August ABS issuance falls to $27.2B; office CMBS delinquencies hit 12%
August ABS volume ran about 20% below the prior four months' pace; year-to-date issuance of $256.5 billion is on pace to surpass 2024 and 2025.
By the Insurance Credit deskOct 26, 9:11 p.m. ET
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Where the money went
Net flows, past month · as of Oct 23- SOXLDIREXION DAILY SEMICONDUCTOR BULL 3X SHARES+$7.2B
- SGOViShares 0-3 Month Treasury Bond+$6.2B
- IUSBiShares Core Total USD Bond Market+$5.2B
- GOVTiShares U.S. Treasury Bond−$2B
- EWYiShares MSCI South Korea−$1.7B
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PWD View Opinion and analysis from our editors
All PWD View & AnalysisPWD View, Opinion
Claude sets $4,800 seat minimum; FINNY's $50 fee adds asset share
Visionary Square pays the fee for 250-plus advisors; FINNY takes a share of assets won at an unstated rate.
Wealth managers announced 156 RIA deals, closed 50 in 90 days
Steward's Jim Gold says volume may run five times the reported count; Mariner seeks a $150 million term-loan add-on, taking debt to $1.3 billion.
iShares funds take in $9.8 billion as SOXX alone adds $5.3 billion
IWM, IVV and IGV, which drew money over the prior three weeks, all had outflows in the week to Oct. 25, iShares data show.
Long reads
PWD Deep Dives, The Week in Wealth and the monthly Data Report: original analysis built from our data and many sources.
The Week in Wealth: Consolidation Runs on Debt, Teams and Metered AI
The week's deal, movement and flow data show consolidation and recruiting still running, but leverage, custody minimums and metered vendor costs are shifting the bill to RIAs.
Wealth firms bought capacity, not size, in a 19-deal week
A $714 million median disclosed deal, $6.8 billion of moving advisor books and Mariner's $150 million loan add-on show financing and integration setting the pace.
A buyer's deal pipeline is not collateral for an RIA sale
Wealth managers announced 156 deals and closed 50 in 90 days. Sellers should price the buyer on closes, committed capital and who stays.
The $947 Million Median Is Not the Bid a Sub-$1B RIA Gets
Owners of $250 million-to-$1 billion RIAs sell into a market defined by closed sub-$1 billion deals and founders who stayed, not by headline AUM.
Sowell Management promotes Scott Dooley to CIO
The $6.8 billion Arkansas RIA's new Office of the CIO will add research, portfolio construction and consulting for advisors.
Anthropic's Claude needs 20 seats, a mismatch for 11,000 Schwab RIAs
The $4,800, 20-seat minimum surfaced on a Claude webinar days before Schwab's IMPACT conference, where RIAs meet both firms.
Vanguard auto-enrolls $1M–$10M self-directed clients in Flagship
The letter restores a dedicated consultant, and non-Vanguard funds now count toward the $1 million minimum.
News Reported by our desks
Busiest RIA buyers average $679 million a deal, below the median
UBS Bought $5.3 Billion of Recruits and Lost $11 Billion
Credit fundraising falls 48% as hard assets outraise it by $5.3B
Hard assets top private credit by $5.3B in Q3
Analysis Columns and features
Recruiting scoreboard: Charles Schwab leads August asset growth among public wealth firms
Month-end client assets, net new assets, advisor counts and recruited assets for Charles Schwab, Raymond James and Stifel, from each firm's own SEC filings.
RIA sale prices turn on retention; the structure carries the multiple
Elevation Point typically takes a 20% minimum stake, while Concurrent bought $5.4 billion Spire as an asset purchase.
By the Numbers Past 7 days
From the PWD Deal Tracker and Moves Wire, updated through the day.
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