Asset & Wealth Management

DALLAS – November 03, 2026 -- The Highland Opportunities and Income Fund (NYSE: HFRO) declared a regular monthly distribution of $0.0385 per common share, payable on November 30, 2026.

HFRO sets November 23 record date for shareholders

Shareholders of record at the close of business on November 23, 2026, will receive the payment. The closed-end fund declares and pays distributions monthly.

Fund spreads investments across real estate, credit and floating-rate assets

HFRO seeks capital growth alongside income in a registered fund format. It invests directly and indirectly, including through derivatives that are the economic equivalent of direct holdings, in three categories:

LUXEMBOURG – November 03, 2026 -- Asset managers' profit per unit of assets under management has fallen 19% since 2018 and is projected to drop another 9.1% by 2030, according to PwC's Global Asset Management Infrastructure report. Decisions on what to build, buy or access through partners now shape how firms compete.

Fee compression limits the ability to invest for 67% of respondents. Only 23% direct most of their technology budget to new capabilities, while 29% spend more than 70% of it maintaining legacy systems. The survey covered 150 asset managers and 50 infrastructure providers.

TORONTO – – November 02, 2026 -- TD Global Investment Solutions now operates under the TD Asset Management (TDAM) name, and Epoch Investment Partners, Inc. (TD Epoch) has been renamed TD Asset Management (US) Inc. (TDAM US). The change creates one global brand across the institutional and retail asset management businesses of The Toronto-Dominion Bank.

The rebrand took effect October 30, 2026, and applies across all markets and jurisdictions. Both TD Asset Management Inc. and TDAM US will offer products and services under the TDAM name.

TDAM keeps investment teams and processes unchanged

TDAM states that the change does not affect the management of assets or the firm's investment approach. Investment teams, portfolio managers, investment philosophies and service teams remain in place.

United States – October 31, 2026 -- BlackBird Financial returned 15.7% net of fees in the first half of 2026, beating the S&P 500's 10.2% (dividends included) by 5.5 percentage points, according to a July 30 letter to partners from Judah Spinner, CFA. All figures are as of June 30, 2026.

Builders FirstSource becomes the fund's largest holding after a market-cap slide to $7.1 billion

Builders FirstSource shares fell sharply after the fund's 2025 annual letter, as weakness in the housing market cut the company's market capitalization from $12.2 billion to $7.1 billion at its May low. Spinner added aggressively, using capital from new partners and funds reallocated from several smaller investments.

He said he did not know where the bottom was, but the fund was buying a strong business at a substantial discount to intrinsic value. He considers the risk of permanent capital impairment over a multiyear holding period exceptionally low.

[SOURCE_CITY] – October 31, 2026 -- BlackBird Financial limits its portfolio to fewer than ten holdings, a concentration policy that founder Judah Spinner traces to Warren Buffett's capital allocation approach.

Graham's margin of safety sets the entry price at BlackBird

Spinner first encountered Benjamin Graham's writings on stock selection and fundamental analysis at age twelve, when he began reading The Wall Street Journal. Graham's central idea is that stock prices can diverge sharply from underlying business value, which creates openings for disciplined investors.

Spinner applies Graham's "margin of safety" to every position, which must trade well below intrinsic value. The cushion is meant to absorb analytical errors and unexpected developments.

Global – October 31, 2026 -- BlackBird Financial reports a 62.2% return for 2025, which it attributes to a risk framework built on capital preservation and run by Judah Spinner without reckless leverage or concentrated bets on unproven technologies.

Fund buys only below intrinsic value under a margin-of-safety rule

Spinner applies "margin of safety investing," a concept inherited from Benjamin Graham. Every holding must trade well below its intrinsic value, which gives the fund a cushion against miscalculation or market downturns. The fund contrasts this with momentum strategies that depend on continued price appreciation.

United States – October 31, 2026 -- BlackBird Financial LP returned 62.2% in 2025 with a portfolio of fewer than ten holdings, against a 17.9% gain for the S&P 500, according to the firm's account of its investment approach.

Spinner holds fewer than ten stocks under a 'punchcard' model

Founder and Chief Investment Officer Judah Spinner calls the strategy the "punchcard approach." It borrows from Warren Buffett's metaphor of an investor limited to twenty investments over a lifetime. Each holding is a researched thesis on the structural dynamics of a whole industry, not a single stock pick.

Spinner's investments in offshore support vessels and building materials distribution followed months of study. The work covered the competitive landscape, supply-side constraints and long-term demand drivers.

PHILADELPHIA – October 30, 2026 -- Future Standard, a global alternative asset manager with $94 billion in assets under management, has signed a multiyear partnership with Villanova Athletics that makes it Premier Partner, Official Jersey Patch Partner and Exclusive Asset Management Sponsor.

Future Standard logo debuts on Villanova basketball jerseys in Rome on November 1

The Future Standard logo will appear on all Villanova varsity uniforms. It debuts on the men's and women's basketball jerseys when Villanova plays Notre Dame at the "Eternal City Tip-Off" in Rome, Italy, on November 1, 2026. Villanova sponsors 24 varsity sports with more than 600 student-athletes.

The firm did not disclose financial terms or the length of the agreement beyond calling it multiyear.

ATLANTA – October 29, 2026 -- Invesco Ltd. (NYSE: IVZ), which manages US$2.5 trillion in assets as of October 29, 2026, is working with Anthropic to make its portfolio intelligence and practice management data available through Claude for Financial Advisors.

Invesco's connector targets advisors already using its Model Portfolios

Existing Invesco model advisors will be able to pull portfolio information directly into Claude within their daily workflows. They can work with Invesco's purpose-built portfolios or with custom models developed jointly with the firm, said Clint Harris, Global Head of Solutions & Custom Strategies.

The connector also gives advisors access to Invesco's proprietary practice management research, including a research-based referrals program that supplies personalized scripts for business development.

HOLLYWOOD, Fla. – October 22, 2026 -- CXC Investments, LLC, the manager of long/short equity vehicle CXC Horizon Fund, LP, has engaged Silver Fern Financial LLC as its outsourced Chief Financial Officer partner, less than two years after the fund launched in July 2025.

Silver Fern Financial will work alongside CXC management and existing service providers

Silver Fern will provide senior financial leadership and alternative investment management expertise to support the fund's ongoing operations. It will not replace existing service providers. CXC describes the move as an investment in the fund's financial and operational infrastructure as the firm grows.

Benjamin Cohen, Founder and Managing Partner of CXC Investments, said the aim is to strengthen "the financial and operational foundation supporting the Fund."