Among the other findings:
• Thirty-seven percent of fund managers say high-net-worth individuals and family offices were the fastest-growing source of capital in 2001. They were followed by corporations, 25%; pension funds, 10%; endowments/foundations, 9%, and fund of funds, 9%.
• The percentage of hedge-fund managers who were RIAs was 54% last year, up from 47% a year prior, due to the increased number of banks and insurance companies offering hedge products.
• Individuals contributed $270 billion, or 48%, of total hedge-fund assets, and fund of funds followed with a 20% contribution. In 1994, individuals were responsible for 80%, or $79 billion, of assets.
Raymond James Financial Names Helck President
After starting with Raymond James Financial Services Inc. (RJFS) as a recruiter 13 years ago, Chester B. (Chet) Helck has been elected the company‚s president and chief operating officer.
Helck is responsible for all retail sales and marketing and will be assigned additional line duties as he becomes more familiar with his new roles. Helck, formerly executive vice president of RJFS with responsibility for the independent broker-dealer‚s recruiting activities, will attempt to meld the firm‚s infrastructure with that of the parent‚s regional brokerage, Raymond James & Associates.
Francis S. (Bo) Godbold, whom Helck replaced as president, was elected vice chairman and will serve as an advisor to Chairman and CEO Thomas A. James..
"After an extensive search for a new chief operating officer was conducted, it became clear that Chet was the best candidate," James says. "While there were several outstanding, well-qualified internal and external candidates, Chet possesses extensive experience with retail, which makes up 70% of our business."
More Consumers Consulting With Advisors
Financial advisors are helping take some of the sting out of the soft economy, according to a recent survey.