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Friday, November 20, 2009
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B-Ds/Independents/Wirehouses
The broker attrition at Morgan Stanley Smith Barney LLC is slowing down, according to Charles Johnston, its president and chief operating officer.
E-Trade Financial Corp. shares surged late Wednesday after media reports fed speculation that rival online broker TD Ameritrade Holding Corp. could make a bid for the company.
The game of musical chairs at Citgroup and Bank of America goes on. Citi announced today that its private banking operation has hired Steve Bodurtha as head of investments for North America. Mr. Bodurtha will oversee the investments platform for Citi Private Bank across the U.S. and Canada.
U.S. bank J.P. Morgan Chase & Co. said Thursday it has bought full control of J.P. Morgan Cazenove in a 1 billion pound ($1.67 billion) deal with its joint venture partner, the venerable London financial house Cazenove Group Ltd.
Fidelity Investments today unveiled an expanded Transition Solutions program that it says will help brokers at large firms make sense of the options open to them as they weigh independence.
LPL Investment Holdings Inc. and Pacific Life Insurance Co. are staring each other down over which firm will have to pony up the potentially millions of dollars in claims stemming from fraud suits against a rogue broker from one of the three independent-contractor firms LPL acquired from Pac Life two years ago.
A MetLife Inc. subsidiary and three other affiliates have been fined a total $1.2 million for alleged failures to ensure supervisors could review brokers' e-mails with the public.
Robert McCann, the new chief executive of UBS Wealth Management Americas, took aim at the culture of the firm this morning, while praising its network of 7,300 financial advisers.
Lazard Ltd. is naming Kenneth M. Jacobs as CEO and chairman, choosing a longtime executive at the investment advisory firm to fill vacancies from last month's sudden death of Chairman and CEO Bruce Wasserstein.
National Planning Corp. Inc. is scooping up the reps and assets of Main Street Securities LLC, which is closing down its broker-dealer operations to join NPC.
Money managers are fighting legislation that would — for the first time — subject the roughly 4,000 firms associated with broker-dealers to regulation by the Financial Industry Regulatory Authority.
Regional brokerage firms and some independent investment advisers have been making hay hiring hundreds of discontented wirehouse brokers.
But Stifel Financial Corp. chief executive...
In a move to attract and retain registered investment advisers and independent-broker-dealer clients, Fidelity Investments has introduced a program that it says offers financial advisers access to market analysis and industry insights.
The broker recruiting wars are heating up, with wirehouses jacking up their offers to new heights to lure more representatives in 2010.
When it comes to providing financial advice to athletes, Morgan Stanley Smith Barney is relying on a little inside baseball to gain an edge in this ultra-competitive sector of the wealth management market.
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