The latest news in investment offerings, financial products and other services relevant to wealth advisors and their clients.

Hines, a Houston-based real assets investment manager, has completed a Delaware Statutory Trust offering of about $591 million, the largest in its program to date.

The offering, HREX 9 DST, was run by Hines Private Wealth Solutions. It holds two apartment properties with 946 units between them: Gables Station, a 495-unit property in Coral Gables, Florida, and Left Bank, a 451-unit property in Chicago’s Fulton Market and West Loop district.

The structure allowed qualified investors to complete like-kind exchanges under Section 1031 of the Internal Revenue Code, deferring capital gains tax on property sales.

A 1031 exchange lets investors defer capital gains tax on the sale of one investment property by reinvesting the proceeds into a like-kind property. To qualify, the relinquished and replacement properties must be held for investment or business purposes. There is a time limit: Replacement property must be identified within 45 days, and the exchange must be completed within 180 days. (This publication looked at the sector, here, in June.)

Both assets came from Hines Global Income Trust, a public, non-listed REIT sponsored by Hines that began operating in 2014. The REIT had a gross asset value of about $7.29 billion at September 30, 2026.

Hines has raised more than $1.9 billion from qualified investors since it launched Hines Real Estate Exchange in 2022. The firm manages about $91 billion of assets for institutional and private wealth clients. It employs 4,600 people across 29 countries.

The firm’s case for the sector rests on supply. “Our conviction in living is grounded in what we believe to be durable demand and a sharply-reduced pipeline of new supply in many US markets,” Alfonso Munk, global co-head of investment management at Hines, said.

55ip
55ip has expanded its unified managed account (UMA) capabilities to the registered investment advisor channel, starting with separately managed accounts from JP Morgan Asset Management and BlackRock.

The platform puts managed or custom model portfolios of exchange-traded funds and mutual funds in a single account alongside an active equity SMA. 55ip’s ActiveTax Technology will provide tax transition recommendations and ongoing tax management across the whole account. The firm said additional asset managers are expected to join later this year.

55ip had previously offered tax-managed UMAs only to selected enterprise partners. Its RIA offering began with models and then added SMAs and direct indexing. Its portal will show the full target UMA model, broken down into the model and SMA portions.

JP Morgan Asset Management bought 55ip from fintech incubator The TIFIN Group in a deal that completed at the end of 2020. 55ip continues to operate under its own brand and works with third-party asset managers. BlackRock was one of its model partners before the acquisition.

Cerulli Associates projects that US UMA assets will reach about $3.7 trillion by the end of 2026. Advisors use UMAs for tax management, portfolio transitions, diversification across strategies and operational efficiency.