden Wealth survey found that 82% of next-generation wealthy want more in-person engagement with their financial advisors, 74% want to do more business via phone, and only 15% want more social media interaction. Just 5% want more communication via internet video or Skype.
What are ultra-wealthy millennials' views on philanthropy and community impact?
According to the Morgan Stanley Private Wealth Management and Campden Wealth survey, 58% of millennials view their wealth as a vehicle to help the community, compared with 38% of older inheritors, and 63% view themselves as stewards of their wealth for future generations, compared with 46% of older siblings.
What percentage of a family office portfolio is typically allocated to direct real estate?
According to Knight Frank's Wealth Report 2026, direct real estate accounts for 22.5% of the typical family office portfolio. Additionally, 44% of family offices surveyed intend to increase that allocation over the next 18 months.
How much capital did family offices and private investors deploy into commercial real estate in 2025?
According to Knight Frank's Wealth Report 2026, HNWIs and family offices poured USD 464 billion into global commercial real estate in 2025, outpacing institutional investors who deployed USD 347 billion. This marked the fifth consecutive year private investors outpaced institutional capital.
What return are family offices targeting on their real estate investments?
According to Knight Frank's Wealth Report 2026, family offices target an average unleveraged return of 13.8% on real estate. The report identifies capital growth (42%), preservation (23%), and income (19%) as the priority objectives driving those return targets.
Which real estate sectors and markets are family offices focusing on right now?
Knight Frank's Wealth Report 2026 identifies living (residential-for-rent and senior housing), logistics, and luxury residential as the sectors drawing the most demand. Commercial allocations concentrate in gateway cities including Paris, London, Tokyo, Sydney, and Hong Kong, while Dubai, Tokyo, Miami, and Mumbai posted strong gains in prime residential prices.
How many family office entities operate globally according to Knight Frank?
Knight Frank estimates roughly 10,000 family office entities now operate globally, according to the Wealth Report 2026. Knight Frank describes many of these entities as sophisticated investment platforms that recruit in-house real estate specialists and co-invest alongside private equity.
What did the SEC allege the 38 charged entities actually did?
According to the SEC, the 38 entities filed false Form ADVs between 2025 and 2026 listing Colorado addresses where they had no presence, providing phone numbers that were disconnected or belonged to unrelated businesses, and claiming audits by accounting firms that do not appear in any public registry. Some then used those filings to market services on websites and to potential clients.
Which SEC unit led this enforcement action and what law was cited?
The SEC Enforcement Division's Cyber and Emerging Technologies Unit, led by chief Laura D'Allaird, brought the action. The complaints charge the defendants with violating Sections 204(a) and 207 of the Investment Advisers Act of 1940, according to the SEC.
Did any federal law enforcement agency assist the SEC in this case?
The SEC worked with the FBI's Operation Level Up, which the source describes as aimed at identifying victims of rising cases of investment scams.
What are some of the firm names named in the SEC complaints?
Court filings name firms including Summit Breeze Haven Exchange Ltd., Ironclad Trading Institute LLC, and Wingspan Advisors LLC, according to the source.
What warning did the SEC issue to investors alongside these charges?
The SEC's Office of Investor Education and Assistance issued an investor alert warning that scammers are using SEC-exempt reporting adviser filings to create a false impression of legitimacy, according to the source.
What does ReN's AI platform actually do for investment teams?
According to Af Malhotra, Founder and CEO of ReN, the platform analyzes filings, disclosures and earnings call transcripts to surface inconsistencies, anomalies and changing risk signals that traditional analysis misses. Malhotra said the goal is to move investment teams from backward-looking performance data toward forward-looking risk intelligence.
Why does ReN focus on domain-specialized AI rather than general AI models?
Af Malhotra said domain-specialized language models may be better suited for high-stakes financial decisions. The source does not provide additional detail on the specific technical distinctions ReN draws between domain-specialized and general-purpose models.
What problem is ReN solving that existing investment research tools do not?
Af Malhotra said analysts still spend enormous amounts of time gathering filings, reading disclosures, comparing earnings calls and reconciling information across disconnected systems. ReN's platform aims to automate identification of inconsistencies and anomalies across those sources that traditional, backward-looking portfolio analysis can miss.
What is Af Malhotra's background before founding ReN?
Af Malhotra held leadership roles at global companies including Amstrad, Fujitsu and most recently Gartner, according to his biography. He holds graduate and post-graduate degrees from Goldsmiths College University of London, Kingston Business School and Harvard Business School Executive Education, and is a guest lecturer at London Business School and Queen Mary's University of London.
How might agentic AI change investment research workflows in the future?
Af Malhotra discussed on The WealthStack Podcast how automation and agentic AI could reshape the future of investment research and advisor workflows. The source identifies this as a topic of discussion but does not provide specific forecasts or timelines beyond framing it as a forward-looking area of development for ReN.
What are family offices most worried about in terms of portfolio risk in 2026?
J.P. Morgan Private Bank's 2026 Global Family Office Report found that geopolitics is the top risk ranked first globally, cited by 20% of respondents. U.S. family offices ranked interest rates first at 64%, followed by inflation and economic growth both at 61%. Internationally, 74% of family offices ranked geopolitics in their top five risks.
How large is the family office universe represented in J.P. Morgan's 2026 report?
J.P. Morgan Private Bank's 2026 Global Family Office Report reflects perspectives from 333 family offices across 30 countries, surveyed between May 2025 and July 2025. The collective net worth represented by all respondents was $518 billion, and the reported average net worth of participants was $1.6 billion.
Where are the family offices in J.P. Morgan's survey located?
According to J.P. Morgan Private Bank's 2026 Global Family Office Report, 59% of surveyed single family offices are located in the United States, 16% in Latin America, 14% in Europe, Middle East and Africa, and 11% in Asia Pacific.
How do family offices split their private investment allocations across different strategies?
J.P. Morgan Private Bank's 2026 Global Family Office Report shows that within private investments, private equity accounts for 9.8%, control-oriented private investments for 6.1%, real estate for 7.4%, growth equity and venture capital for 3.3%, private credit for 2.4%, secondaries for 1.1%, and infrastructure, transportation and other real assets for 0.7%.
Which hotel did the Schommartz family office buy and where is it located?
HWS Real Estate and Asset Management, the family office of the German Schommartz family, acquired the IntercityHotel Kiel, a three-star, 124-room property in the port city of Kiel in northern Germany, according to the HVS Europe Hotel Transactions Bulletin for the week ending 21 August 2026.
What is the investment strategy behind the Schommartz family office hotel acquisition in Kiel?
The HVS Europe Hotel Transactions Bulletin states that the acquisition fits within the Schommartz family office's broader strategy of building a diversified hotel portfolio across key German cities. The bulletin also notes that taking control of an established branded property positions the family office to benefit from stable cash flows and potential upside from operational improvements and market growth.
Are family offices still buying hotels in Europe in 2026 despite institutional investors pulling back?
According to the HVS Europe Hotel Transactions Bulletin for the week ending 21 August 2026, the Schommartz family office acquisition of the IntercityHotel Kiel highlights sustained ultra-high-net-worth and family office appetite for direct hotel investments in Europe, even as institutional investors focus more on core urban and resort assets.
What type of hotel is the IntercityHotel Kiel and what demand does it serve?
The HVS Europe Hotel Transactions Bulletin describes the IntercityHotel Kiel as a midscale urban hotel serving both corporate and leisure demand in the port city of Kiel.