In this month’s roundup, AssetMark outlined Adhesion Wealth upgrades, iCapital partnered with Aladdin Wealth, HFR reported the strongest hedge fund launch pace in four years, InspereX moved to acquire Financial Northeastern Securities, Morningstar examined private investments in 401(k)s, Goldman completed its Innovator acquisition, Canoe published a hedge fund report, State Street tracked a defensive turn in March ETF flows, Harbor Group International partnered with CAIS, Janus Henderson closed its RBA acquisition, YCharts expanded its Axtella partnership and RBC Global Asset Management launched a new multi-asset credit fund.
Editor in Chief's Take:
For providers of investment products and services, producing a quality product only gets you halfway to the finish line. Unless the product or service is on the “shelf,” advisors will overlook it. Advisors need not only a fitting product for their clients; they need it compliant, diligenced, approved and built into their workflows. This month, iCapital is getting on the “shelf” with Aladdin, Harbor Group is doing the same with CAIS and YCharts is also securing space with Axtella’s advisors. It’s a reminder that making the products accessible is as important as making the products.
– Julius Buchanan, Editor in Chief, Wealth Solutions Report
AssetMark Expands Adhesion Wealth Capabilities
AssetMark said it will roll out a series of 2026 enhancements to Adhesion Wealth, its unified managed account (UMA) administration and managed account platform for RIAs. The changes include expanded tax management services, a new Adhesion Essentials program, stronger direct indexing and index separately managed account (SMA) capabilities, additional fixed income managers, expanded private markets access and platform updates including a new proposal tool and improved strategist and manager research functions.
AssetMark said it invested more than $60 million in technology and capital initiatives in 2025, including significant spending on Adhesion and the teams that support it, as the independent and hybrid RIA channels continued to grow.
Phill Rogerson, Senior Vice President and Head of the RIA Channel at AssetMark, said: “These enhancements are a direct reflection of what we’re hearing from advisors about where their businesses are headed and what their clients expect next. Our commitment to Adhesion clients is strong, and everything we’re rolling out is designed to help RIAs grow faster, work smarter and operate more efficiently, without compromising their independence.”
iCapital, Aladdin Wealth Integrate Alternatives Workflow
iCapital and Aladdin Wealth, BlackRock’s technology platform for the wealth management industry, announced a partnership that integrates iCapital’s alternatives technology platform with Aladdin Wealth. The companies said advisors using Aladdin Wealth will be able to access alternative offerings, initiate subscriptions and redemptions, and track status updates alongside portfolio analytics inside a single workflow.
The firms said the partnership builds on a broader strategic relationship between iCapital and BlackRock, including BlackRock’s 2025 launch of a public-private model portfolio within a UMA structure supported by iCapital.
Lawrence Calcano, Chairman and CEO of iCapital, said: “We’re excited to partner with Aladdin Wealth to bring iCapital’s alternatives technology platform to key advisor processes, ensuring advisors have the tools to integrate alternatives into client portfolios. This partnership provides a connected and scalable framework for portfolio construction and oversight, improving efficiency and supporting more personalized client outcomes.”
HFR Reports Highest Hedge Fund Launch Total Since 2021
HFR said 562 new hedge funds launched in 2025, the highest annual total since 2021, while liquidations fell to an estimated 287 funds from 406 in 2024. It also said hedge fund industry capital reached an estimated record $5.16 trillion at the start of 2026. In addition, it announced the launch of its HFR Co-Investment Index in March.
Its report said fourth-quarter 2025 launches totaled 135 funds, led by equity hedge and macro strategies, while 72 funds liquidated during the quarter, led by equity hedge and relative value funds. HFR also said 2025 performance dispersion widened, the average management fee dropped to 1.33% and the average incentive fee rose to 15.83%.
Kenneth J. Heinz, President of HFR, said: “Hedge fund launches reflect strong demand from institutional and retail investors in response to strong industry-wide performance, defensive and opportunistic positioning relating to geopolitical risk and a liquid, low-correlated performance profile relative to alternatives in private equity and private credit. Volatility across all assets has increased significantly into late 1Q26, likely garnering interest in specialized, low-correlated and liquid strategies which diversify across geopolitical, private credit, energy and macroeconomic risks.”
