美股周一早盘，美国投资咨询服务公司Associated Capital(AC)下跌4.5%，该公司宣布计划自愿将其A类 普通股从纽约证券交易所退市，并向美国证券交易委员会(SEC)撤销注册。 来源：视频滚动新闻 ...

Core Insights - RiverPark Advisors, LLC is a New York-based investment advisory firm focused on providing "Best in Class" portfolio management services across select style boxes [1] - The firm manages approximately $1.3 billion in mutual funds and separate accounts, utilizing seven different strategies in equities, fixed income, and venture capital [1] - RiverPark has formed strategic alliances with other investment advisers to enhance management services [1]

Core Viewpoint - U.S. Global Investors, Inc. has successfully listed its shipping ETF, the U.S. Global Sea to Sky Cargo ETF (SEA), on the Mexican Stock Exchange, expanding its international presence and providing investors with access to the global transportation and logistics sectors [1][3]. Company Overview - U.S. Global Investors, Inc. is a registered investment advisory firm with over 50 years of history, focusing on niche markets globally [5]. - The company specializes in gold mining stocks and the airline industry, and now aims to enhance its offerings in the shipping sector through the SEA ETF [1][5]. ETF Details - The SEA ETF is the first pure-play maritime shipping and air freight ETF listed on the BMV, joining the U.S. Global Jets ETF (JETS) and U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) [2][4]. - Launched in January 2022, SEA aims to provide diversified access to the global shipping and air freight industries, utilizing a Smart Beta 2.0 strategy to identify efficient companies in these sectors [4][13]. Market Context - The Bolsa Mexicana de Valores (BMV) is the second-largest stock exchange in Latin America, with a market capitalization exceeding $530 billion, indicating a significant opportunity for investment in the region [3]. - The Mexican government is investing billions to modernize its seaports, which aligns with SEA's focus on global trade expansion, particularly between North America and East Asia [4][3]. Industry Insights - Over 80% of global goods are transported by sea, highlighting the critical role of the companies within SEA's index in global commerce [5]. - The U.S. Global Sea to Sky Cargo Index (SEAX) tracks companies involved in marine shipping, air freight, and port operations, providing diversified exposure across various market capitalizations [13].

Core Viewpoint - Appian Capital Advisory Limited has decided to withdraw its proposed senior secured loan and royalty financing facility with Pacific Lime and Cement Limited for the Central Lime Project in Papua New Guinea due to PLC's inability to secure a key offtake agreement [1][2][3] Group 1: Company Actions - Appian's withdrawal is a response to PLC's failure to meet a critical condition precedent outlined in the financing agreement from April 2024, specifically the securing of an offtake agreement before making its Final Investment Decision [2] - The decision not to draw from the senior facility further influenced Appian's conclusion that advancing the deal was not in the best interests of its investors [3] Group 2: Company Background - Appian Capital Advisory Limited specializes in long-term value-focused private capital funds that invest in metals, mining, and adjacent industries [1][4] - The company has a global presence with a team of 88 experienced investment professionals and oversees approximately 5,000 employees across various regions including South America, North America, Australia, and Africa [5][6]

Group 1 - Alphyn Capital Management, LLC (ACML) is a registered investment adviser based in New York [1] - The firm specializes in managing investment portfolios for successful individuals and families [1] - Communication regarding the account should be directed through Alphyn Capital Management's official channels, as messages sent via Seeking Alpha will not receive a response [1]

Core Insights - Crestwood Advisors has been included in Financial Advisor Magazine's 2025 RIA Ranking, highlighting its dedication and client trust [1][2] - The ranking is based on assets under management (AUM), growth over time, and other firm-reported data, emphasizing the firm's independent status and focus on individual investors [2] - Crestwood's recognition reflects its commitment to client-centered wealth management and the confidence clients have in its tailored strategies [3] Company Overview - Crestwood Advisors is an independent, fee-only wealth management firm with approximately $7.02 billion in assets under management as of December 31, 2024 [4] - Founded in 2003, the firm specializes in investment management and financial planning strategies for high-net-worth individuals and families [4] - The firm aims to help clients identify and prioritize their financial goals to build sustainable wealth for a more secure and purposeful life [4]

Core Viewpoint - The article emphasizes the importance of enhancing the investor experience in public funds as a key goal in the regulatory framework, highlighting the buyer advisory business as a crucial element for the development of China's asset management industry, drawing lessons from the mature U.S. advisory market [1][2]. Industry Market - The U.S. advisory industry has seen robust growth driven by increasing household assets, rising pension management needs, and a growing number of public fund products, leading to a strong demand for advisory services [2][10]. - The number of advisory firms has increased from over 6,500 in 2000 to more than 21,000 by 2024, with SEC-registered advisory firms reaching 15,906 by the end of 2024 [10][11]. Business Development - The client base has expanded significantly, with individual clients growing from fewer than 4.54 million in 2000 to over 58 million by 2024, reflecting a compound annual growth rate of 11.2%, compared to 3.0% for institutional clients [3][24]. - The primary business models include portfolio management and financial planning, with a growing trend towards advisory recommendations and pension consulting [3][29]. - Fee structures are predominantly based on assets under management, performance-based fees, hourly charges, and fixed service fees, with commission-based fees declining due to competitive pressures [3][32]. Investment Behavior - Equity investments (listed stocks and ETFs) are the most significant asset class in advisory portfolios, followed by fund assets, which have been increasing in proportion [4][35]. - The rise of robo-advisors has gained attention, with a mixed model of "human + technology" being favored over purely automated approaches [4][37]. Competitive Landscape - The competitive landscape has evolved, with a clear establishment of leading firms, while competition remains fierce among mid-tier firms [4][43]. - The top 10 advisory firms have increased their market share from 16% in 2003 to 24.2% by 2024, indicating a consolidation trend in the industry [43][45]. Case Studies of Leading Advisory Firms - Vanguard Advisers focuses on individual clients, combining traditional and digital advisory services, managing over $300 billion by the end of 2024 [51]. - Betterment, established in 2009, has become a leading robo-advisor with a management scale of $56.4 billion, emphasizing low investment thresholds and a diverse service offering [53][54].

