Results for "clearing firms"

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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...

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...

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...

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...

TD bulks up services for retirement plans

October 20, 2010

TD Ameritrade Institutional yesterday rolled out what the firm says is an expanded set of services to help its advisers offer unbundled retirement plan solutions. One new service is access to a list of 12 third-party record keepers that advisers...

Making a switch pay

July 11, 2010

Clearing firms, facing declining revenue and in-creased competition, have something new to worry about: More and more broker-dealers are seeking loans as an incentive to sign on with a new firm. While haggling over margin terms and other forms...

Who's supposed to watch what?

July 11, 2010

A growing fog of regulation is blurring the line that separates the compliance responsibilities of broker-dealers from those of their clearing firms. “One of the biggest problems we have is establishing the delineation of responsibility between...

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