What’s the difference between an asset manager and a wealth manager? The easiest way to explain the difference is simply to look how each is likely to spend their day. In the Asset management business we spend about 90% of our day studying investment opportunities with the goal of maximizing returns for our clients in our three specific investment strategies. Our days are dedicated to being a thought-leader in our fields of endeavor, and to develop an ever increasing knowledge base. Wealth managers, on the other hand, provide a more holistic service. They may offer trust and tax advice or a whole suite of financial services. Generally, 90% of their day is spent in client service and acquisition. They may or may not add great value, and ironically one avenue of value is their potential to introduce their clients to best-in-class asset managers. You may think of them as financial generalists while asset managers such as Seabird are very much investment specialists.
Puerto Rico continues to outperform public perception. Of particular note is the strength in sales tax collections which are pledged against newly issued bonds.