The Wealth Advisor

Blue Owl Capital is planning a publicly traded data center REIT that would begin with roughly $6.5 billion of the alternative manager’s own assets, then raise additional capital through an IPO and subsequent share sales to acquire more. The deliberations are still underway and the structure could change, but the plan would turn infrastructure Blue Owl has accumulated privately into the foundation for a vehicle public investors can own.

President Donald Trump responded to an unexpectedly strong August jobs report with an unusual ultimatum for Federal Reserve Chair Kevin Warsh: lower interest rates or he could stop trading with countries that run surpluses against the United States. The threat ties two policies that ordinarily have little direct connection, using access to the American market as leverage in Trump’s increasingly public effort to push his own Fed chairman toward cheaper money.

The SEC wants to eliminate the pay-to-play rule that can force an investment adviser to forgo compensation from a government client for two years after the adviser or certain employees make political contributions to officials who can influence the selection of investment managers. The agency says 15 years of experience have shown that the rule is too blunt, too burdensome and capable of turning relatively small political donations into serious compliance problems.

Ritik Malhotra had already made more than $20 million when managing his new wealth sent him sprinting through a San Francisco rainstorm to mail paperwork to his financial advisor. More than a decade later, the company he built out of that frustration has roughly 150 advisors managing more than $8 billion, one of several firms betting that artificial intelligence won’t replace financial advisors so much as strip away the work that keeps them from advising.

Transamerica Asset Management is expanding its relationship with Great Lakes Advisors through a new solicitation agreement that will bring the manager’s Large Cap Value strategy to Transamerica’s advisor network through separately managed accounts and unified managed accounts. The Sept.

The manager of Norway’s $2.3 trillion sovereign wealth fund wants to cut nearly $80 billion from its U.S. Treasury holdings, reducing government debt across its bond portfolio in favor of securities carrying more risk and potentially higher returns. Norges Bank Investment Management isn’t abandoning America or the dollar. It has decided that owning quite so much government debt is no longer the best use of one of the world’s largest pools of capital.

Friday’s jobs report will give investors their first major test of Kevin Warsh’s attempt to change the relationship between the Federal Reserve and financial markets. The new Fed chairman wants traders responding to economic data rather than trying to anticipate how the central bank will respond to it. That sounds like a subtle distinction until a report capable of moving trillions of dollars lands at 8:30 a.m. ET.

The 10-year Treasury yield climbed as high as 4.814% this week, its highest level since November 2023, while the 30-year pushed above 5%. The move itself is striking enough. What’s more interesting is that Federal Reserve officials and Wall Street increasingly disagree about what the bond market is trying to say. New York Fed President John Williams sees something relatively healthy beneath the higher yields: a stronger economy that needs more capital.

Robert Kiyosaki has spent nearly three decades telling readers that debt can make them rich. Now the Rich Dad Poor Dad author is putting an unusually large number behind the argument: $1.2 billion. Kiyosaki, 79, has been publicly claiming since 2025 that he carries roughly that much debt, a figure newly attracting attention after a Vanity Fair profile examined the financial empire behind one of personal finance’s most enduring provocateurs.

Disclosure: AdvisorEngine Portfolio Solutions (“AEPS”) is included in The Wealth Advisor’s 2026 America’s Best TAMPs publication. America’s Best TAMPs is a directory of investment outsourcing organizations catering to financial intermediaries. The Wealth Advisor, an independent third party, created and administers this publication. AEPS provided compensation in connection with its inclusion.