Steven Salutric allegedly stole from his clients and gave to his church; barred 'from association with any investment adviser'
In an executive switch that creates an opening in its wrap account business, Morgan Stanley Smith Barney LLC has named a new chief operating officer and a new private-wealth-management head.
Penson Worldwide Inc., the parent of the second-biggest securities clearing firm, reported a net loss of $7.4 million in its second quarter, equivalent to a loss of 29 cents per share.
Penson Worldwide Inc. said that it expects its U.S. securities-clearing subsidiary, Penson Financial Services Inc., to begin serving accounts of Ridge Clearing and Outsourcing Solutions Inc. on or about June 25.
Penson Worldwide Inc., whose pending acquisition of Ridge Clearing and Outsourcing Solutions Inc. will make it the second-biggest correspondent-clearing firm, said last week that it will issue about $200 million of notes in a private placement.
The market pullback in the second quarter took its toll on the global wealth management sector of Morgan Stanley Smith Barney LLC, which today reported a 26% decline in pretax income from the first three months of the year to $207 million.
The Securities and Exchange Commission is close to proposing upgrades to Part 2 of the Form ADV, the primary disclosure document that clients receive from investment advisers.
Recent setbacks to Broadridge Financial Solutions Inc.'s Ridge business have driven down the price of the clearing unit's impending sale to Penson Financial Services Inc.
Soltis Investment Advisors is consolidator's 10th deal
Bank of America Corp. is re-branding its online-discount-brokerage platform under the Merrill Lynch imprint in an attempt to attract young investors, and reclaim assets of Merrill clients who keep self-directed brokerage accounts at rivals such as Charles Schwab & Co. Inc. and TD Ameritrade Holding Corp.
