METUCHEN, N.J.–(BUSINESS WIRE)–Investment Partners Asset Management (IPAM), a wholly owned subsidiary of Investment Partners Group (Group), announced a series of leadership changes to drive growth and strengthen its management succession planning.
Frank Abella, Jr., founder and Chairman of Group, commented, “We believe these changes will help us continue to drive transformation of our business and demonstrate the strength of our bench. If the Covid-19 experience has taught service businesses anything, it is that a well-thought-out succession plan is essential to ensure continuity. This outcome is the result of a great deal of time and consideration, taking into account the interest of both our firm and its valued clients.”
Effective January 1, 2021, Gregg T. Abella will become IPAM’s Chief Executive Officer. In addition to heading the firm’s compliance team, he will be responsible for overseeing all advisory client engagements, portfolio activities and planning IPAM’s future growth.
Frank Abella, Jr. added, “During his twenty-two years with IPAM, Gregg has spearheaded a number of initiatives, which include our evolution from an investment management firm to one that additionally provides highly personalized, comprehensive wealth management services. He has exhibited the leadership qualities, care, and competence to carry IPAM through the next phase of its growth as an independent advisory firm.”
IPAM is also pleased to announce that earlier this year Robert (Bob) J. Voccola, CFA, joined the firm as a Senior Vice President and Portfolio Manager. Bob began his investment career as a securities analyst for Clark, Dodge, and Company. Subsequent positions included Senior Vice President at Bernstein-McCaulay Inc., a division of Shearson Lehman / American Express, and Director of Research and Chief Investment Officer at Barrett Associates Inc., at that time a division of Legg Mason Inc. He brings decades of experience as an astute, fundamental analyst of companies generally characterized as Growth at a Reasonable Price or GARP. Bob is a graduate of Lehigh University, holds a Masters of Business Administration from Columbia University, and is a Chartered Financial Analyst designee.
Gregg Abella said, “We are thrilled to add Bob to the team as he is a seasoned professional with a keen perspective in an important segment of the equity markets. In traditional Value-style investment firms, GARP is a key strategy which we have employed when constructing client portfolios. We are looking forward to having Bob’s skills augment our firm’s research talents and capabilities.”
IPAM also announced the following changes effective January 1, 2021:
Frank J. Abella III (Jay) will become IPAM’s Senior Vice President and Co-Principal in charge of Equity, ETF and Fund Research. Jay will also remain CEO and President of affiliate Investment Partners Capital & Management (IPCM), exploring new revenue opportunities outside of the firm’s traditional advisory business, and he will focus on Venture Development for Investment Partners Group.
Thomas Shepherd will become Senior Vice President in charge of Planning and Institutional Relationships, and he will continue as a vital member of the compliance team. Tom has over thirty years as a financial professional, and is in his twelfth year at IPAM.
Brian Brown of IPCM will become IPAM’s Chief Data Analytics Officer and Operations Manager. Brian brings his quantitative skills, futuristic planning talents, and inquisitive nature to bear on our personalized client wealth management services.
Frank Abella, Jr. concluded, “I am so proud of each member of our management team, and I celebrate their accomplishments. While I will remain a portfolio manager at IPAM, my role as Chairman of Group will be to focus on acquiring the needed talent and resources to support future growth on a number of fronts that complement our advisory practice. I look forward to our next successful chapter.”
About Investment Partners Asset Management
IPAM is an independent registered investment management firm, which adheres to a combination of value investing, and Growth at a Reasonable Price – seeking to exploit inefficiencies created by fluctuations and volatility of securities prices to obtain long-term investment gains. Founded in 1995, IPAM manages investments for individuals and families, businesses, and non-profit organizations addressing client objectives and applying their comprehensive approach balanced with research and insight. For more information about IPAM, please visit www.investmentpartners.com.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
