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One of Mr. Gorman's predecessors, John L. Steffens, built his reputation by pushing Merrill's brokers to gather assets.
"The high-net-worth broker is paid by the transaction, while the old wealth manager was paid to gather assets and not push products," he added.
That differs from the last few years, she said, when many of the mergers and acquisitions were about survival or private equity shops looking to gather assets before going public.
The goal is to gather assets for the benefit of all creditors of PFGBest, which means that some investors may be sued despite having lost money when the firm collapsed.
Mr. Picard argues that the defense should not apply to a trustee appointed under the Security Investors Protection Act to gather assets to compensate customers of a brokerage firm.
"Other insurance companies, mutual fund companies, 401(k) administrators, and even commercial banks may see it as an attractive product to gather assets" and as the accounts grow generate new customers for the mutual funds, he said.
Similar(48)
Investors were shocked to find, from affidavits filed in his dispute with his estranged wife, that Jack Welch had gathered assets of some $500m from his 20-year stint at the helm of General Electric, and that he was being paid a pension of $7.5m a year plus free access to a corporate jet and a Manhattan apartment.
So, if you're making big bets in an efficiently priced market, you might win one year and gather more assets, and you might win another year and gather more assets, but, ultimately, your luck is going to run out and you're going to fail.
This is because as publishers erect paywalls, they gather two assets; revenue and data.
Put plainly: "It's a way to gather more assets," said Steven Nadel, a lawyer at Seward & Kissel who represents hedge funds.
Trusts allow you to officially gather your assets, including your house, money, stocks, and so forth, before your death and place them in a legal entity.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com