Top finance stories from the week of August 31


Welcome to the long weekend!

Wealth-tech funding is heating back up. Last quarter, wealth startups raised $1.2 billion in venture funding, up from $450 million during the first quarter, according to CB Insights data.

Rebecca Ungarino asked VCs and other big investors to nominate early-stage startups in the wealth management ecosystem that they see as up-and-comers. The responses highlighted will-writing and end-of-life planning as a hot niche, as well as a startup that offers an automated investment management platform that’s gaining traction with RIAs.

You can read the full list here:

We also had a fresh batch of stories this week taking a look at pay data and recruiting trends. Here’s a roundup:

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Keep reading for the latest on layoffs for legal and consulting jobs, and a dive into the ecosystem of 13-F followers who are slamming a proposal to eliminate the quarterly paperwork for many funds. 

Enjoy the rest of the weekend, 


In late August, the Securities and Exchange Commission greenlighted the NYSE’s plan to allow primary direct listings, in which companies can issue new shares while also leapfrogging the costly underwriting process.

But an industry group that represents big-money investors like pension funds filed a last-minute attempt to thwart the NYSE’s plan. They argued that new form of direct listings would allow companies to circumvent shareholder protections built into the IPO process and thus put investors at risk.

Yoonji Han talked with securities experts who laid out the critics’ concerns about ‘untraceable’ shares and fuzzy liability. You can read the full story here.

Steve Murphy

Steve Murphy, CEO of Epicor


Clayton Dubilier & Rice has agreed to buy Epicor for $4.7 billion from KKR, which had owned the software company for four years and expanded its business through acquisitions and new product launches.

And Steve Murphy, CEO of Epicor, told Casey Sullivan that CD&R “may have an idea or two about some bigger M&A.” He laid out companies that could be attractive: businesses with between $250 million and $300 million in revenue operating in manufacturing, distribution, retail, and automotive sectors. You can read the full story here. 

FILE PHOTO: A 3D printed Facebook logo is placed between small toy people figures in front of a keyboard in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration

A 3D printed Facebook logo


While many large companies have been shrinking their office footprints, big tech firms like Google, Facebook, and Amazon are doing the opposite.

Growth prospects for tech companies have been getting even stronger during the pandemic. Most also believe that flexible working arrangements won’t diminish the importance of offices for recruiting and collaboration. Dan Geiger and Alex Nicoll took a look at why giants like Facebook and Amazon keep gobbling up space while telling workers they can stay home. You can read that story here. 

sec rule change chairman jay clayton 2x1

Shannon Stapleton/Reuters; Andrew Harnik/AP; Samantha Lee/Business Insider

The Securities and Exchange Commission has proposed changing a rule in a way that would eliminate most investment managers’ quarterly filings, called 13-Fs, which show equity holdings at quarter’s end. The SEC said the change will allay expense-and regulatory-related burdens for small funds and protect investment strategies.

Bradley Saacks and Rebecca Ungarino Business spoke with executives, academics, and other industry insiders about how the proposal could change the institutional investment industry — and how it’s being received. You can read the full story here. 

Layoff watch

    • Accenture is cutting more low performers across the 500,000-plus person firm because fewer employees are jumping ship on their own: Read the full story here
    • Big Law firms are laying workers off but raising pay for people who remain, with firm leaders citing a ‘fundamental shift’ in working conditions: Read the full story here

Real estate

Pitch decks



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