Great reporting by Tom Stabile on high-profile hires of two advisor market veterans that underscore the incentive for alts players to recruit top executives from traditional asset managers. This trend is in line with our YE market commentary. George Wilbanks remarks, “Where does the talent come from?… No question it’s from the traditional ’40 Act players, especially where there is predominantly mutual fund business, because for many of those firms, stock prices are down and they’ve experienced outflows. That’s where the industry has seen layoffs and further consolidation.

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