UBS has a five-year plan to “mobilize private wealth for public good,” and in its most recent effort towards that goal, the firm raised $325 million for The Rise Fund, a private equity impact fund committed to social and environmental outcomes. The fund was co-founded by Bono, Bill McGlashan, CEO of The Rise Fund and founder and managing partner at TPG Growth, and Jeff Skoll, the first president of eBay. UBS’s investment is the largest in the fund to date. "Our wealthiest clients can commonly commit to longer-term investments and are therefore well-suited to impact investing,” said Simon Smiles, chief investment officer for ultra-high-net-worth at UBS Wealth Management, in a statement. “Interest in impact investing is especially high among millennials, but is also growing strongly across our entire client base, particularly in Asia." Continuity & Tech Savvy Could Smooth Vanguard Transition In the wake of Thursday’s surprise announcement that Vanguard CEO Bill McNabb is stepping down and will be succeeded by current CIO Tim Buckley, investors may be concerned about any potential impact on the company or their client's money invested in the firm's funds. According to Kevin McDevitt, senior manager and research analyst at Morningstar, investors shouldn’t get too up in arms. “I think that the main theme here is continuity” he explains, “[Buckley] is so steeped in Vanguard's culture and philosophy and he's been part of the leadership team already, going back to 2001.” In addition to the advantages of elevating a long-time company man, McDevitt also think Buckley brings particular expertise in a crucial area—technology. “One of the big emphases for Vanguard has been technology. Just investing heavily in technology, that's how the firm has scaled so remarkably under McNabb's tenure. I think that Buckley is well suited to continue that.” Harvest To Offer Free CFP Continuing Education Courses Harvest Exchange, an information, sales and marketing platform used by advisors, will now offer a CFP Board Continuing Education program. Peter Hans, the company's CEO, said in a statement the program is "a logical extension of our commitment to free planner education and efficient discovery." The first course – "Principles of Financial Planning" – can be completed free of charge and is worth one continuing education credit. READ MORE OF THE DAILY BRIEF |