Applying a 2% rate to the wealth of the world’s 2,750 billionaires could raise some $250 billion a year.
Active asset managers have been bleeding cash, and strategies to stem the outflows haven't had much effect. Many may not survive a bear market.
The firm has also launched a new capital solutions program, as it kicks off its annual ConnectED conference this week.
Interest-rate volatility should “remain quite high, at least through the mid-point of next year, according to the head of macro strategy at Wells Fargo Securities.