Wealth managers enlist spy tools to map portfolios

Karen White, left, president and chief operating officer of Addepar, a wealth management company, and its chief executive, Eric Poirier, at company headquarters in Mountain View, Calif., July 16, 2014. The common denominator for the challengers is that the majority of the companies are targeting the payment processing space. Both Bank of America and Capital One say not to worry, since this is old news and it only disrupts the peripherals of the banking value chain. But the real implication as with any form of value chain disruption is the probability of payment processing becoming a commodity. A catalyst for a commoditization of payment processing is the introduction of cryptocurrencies and new payment protocols like bitcoin and Ripple , which renders clearing obsolete and dramatically lowers the transaction cost for merchants.

Libya: Waste, Fraud Erase Billions in National Wealth – Businessweek

Now they are below zero. You tell me where that money went. In a way, it might be lucky for Libyans that 95 percent of the countrys assets in the Westincluding the money being managed by some of the same big-name companies who lost so much the last time aroundhas been frozen. Abdulmagid Breish, the latest head of the LIA, recently announced plans to hire companies to manage billions of dollars of assets, which from one perspective might help the Libyans get a handle on feesor open up further opportunities for catastrophic losses.

Ross also weighs in on financial advisors.

There were plenty of parallels between the two worlds, but instead of agencies, spies and eavesdropping satellites, finance has markets, investment advisers and portfolios. Both worlds are full of custom software, making each analysis of a data set unique. It is hard to get a single picture of anything like the truth. Even a simple question like ”How many shares of Apple do I own?” can be complicated, if some shares are held outright, some are inside a venture fund where the wealthy person is an investor and some are locked up in a company that Apple acquired. Finance ”was the same curve I encountered in the intelligence community,” Mr. Poirier said.

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