InspereX Agrees To Acquire Financial Northeastern Securities
InspereX Holdings said it will acquire Financial Northeastern Securities, a fixed income underwriter and distributor serving institutional investors, banks and credit unions. InspereX said this deal is part of its strategy of expanding its underwriting and placement capabilities.
Financial Northeastern, founded in 1984, has underwritten and distributed more than $186 billion in brokered certificates of deposit and credit union share certificates since 2010, according to the announcement. InspereX said Financial Northeastern has relationships with more than 3,000 credit unions, 2,000 banks and over 500 broker-dealers nationwide, and that Steven Zage and Jeffrey Zage will remain with the business in leadership roles reporting to InspereX CEO Scott Mitchell.
Mitchell said: “We are excited to welcome the Financial Northeastern team to InspereX. This combination brings together complementary capabilities, experienced talent, and a shared culture of client-first decision-making. Together, we will be positioned to accelerate growth by providing clients access to a broader set of investment solutions, deeper liquidity, and complementary trading and technology resources.”
Morningstar Raises Questions On Private Investments In 401(k)s
In a review titled “Private Investments in 401(k)s: We Still Have Questions,” Morningstar’s Jason Kephart, Senior Principal, Multi-Asset Strategy Ratings, and Janet Yang Rohr, Director of Multi-Asset and Alternative Strategies, examined a new Department of Labor proposal on private investments, lifetime income strategies and cryptocurrencies in 401(k) plans. According to the authors, the proposal would clarify that fiduciaries may include alternative investments within diversified vehicles such as target-date funds if they follow a documented prudent process and meet standards for diligence, benchmarking, liquidity and fee comparisons.
The authors said the proposed rule includes legal protections for plan fiduciaries that follow a process built around six factors: performance, fees, liquidity, valuation, performance benchmark and complexity. They argue that private markets complicate all six factors in practice, with a particular focus on fees, including whether collective investment trusts holding private market funds would have to include incentive fees, leverage costs and acquired fund fees in participant-facing expense disclosures.
Kephart and Rohr wrote that the proposal creates an opening for 401(k) plans to include private investments, but “does not require fiduciaries to dive in.” They wrote that questions around “fees, liquidity, valuation, and complexity” remain central because those are “precisely the areas of greatest fiduciary risk” and where plan sponsors will need clearer guidance before acting with confidence.
Goldman Sachs Closes Innovator Acquisition
Goldman Sachs said it completed its acquisition of Innovator Capital Management, adding a defined outcome ETF business with approximately $31 billion in assets under supervision across 171 ETFs. Goldman said the deal raises Goldman Sachs Asset Management’s ETF count to about 240 globally and its ETF assets under supervision to $90 billion.
Goldman said Innovator’s business adds expertise in defined outcome ETFs, which use options-based strategies for investors seeking income, targeted risk profiles and growth opportunities. Innovator Co-Founders Bruce Bond and John Southard joined Goldman as Advisory Directors and more than 70 Innovator employees joined as well.
David Solomon, Chairman and CEO of Goldman Sachs, said: “With this acquisition, we have taken a transformative step in our commitment to provide sophisticated investment solutions that are designed to deliver specific outcomes for investors through market cycles. Integrating Innovator’s specialized defined outcome ETF capabilities expands our range of strategies that can be accessible for a broad range of investors, while enhancing our leadership in the active ETF category.”
Canoe Publishes 2025 Hedge Fund Report
In its 2025 Hedge Fund Report, Canoe introduced the Canoe Hedge Fund VIP Index, which it said was built to show how the largest, most established hedge funds have performed. Canoe argued that conventional hedge fund benchmarks are shaped by voluntary manager submissions while some firms lack incentive to report publicly.
The index covers the 100 largest hedge funds by assets under management (AUM) and represents approximately $3 trillion in institutional allocations from 2023 through 2025. The firm said the Total Canoe Hedge Fund VIP Index returned 10.2% annualized over the past three years.
The report also said VIP multi-manager platforms returned 9.4% annualized over the three-year period, ahead of smaller platforms and multi-strategy funds at 7.7%, but below the VIP index. It added that in relative value and arbitrage, smaller funds outperformed larger counterparts on an absolute basis.
