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Bear Market Drives Billion-Dollar Wealth Firms to Tap Federal Aid…


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Bear Market Drives Billion-Dollar Wealth Firms to Tap Federal Aid…

Money managers who oversee billions of dollars in assets tapped federal aid at the height of the coronavirus pandemic, a move that has proved controversial within the financial industry. Several wealth-management firms have disclosed in recent weeks that they received funding from the Paycheck Protection Program, a forgivable-loan program enacted by Congress to keep struggling…

Bear Market Drives Billion-Dollar Wealth Firms to Tap Federal Aid…

Money managers who oversee billions of dollars in assets tapped federal aid at the height of the coronavirus pandemic, a move that has proved controversial within the financial industry.

Several wealth-management firms have disclosed in recent weeks that they received funding from the Paycheck Protection Program, a forgivable-loan program enacted by Congress to keep struggling small businesses afloat during the pandemic.

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