Results for "money managers"

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Vanguard isn't taking in as much money; neither is anyone else

July 6, 2018

Vanguard Group is attracting a lot less money from investors this year compared with 2017. Turns out, the mutual fund giant's not alone. Vanguard, the world's second-largest money manager, collected $138 billion in the first half of 2018, down...

Midsize asset managers face a squeeze

July 6, 2018

Rumors of the demise of medium-sized asset managers have proved to be greatly exaggerated, so far. But in the next five years, a combination of rising costs, a stagnant pool of profit and dwindling revenue will hasten a divide in the industry...

Celebrated investor Jim Rogers launches ETF

June 21, 2018

Celebrated investor Jim Rogers has launched an exchange-funded fund. The most intriguing question about this news: Will the perennially bearish Mr. Rogers be able to stay invested? The Rogers AI Global Macro ETF (BIKR), which launched Thursday,...

Former Morgan Stanley rep barred for using customer funds

June 14, 2018

A former Morgan Stanley broker, who was discharged in 2016, has been barred by the Financial Industry Regulatory Authority Inc. for making improper use of a customer's funds. Finra said that between April and July 2016, Justin Travis Mair "converted"...

Stifel loses $400 million adviser team to Janney

June 14, 2018

The Gormley Furlong Wealth Advisory Group, an eight-person team managing or administering $400 million in client assets, has joined Janney Montgomery Scott in Yardley, Pa. The group was previously affiliated with Stifel Nicolaus. Timothy P....

Wells Fargo duo managing $336 million moves to Raymond James

June 13, 2018

Thomas Monroe and John McDermott, who managed $336 million in assets at Wells Fargo Advisors, have moved to the employee unit of Raymond James in West Hartford, Conn. Moving with them is Wendy Petrovits, their client service associate. ​ Mr....

Funds like Magellan need gamblers like Bill Gross

June 7, 2018

I know why investors don't care about Fidelity Magellan's comeback. As Bloomberg reported on Monday, the mutual fund made famous by hall-of-fame stock picker Peter Lynch is enjoying a resurgence after years of mediocre performance. The fund...

Baird acquires $2 billion M. Griffith Investment Services

June 6, 2018

Baird, the wealth management firm based in Milwaukee, Wis., has agreed to acquire M. Griffith Investment Services, a hybrid advisory firm managing and overseeing $2 billion in assets. Terms of the acquisition were not disclosed. M. Griffith,...

Neil Hennessy: Active managers can grow their assets with acquisitions

June 5, 2018

Neil Hennessy is founder and chief investment officer of Hennessey Advisors Inc., a $6.6 billion publicly traded investment management company that offers 14 mutual funds to the public. Mr. Hennessy, who started his career as a PaineWebber broker...

Florida lures money managers

June 4, 2018

Florida's long-running effort to lure Wall Street hotshots is gaining traction thanks to a provision in the federal tax law that hits residents of high-tax states. The Sunshine State's most recent conquests are two of the founders of I Squared...

Veteran Wells Fargo team managing $505 million leaves for Raymond James

May 31, 2018

Mark Griffin and Mark Liley, who managed $505 million at Wells Fargo Advisors in Denver, Colo., have moved to the employee unit of Raymond James. The two join Robert Campbell and Jarrod Biebel, who left Wells Fargo for Raymond James in 2016....

More institutional money managers joining the $1 trillion club

May 30, 2018

Among institutional money managers, a two-company battle has emerged for the most assets under management, even as more firms have joined the $1 trillion-plus AUM club. BlackRock Inc. (BLK) and Vanguard Group Inc. retained the top two positions...

Wells Fargo loses veteran $500 million team to SunTrust

May 30, 2018

A four-person team managing $500 million at Wells Fargo in Charleston, S.C., has moved to SunTrust Private Wealth Management. The team is led by Wells Fargo veterans Jeff Pratt and Bryan Kazley, who were with the firm and its predecessor companies...

Carlyle's David Rubenstein starts family office

May 29, 2018

David Rubenstein's love of historical documents runs deep. The billionaire co-founder of Carlyle Group owns a copy of the Magna Carta from 1297, a rare facsimile of the Declaration of Independence and an Emancipation Proclamation signed by Abraham...

A radical idea: Pay clients for the privilege of managing their funds

May 2, 2018

The asset management industry is in a funk. The popularity of low-cost index trackers is crushing fees across the board, while Morgan Stanley reckons a shift to performance-based charges threatens half of the industry's profit. Divyesh Hindocha...

Finra bars former rep for not providing requested information

April 12, 2018

The Financial Industry Regulatory Authority Inc. has barred former representative Kevin Lee for not providing the complete information it requested as part of an investigation. In a letter of acceptance, waiver and consent, Finra said it was...

Brown Advisory acquires $1 billion Meritage Capital

March 28, 2018

Brown Advisory Inc., an Austin, Texas-based RIA managing $62 billion in assets, has acquired Meritage Capital, an Austin-based firm managing $1 billion. Founded in 2003, Meritage has an eight-person staff, which will join the Brown firm's offices....

Why money managers are paid so much is a mystery

March 19, 2018

Why do workers in the financial industry get paid so much? There are many possible explanations, none of them completely satisfying. The financial industry commands a much larger share of the U.S. economy than in the past, causing some to worry...

Three indies bring $719 million to Securities America

March 7, 2018

A Super Office of Supervisory Jurisdiction and two independent financial services firms, which collectively manage $719 million in assets, have affiliated with Securities America Inc. The three are the Gandet Group, of Manahawkin, N.J.; Vizionary...

Mercer acquires multimanager BFC to boost delegated investment push in Japan

January 16, 2018

Mercer acquired Tokyo-based hedge fund multimanager BFC Asset Management Co. in a move its global wealth management chief predicts will accelerate the nascent growth of Mercer's delegated investments business in Japan. Rich Nuzum, president...

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