United States: Wealth & Asset Management

At the start of 2026, mergers and acquisitions (M&A) and strategic investments remain core tools for alternative asset and wealth managers seeking growth, succession planning, and platform expansion.

Late in 2025, Treasury and the IRS released a guidance package under Section 892 of the Internal Revenue Code, which exempts foreign governments—including sovereign wealth funds—from tax on certain income derived from passive U.S. investments.

Beginning in 2026, a new law — the Fair Investment Practices by Venture Capital Companies Act ("FIPVCC") — imposes new obligations on a wide array of asset management firms that operate in California, make investments in California, and/or solicit investment and/or receive revenue from California.