A small broker-dealer in Buffalo is shutting down next year because its five teams of financial advisers want to find a better fit for their individual businesses.
Facing tremendous economic pressure and regulatory hurdles, small and midsize broker-dealers will continue to close, leaving hundreds and perhaps thousands of registered representatives and investment advisers seeking new homes for their books of business next year, executives and consultants said.
Raymond James Financial Inc. will see a number of upper-management changes in the new year, including the departure of Dick Averitt, longtime chief executive of Raymond James Financial Services Inc.
With several high-profile -- and successful -- nontraded property trusts closing out, sponsors will soon be coming to market with new offerings. But given the ever-changing real estate market, experts warn broker-dealers to do their homework before piling in. | <a href=http://www.investmentnews.com/apps/pbcs.dll/gallery?Site=CI&Date=20111129&Category=FREE&ArtNo=112909999&Ref=PH>Most-livable cities in the U.S. &raquo;</a>
MF Global's collapse into bankruptcy last week threw yet another monkey wrench into the sale of regional brokerage firm Morgan Keegan & Co. Inc., which declines in value as time passes, industry recruiters said
Broker-dealers that sold billions of dollars in allegedly fraudulent private placements failed massively in their due-diligence responsibilities to investors.
As first reported by <i>InvestmentNews</i>, Raymond James today agreed to pay $300M to buy back auction-rate securities from clients, thus settling suits brought by several states and the SEC. Total damage? The brokerage is setting aside $50M to cover potential losses.
An independent broker-dealer has taken a flyer on an Occupy Wall Street protester.
