By Barron's Advisor Staff
UBS received conditional approval from a U.S. banking regulator for a national bank charter, positioning the company to expand its banking and lending services for wealth management clients in the U.S. The Swiss bank applied for a charter last year. A national charter is a "game changer" for UBS, says Robert Karofsky, co-president of global wealth management and president of UBS Americas.
Among other most-read articles at Barron's Advisor this week:
RayJay buys asset manager . Raymond James Financial has reached an agreement to acquire Clark Capital Management, a Philadelphia-based asset manager that oversees $46 billion in investments. The deal is expected to close in the third quarter. The addition of Clark Capital would expand Raymond James' multiunit asset-management strategy. Clark would retain its brand and operate as an "independent boutique investment manager" housed inside Raymond James Investment Management.
Fidelity is back underwriting munis . Fidelity Investments has re-entered the municipal bond underwriting business, working with cities and states to bring new offerings to market and make them available to its legions of customers. For years it offered new muni issues to clients via a partnership with Citigroup. But after Citigroup exited the municipal bond underwriting business in 2024, Fidelity saw an opportunity to jump back in.
Trump vs. Powell: What's next for the Fed? Federal Reserve Chairman Jerome Powell has weathered a barrage of criticism -- and now an unprecedented criminal probe -- at the behest of President Donald Trump, who wants the Fed to lower interest rates faster. The drama is of great concern to markets, which rely on an independent Fed. For this week's Barron's Advisor Big Q, we asked a panel of investment professionals whether they think the Fed can withstand political pressure and what they see ahead for interest rates.
BlackRock's 2026 outlook . BlackRock strategists Gargi Chaudhuri and Kristy Akullian came out with a new investment outlook for the coming year. They forecast that investments in AI will drive economic growth but argue there is a need for greater selectivity to deal with risks that include market concentration, a weaker labor market, rich valuations, and uncertainty around interest rates. Our monthly newsletter focusing on women in wealth management opens with BlackRock's views and then covers recent career moves and practice management advice from women in the industry.
Helping women return to wealth management . Tawanna Browne Smith, a banker and advisor at J.P. Morgan Private Bank in Baltimore, took an 18-year career hiatus to raise her children. She then turned to a program offered by the bank to refresh her skills and acclimate to today's work environment. Several financial services firms, including JPMorgan Chase and Wells Fargo, offer these "returnships," which include mentoring and networking opportunities intended to ease mostly female workers back into the workplace after long gaps.
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January 16, 2026 12:57 ET (17:57 GMT)
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