A former branch manager who headed one of the largest groups of reps at FSC Securities Corp. is suing the broker-dealer after what he claims was a thwarted and contentious attempt to buy the business from parent AIG Advisor Group earlier last year.
Two long-established advisers have left Royal Alliance Associates Inc., one of the broker-dealers in the AIG Advisor Group, citing mistrust of management after AIG's top executive elected to hold onto — rather than sell — the broker-dealer network.
The AIG Advisor Group Inc. said last week it is making more widespread changes by cutting staff and consolidating operations among the back offices of its three broker-dealers.
A Tennessee representative formerly affiliated with AIG Financial Advisors Inc. spent time making voodoo dolls of his victims to ward off their damaging testimony, prosecutors said.
AIG Advisor Group Inc.'s move to dole out retention bonuses to assuage the 6,000 or so brokers who have remained loyal through the tumult of the past year appears to be too little, too late, or simply too binding for some advisers.
Steven Silver, S&P's biotechnology equity analyst, thinks the industry is positioned for renewed investor interest in 2010.
The former fund manager — and current Boston Red Sox minority owner — acquires the NHL's Tampa Bay Lightning for a reported $110M. That's about half what the previous owners paid for the team.
Fidelity Investments said Thursday its operating profit rose 5 percent last year, boosted in part by job cuts, as revenue continued to lag after two years of unusual volatility in financial markets.
The Charles Schwab Corp. has begun calling clients of some registered investment advisers to verify that they have authorized wire transfers of funds from accounts held in custody at the broker-dealer.
Fee income from annuity sales climbed at bank holding companies during the first three quarters of 2009, but sales of fixed annuities in the bank channel slipped, according to two separate studies released last week.
The stock price of The Charles Schwab Corp. fell 2.5% to $18.81 in after-hours trading after the company announced plans to sell more than 26 million shares of common stock. The discount broker and leading custodian for registered investment advisers also reported that its fourth-quarter net income fell 47% from the year-earlier period to $164 million. Schwab last month signaled that it would report weaker results.
Financial advisers and branch managers chose American Funds as the firm which best meets their needs for marketing materials, according to a study released today by Financial Research Corp.
Why one PM says the price of gold will double to more than $2,500 an ounce over the next 10 years.
After two successive profitable quarters, the besieged insurer reports a loss of nearly $9B in the fourth quarter.
The Certified Financial Planner Board of Standards Inc on Friday placed Oren Eugene Sullivan Jr. under interim suspension, keeping the ex-broker from using its credentials.
In a huge blow to SagePoint Financial Inc., one of three broker-dealers that make up the AIG Advisor Group Inc., its largest branch of reps and advisers is walking out the door following a bitter dispute over the latter's role and future at SagePoint.
For investors holding shares in Berkshire Hathaway Inc., Friday might be a very lucrative day. Today marks the last trading day before Warren Buffet's investment vehicle gets added to the S&P 500. Berkshire's listing in the benchmark index commences Tuesday, the next trading day for U.S. markets.
American International Group Inc. is launching a plan to revamp how it arrives at incentive pay for its workers, according to the NY Times.
MetLife Inc. is in the final stages of talks with American International Group Inc. about a deal to buy AIG subsidiary American Life Insurance Co. for about $8 billion in stock and access a bridge loan, according to published reports.
