Client in the News: Private Wealth Systems CEO Craig Pearson Exposes the Purging of Portfolios by Investment and Wealth Managers

Client in the News: Private Wealth Systems CEO Craig Pearson Exposes the Purging of Portfolios by Investment and Wealth Managers

Investment and Wealth Managers Purge Portfolios of Holdings in Companies that Manufacture or Sell Guns as an act of Compliance with Investors

JoTo PR Client, Private Wealth Systems, was featured in an article in ValueWalk titled, Unintentional Investments Raise Red Flags Following Shooting.

Craig Pearson, CEO and co-founder of Private Wealth Systems, says some investors are attempting to purge their portfolios of holdings in companies that manufacture or sell guns or ammunition. “Investment advisors and wealth managers across the country have been scrambling to comply with these requests.” – Pearson

Per Pearson, meeting these investors’ wishes is not an easy feat because the names of most of these companies are often not well known and do not particularly stand out in a prospectus. Also, Smith & Wesson is now traded as American Outdoor Brands Corp. and the venerable Winchester brand is now owned by Olin Corp. National Presto Industries, famous for its line of small kitchen appliances, is a defense contractor that makes more money from the sale of ammunition and other lethal material than it does from consumer goods. Lastly, popular consumer brands such as Dick’s Sporting Goods and Walmart sell guns to consumers, which may be a red flag for some investors who view a portfolio of a company that has ties with the gun industry.

Private Wealth Systems, a global financial technology and data management company, provides a cloud-based consolidated investment reporting platform that captures, consolidates, cleanses, calculates and presents actionable investment insight across complex, multi-asset, multi-manager, multi-jurisdictional wealth.  With clients in the Americas, Europe, and the Middle East, Private Wealth Systems enables asset managers to reduce their operations and technology costs while providing a modern personalized user experience to sophisticated investors.   The company was named a FinTech20 Top Technology Company to Watch in 2017 and a FinTech 50 Top Innovator 2018.

ValueWalk covers financial news and discusses value investing, hedge funds, banks, asset managers and technology.

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