State Street Tracks A More Defensive ETF Flow Pattern
State Street Investment Management said ETFs took in $104 billion in March, a total 40% below the recent six-month average, as global stocks fell more than 7% and bond yields rose by nearly 40 basis points. Matthew Bartolini, Global Head of Research Strategists at State Street Investment Management, said the month reflected restrained buying behavior amid geopolitical risk, growth concerns, policy uncertainty and inflation risks.
The firm reported that non-U.S. equity ETF inflows nearly matched U.S. equity inflows at $31 billion versus $39 billion, while sector ETFs had $5 billion of outflows overall and energy recorded a record $5 billion of inflows. State Street also said bond ETFs brought in $42 billion, led by a record $29 billion into short-term government bond ETFs, while long-term government bond ETFs had roughly $3 billion of outflows.
The firm pointed to continued investor demand for inflation and commodity protection. It said broad commodity funds drew $1.3 billion in March for a 10th consecutive month of inflows, while inflation-linked bond ETFs also took in $1.3 billion.
Harbor Group International Partners With CAIS
Harbor Group International (HGI) said certain of its investment strategies are now available on the CAIS platform, expanding access to its real estate private credit capabilities through CAIS’ platform. The firms said HGI’s presence on CAIS follows the platform’s diligence process and reflects growing advisor demand for private credit strategies backed by real assets.
CAIS provides over 2,000 wealth management firms and more than 62,000 financial advisors with alternative investment solutions.
Saul Lubetski, Vice Chairman of HGI, said: “We’re pleased to join the CAIS platform and broaden access to our real estate private credit capabilities. As financial advisors seek solutions that can provide income, diversification, and risk mitigation, our approach combines credit investing with deep real estate and capital markets expertise and resonates strongly in today’s environment.”
Janus Henderson Completes RBA Acquisition
Janus Henderson said it completed its acquisition of Richard Bernstein Advisors (RBA), a macro multi-asset investment manager with about $20 billion in client assets as of March 20. The transaction was first announced in January.
Piper Sandler was the exclusive financial advisor to RBA for the deal. Vedder Price provided legal counsel to RBA while Sheppard, Mullin, Richter & Hampton was legal counsel to Janus Henderson.
Ali Dibadj, CEO of Janus Henderson, said: “I am pleased to share that Janus Henderson’s acquisition of RBA is now complete, bringing together two highly respected firms with a shared commitment to delivering differentiated outcomes for clients. This strategic acquisition expands our investment capabilities, enhances our model portfolio and SMA offerings, and increases the breadth, flexibility, and customization available to support clients’ evolving needs.”
YCharts Broadens Its Axtella Enterprise Agreement
YCharts said it expanded its partnership with Axtella through an agreement that extends platform access to more than 800 financial professionals in Axtella’s affiliated broker-dealer and RIA firms. The companies said the arrangement builds on a relationship established in 2023 and now includes exclusive pricing across the network.
The rollout covers Axtella’s network, including Sigma Financial Corporation, Sigma Planning Corporation and Parkland Securities, all of which are now live on the YCharts platform under the new agreement.
Dana Rhodes, Chief Operating Officer of Axtella, said: “Our goal is to support our financial professionals across every aspect of their business. Over the past three years, YCharts has proven to be a valuable partner, and we’re excited to deepen the relationship, while bringing their industry-leading research to our wealth planning team, strengthening our professionals’ competitive edge and driving positive outcomes for the end-client.”
RBC Global Asset Management Launches Multi-Asset Credit Fund
RBC Global Asset Management (U.S.) said it launched the RBC BlueBay Credit Opportunities Fund, which was designed for investors seeking income and total return opportunities from U.S. credit markets. The fund will invest primarily in high yield corporate bonds, loans and structured credit, including asset-backed securities, mortgage-backed securities and collateralized loan obligations.
The firm said the fund seeks diversified income and return sources by shifting across credit sectors and issuers to find relative value opportunities. The strategy is co-led by Tim Leary, Senior Portfolio Manager, and Andrzej Skiba, Head of U.S. Fixed Income. The fund is part of the firm’s effort to widen its U.S. fixed income offerings beyond more traditional bond offerings.
Donald Sanya, CEO of RBC Global Asset Management (U.S.), said: “The credit market appears to be abundant with idiosyncratic opportunities and high-yielding asset classes. We believe dynamically combining these asset classes can help enable investors to build resilient portfolios that have the potential to generate compelling risk-adjusted returns.”
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