We Believe Many Analysts Are Underestimating the Cost of the Fiduciary Rule on the Largest Firms
Executives', policymakers', and stock analysts' assessments of the Department of Labor's fiduciary rule are missing a key input: the potential class-action litigation cost of using the best interest contract, or BIC, to receive commissions. We estimate a long-term annual range for the industry from class-action settlements of $70 million–$150 million. That said, we wouldn't be surprised if near-term class-action lawsuit settlements exceed this by a multiple, as firms figure out how to determine,...Blackstone Group, together with its subsidiaries, is a global manager of private capital. The alternative asset management business includes the management of private equity funds, real estate funds, real estate investment trusts, funds of hedge funds, hedge funds, credit-focused funds, collateralized loan obligation vehicles, separately managed accounts and registered investment companies (collectively referred to as the Blackstone Funds). The company's business is organized into four segments: Real Estate, Private Equity, Hedge Fund Solutions and Credit.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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