By the end of June, Blackstone's first non-traded real estate investment trust is likely to reach the $1 billion mark, according to sources. The REIT, formed last year, has been raising about $125 million per month and is aiming for a target of $5 billion.
Proposals by the Certified Financial Planner Board of Standards to bring sweeping changes to its ethics rules and conduct standards have caused disagreement in the industry. Former CFP Board Chair Patti Houlihan called them "a huge step in the right direction," but consultant Timothy Welsh claimed the changes would effectively introduce a "double standard" by creating exemptions in the fiduciary standard of care.
The Federal Reserve should let a low 10-year Treasury yield and sluggish inflation recover before raising interest rates further, says Robert Kaplan, president of the Federal Reserve Bank of Dallas. "From here now, I'd like to see evidence that recent weakness in inflation in March and to some extent April and May was transitory," he said.
Treasury Secretary Steven Mnuchin has voiced approval of the Federal Reserve's plan to shrink its $4.5 trillion balance sheet. Asset purchases were appropriate during a "unique period of time" but need to be unwound, he said.
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Mark Goldberg, a long-time broker-dealer executive who has spent the past nine years in senior posts at W.L. Carey, will join Griffin Capital. In addition to his role as head of Griffin Capital Securities, he also will be executive vice president of Griffin Capital.
Publicly registered non-traded real estate investment trust Griffin-American Healthcare REIT IV has acquired a medical office building in Lawrenceville, Ga., for about $11.3 million, plus closing costs. The approximately 31,000-square-foot Lawrenceville Medical Office Building was built in 2005 and is 100% net leased through May 2023.
NorthStar Securities is the broker-dealer affiliate of Colony NorthStar, Inc. (NYSE: CLNS), a leading global real estate and investment management firm. NorthStar Securities offers a diverse range of institutional-quality alternative investment programs designed to meet a variety of investor objectives.
Overhauling the US government's tax laws has been a priority for the Republican Party for years, but despite GOP control of the White House, the Senate and the House, not much progress has been made. The House is still debating a border tax, and some Republican senators are working on proposals to rewrite the tax code.
While the Labor Department's fiduciary rule is in the spotlight nationally, adoption of a fiduciary standard for financial professionals is being embraced at the state level. Nevada has passed a law strengthening its fiduciary standard, while other states, including California and New York, are considering laws to establish a fiduciary standard.
The US Treasury Department has recommended that Congress convert the Office of Financial Research from an independent agency to an entity under direct control of the treasury secretary. Richard Berner, the office's director, called that a bad idea, saying Congress made the office independent to guarantee objective advice.
Millennials are driving a trend toward socially responsible investment from robo-advisors. "There is a fair amount of evidence from investor surveys that millennials and women are especially interested in sustainable and impact investing," said Jon Hale of Morningstar, adding that millennials are robo-advisors' target market.
The proprietors of Girls Who Invest, a nonprofit that aims to encourage women to work in the asset management industry, say they have been surprised by the enthusiastic response to their program. With minimal marketing this year, the group has received more than 1,500 applications to take one of its courses and, as a result, is now seeking ways to expand its offering.
For over 30 years, the Investment Program Association (IPA) has supported individual investor access to a variety of
asset classes not correlated to the traded markets and historically available only to institutional investors, including:
non-listed REITs, non-listed business development companies (BDCs), energy and equipment leasing programs and real estate
private equity offerings. Direct Investment products have been held in the accounts of more than 2.8 million individual
investors. They remain a critical component of an effectively diversified investment portfolio and serve an essential
capital formation function for the U.S. economy. The mission of the IPA is advocating Direct Investments through education
and public awareness.