Results for "clearing firms"

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Indie B-D market share

July 15, 2012

In 2008, the 104 independent broker-dealers surveyed this year were allowed to list more than one clearing firm. Market share is based on 127 clearing firms specified. In 2009, the 91 independent broker-dealers surveyed this year were allowed...

The largest clearing firms for broker-dealers

July 15, 2012

   Rank Firm Website # of clients % change vs. 2011 Contact Phone Email 1 Pershing LLC 831 -0.6% James T. Crowley, managing director (201) 413-2564 2 National Financial Services LLC

Go global, young man

July 15, 2012

Low U.S. interest rates might be shrinking profit margins at clearing firms, but the biggest players in the industry are investing for the future. And the future is in global securities markets. “The U.S. used to represent 70% to 80% of the...

Pershing platform offers 529s

June 10, 2012

America's largest clearing firm is making it easier for financial advisers to open and manage Section 529 college savings plans. Pershing LLC said last week that advisers will be able to use its platform for 529 plans in the same way that they...

Politics over problem-solving needs to change: former Pres. Clinton

June 6, 2012

Politics is getting in the way of fixing the world’s problems, former President Bill Clinton said Wednesday at the Pershing LLC conference in Hollywood, Fla. But he urged financial services professionals to stay focused on solutions. Mr. Clinton...

Penson clearing out of U.S. clearing industry

June 3, 2012

The shakeout in the clearing industry rolls on. On Thursday, one of the largest and, until recently, fastest-growing firms, Penson Worldwide Inc., said that it will formally leave the clearing business in the United States, though the transaction...

Private-equity firm takes aim at small players in B-D space

January 8, 2012

Private-equity funds continue to show interest in small to midsize financial services firms — this time with such a buyer snapping up a small clearing firm and making a bid for a holding company for independent broker-dealers with a penny...

Pershing 'unaffected' by BNY boss' departure

September 4, 2011

It has been a rough patch of late for Bank of New York Mellon Corp., which has been beset by legal challenges and an underperforming stock price. Last Wednesday, those problems came to a head as chairman and chief executive Robert P. Kelly resigned...

LPL ramping up clearing business

July 17, 2011

LPL Investment Holdings Inc. last month proved it wants to be a serious player in the clearing services business by hiring one of the most respected names in the industry to head the unit. But some observers feel that even David Akellian, who...

How clearing and custody firms are taking new regs head-on

July 17, 2011

With the flood of new regulations facing investment advisers, clearing and custody firms are taking on a larger supporting role for their clients, doing everything from lobbying in Washington to the nitty-gritty task of preparing for new cost...

Finra to revamp market exams for broker-dealers

July 10, 2011

Finra will take a data-centric approach to performing market exams, pulling reams of information from broker-dealers, insurance companies and clearing firms. The initiative was announced last month by Richard G. Ketchum, chairman and chief executive...

Legent Clearing about to be bought?

June 2, 2011

Rumors are swirling that Legent Clearing LLC is about to be bought by private-equity investors — just months after a previous attempt to buy the firm failed. In June 2010, United Western Bancorp Inc. said that its subsidiary United Western...

Finra critic held liable in 'sham' money fund sale

May 1, 2011

A federal judge has found vocal Finra critic Richard Goble guilty of SEC charges filed against him nearly three years ago. The Securities and Exchange Commission alleged that Mr. Goble engaged in an improper customer reserve transaction in...

State Street money management boss out-earns CEO

April 6, 2011

Joseph “Jay” Hooley, chairman and chief executive officer of State Street Corp., received $12.9 million in compensation for 2010, down 7 percent from the previous year. Hooley, 54, was paid $961,058 in salary, $6 million in stock awards,...

LPL aims to boost profit through Uvest integration

March 20, 2011

LPL Investment Holdings Inc. expects to save up to $12 million next year by moving brokers in its subsidiary Uvest Financial Services Group Inc. to LPL's proprietary clearing platform. The company announced the move last Monday in a statement....

LPL aims to boost pretax profit with Uvest move

March 15, 2011

LPL Investment Holdings Inc. expects to save up to $12 million in 2012 by moving brokers from its subsidiary Uvest Financial Services Group Inc. from an outside clearing firm to LPL's proprietary platform. The company announced the move Monday...

SEC freezes advisers' assets on 'self-dealing' claims

January 7, 2011

A Greensboro, N.C., investment advisory firm and its chief executive defrauded pension funds, school endowments, hospitals and non-profit foundations out of up to $65 million that investors presumed was invested in two hedge funds, according...

Penson sued in Ponzi case

December 14, 2010

A court-appointed receiver in a Utah Ponzi case has sued Penson Financial Services Inc., claiming that the firm was complicit in perpetuating the scheme for a clearing client. The receiver, Wayne Klein, founder of Klein & Associates PLLC, alleges...

Pershing to buy broker-dealer clearing business from Jefferies

November 12, 2010

Investment bank Jefferies Group Inc. said Thursday that it's selling its broker-dealer clearing and custody business to Pershing LLC, a unit of Bank of New York Mellon Corp. Terms of the sale to Pershing LLC were not disclosed. Jefferies CEO...

JPMorgan ups the ante in clearing

November 7, 2010

Although it may be one of the less glamorous parts of the JPMorgan Chase & Co. empire, the bank's J.P. Morgan Clearing Corp. subsidiary has done something exciting in the area of technology. The bank spent $100 million and invested the efforts...

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