The latest offerings in investments, such as funds and structured products, and other notable developments.
Envestnet | MoneyGuide and MaxMyInterest have announced a new offering that gives advisors more insight into clients' held-away cash balances, hence helping them to earn higher yields on such holdings.
MoneyGuide users can incorporate Max's patented cash solution into planning efforts with clients seeking to build an emergency fund and improve their cash management. Advisors can offer their clients a way to obtain preferred rates of up to 0.75 per cent APY on FDIC-insured deposits with same-day liquidity. Advisors can then view these checking and savings account balances directly in client plans within Envestnet | MoneyGuide, Envestnet said in a statement.
"We believe that everyone deserves a quality financial plan and cash management is an essential part of that," Tony Leal, president of Envestnet | MoneyGuide, said.
BayPine, a Boston-based investment house, has brought in at least $1.1 billion in an initial closing on its debut fund, putting it more than halfway to a $2 billion goal, according to the Wall Street Journal yesterday.
BayPine, which was co-founded by Silver Lake co-founder David Roux, is itself committing about $100 million, the report said, citing unnamed sources.
Roux set up BayPine last year along with Anjan Mukherjee, a former senior executive at Blackstone Group. BayPine is planning to acquire controlling stakes in businesses across multiple sectors to help facilitate their digital transformations, the report said, citing a regulatory filing.