Blackstone's non-traded REIT nears $1B mark | Disagreements emerge over new CFP Board rules | Fed's Kaplan urges caution, cites low yield, inflation
June 22, 2017
IPA NewsBrief
Advocating Direct Investments through Education
Top Stories
Blackstone's non-traded REIT nears $1B mark
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.
Gulf Times (Qatar) (6/17) 
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Disagreements emerge over new CFP Board rules
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.
Financial Planning online (6/20) 
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Fed's Kaplan urges caution, cites low yield, inflation
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.
Reuters (6/20),  Market News International (6/20) 
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Mnuchin supports Fed wind-down of balance sheet
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.
CNBC (6/20) 
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Resource is an asset management company that specializes in real estate and credit investments. Its main objective is to be a best-in-class asset manager as measured by risk-adjusted returns to investors and the quality of the funds and businesses it manages. With experienced honed over more than two decades, Resource and its affiliates have been providing innovative, flexible investment solutions for both institutional and individual investors. Learn more
Industry News
Goldberg joins Griffin Capital
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.
InvestmentNews (tiered subscription model) (6/21) 
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W.P. Carey turns away from public, non-traded REIT business
W.P. Carey is leaving the public, non-traded REIT asset class. It will continue to manage its current offerings in this area but will no longer sell new securities, according to a regulatory filing.
InvestmentNews (tiered subscription model) (6/16) 
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Griffin-American Healthcare REIT IV acquires Ga. medical office building
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.
The DI Wire (free registration) (6/19) 
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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.
Policy Update
Analysis: Revamp of US tax code proves difficult
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.
The Washington Post (tiered subscription model) (6/19) 
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Fiduciary standard gains support at state level
Las Vegas sign
(Ethan Miller/Getty Images)
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.
InvestmentNews (tiered subscription model) (6/16) 
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Treasury wants to end Office of Financial Research's independence
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.
MLex (subscription required) (6/13) 
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Business Best Practices
Robos add socially responsible investment
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 Wall Street Journal (tiered subscription model) (6/18) 
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Young women appear eager to work in asset management
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.
Financial Advisor online (6/14) 
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With ordinary talent and extraordinary perseverance, all things are attainable.
Thomas Fowell Buxton,
politician and abolitionist
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About IPA
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.

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