Core Viewpoint - U.S. Global Investors, Inc. continues to pay monthly dividends and is increasing its exposure to the Bitcoin ecosystem, reflecting a favorable regulatory environment for digital assets and a strategic focus on sectors that perform well during market stress [1][3][4]. Dividend Announcement - The Board approved a monthly dividend of $0.0075 per share starting July 2025 through September 2025, with record dates on July 14, August 11, and September 15, and payment dates on July 28, August 25, and September 29 [2]. - Based on the closing price of $2.41 on June 16, 2025, this dividend represents an annualized yield of 3.73%, while the shareholder yield was reported at 10.5% as of March 31, 2025 [2][12]. Bitcoin Ecosystem Investment - The company is accumulating investments in the Bitcoin ecosystem, indicating a belief in Bitcoin as a legitimate portfolio diversifier [3][4]. - CEO Frank Holmes highlighted the growing trend of publicly traded companies holding Bitcoin, suggesting a shift in market perception towards digital assets [4]. Fear Trade Strategy - The company suggests that investors consider the "Fear Trade," which includes investments that historically perform well during geopolitical tensions, inflation, or market stress [5]. Gold and Precious Metals - Gold remains a key asset in global reserve management, with central banks accumulating gold at a record pace; 95% of surveyed central banks expect global gold reserves to rise [6]. - The U.S. Global GO GOLD and Precious Metal Miners ETF targets high-quality gold mining and royalty companies, focusing on those with strong fundamentals [6]. Defense Sector Insights - Global armed conflict and defense spending have surged, with 2024 marking the highest number of state-based conflicts since 1946; defense budgets are increasing with a focus on cybersecurity, AI, and aerospace modernization [7]. - The U.S. Global Technology and Aerospace & Defense ETF employs a Smart Beta 2.0 strategy to invest in companies at the intersection of national security and innovation [7].

Core Viewpoint - The Hunan Securities Regulatory Bureau has mandated corrections for Gu Zhanggui Securities Investment Consulting Co., Ltd. due to false advertising and non-compliance in its live broadcast operations [2][3] Group 1: Regulatory Actions - Gu Zhanggui has been found to have multiple violations, including inadequate internal controls and compliance management, misleading marketing, and unregistered personnel providing investment advice [3][6] - The regulatory authority has ordered Gu Zhanggui to rectify these issues and enhance its compliance operations [3][10] Group 2: Previous Violations - This is not the first penalty for Gu Zhanggui; it has faced scrutiny in the past for similar issues, including misleading marketing and inadequate risk disclosures [6][10] - The company’s management, including its head Huang Lei, has been summoned for regulatory discussions due to these ongoing compliance issues [6] Group 3: Live Broadcast Operations - The live broadcast operations of Gu Zhanggui have drawn significant attention, especially following the surge in stock recommendation activities on social media platforms [7][10] - Despite recent efforts to promote compliance in live investment advisory services, Gu Zhanggui has failed to adhere to its own guidelines, such as ensuring licensed personnel and providing adequate risk warnings [10] Group 4: Compliance Initiatives - Gu Zhanggui has initiated a compliance awareness campaign titled "Compliance Safeguards, Steady Progress" aimed at enhancing the overall compliance management level within the company [10] - The company emphasizes the need for a robust internal control system to eliminate false advertising and ensure that all marketing practices align with regulatory requirements [10]

Company Overview - Reeflex Solutions Inc. is a public company that provides advanced engineering and manufacturing solutions across various industry sectors, particularly in the oil and gas sector through its subsidiary Coil Solutions Inc. [5] - The manufacturing division, Ranglar Manufacturing, specializes in custom-designed mobile equipment for a wide range of industrial applications [5] Market-Making Agreement - Reeflex has entered into an agreement with Ventum Financial Corp. to provide market-making services, subject to TSX Venture Exchange approval [1] - Ventum will receive a compensation of CAD$5,000 per month, payable in advance, for an initial term of three months, with automatic renewal for additional one-month terms unless terminated [2] - The agreement can be terminated by either party with 30 days' notice, and there are no performance factors or share options involved in the compensation [3] Ventum Financial Corp. - Ventum is a privately owned corporation based in Toronto, Ontario, with operational functions in Vancouver, British Columbia, and is recognized as a leading independent investment advisory and capital markets firm in Canada [4] - Ventum is a dealer-member of the Canadian Investment Regulatory Organization (CIRO) and has a commitment to integrity and client service [4]