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.
A former broker at Merrill Lynch & Co. and Citigroup Inc. convicted of selling access to his brokerages' internal “squawk boxes” asked a judge to throw out his conviction and others because prosecutors hid evidence of their innocence.
As a new crop of money managers and investment banks enters the hot market of exchange-traded funds, the challenge already has proved too much for some in a sector where scale is key.
Wells Fargo Private Bank said that it has expanded its Elder Services program to the East Coast through its acquisition of Wachovia Securities LLC.
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 on Wednesday is expected to propose revamping the structure of 12(b)-1 fees, according to people familiar with the situation.
Officials for Silver Bridge Advisors LLC said today they to plan to purchase a San Francisco-area investment adviser, adding that their firm has created a separate entity to better market itself to wealthy families and family offices.
SEC chairman Mary Schapiro backed a tough uniform fiduciary standard earlier today – but compromise remains a possibility
Research Affiliates chairman Rob Arnott puts the chances of a double-dip recession at better than 50%. His advice? Prepare clients 'to weather the storm'
The fraud charges brought against Goldman Sachs by the SEC may or may not provide a catalyst for market weakness, but significant risk is already baked into observable market conditions.
The following is an excerpt from the quarterly newsletter of Jeremy Grantham, Chairman of the Board of Grantham Mayo Van Otterloo LLC. To read the full newsletter, please <a href=https://www.gmo.com/America/CMSAttachmentDownload.aspx?target=JUBRxi51IICH9wllS7nFzv7ybaFb7pejnbwTNH0bkvX%2b6VuTG%2fK%2fZQlXslaAJiXTuWWsm17RpANM4ky9wfHNILCaoOCk9CxUxd1YL1lKMqQ%3d>click here.</a>
Western National Life, an AIG Inc. subsidiary, emerged as the top fixed-annuity seller in the bank channel during the third quarter of 2009, displacing rival New York Life Insurance Co., according to data from Beacon Research Publications Inc.
Retail brokers have come under Securities and Exchange Commission Chairman Mary Schapiro's microscope, thanks to a warning she issued late last month about the dangers of recruitment deals.
Gitterman & Associates, a 10-person team in Georgia, has found a new home.
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.
Bank takes $200M charge to cover legal costs, potential settlements arising from bond fund probe
An unprecedented number of pharmaceutical drugs will lose their patent protection in the next few years, a transition that sets the stage for a host of investment opportunities — and potential pitfalls.
