Industry News

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NEWS INDUSTRY NEWS JUN 04, 2007
BofA sets up advisory biz for ultrarich

Bank of America Corp. is counting on a new advisory business to help retain ultrahigh-net-worth clients once its $3.3 billion deal to acquire U.S. Trust Corp. from San Francisco-based Charles Schwab Corp. closes next month.

NEWS RETIREMENT PLANNING JUN 04, 2007
Life cycle portfolios catching on in variable products

CHICAGO — Life cycle fever seems to be spreading from 401(k) plans to variable annuities. At ING Variable Annuities, for instance, assets in LifeStyle portfolios — which were introduced as ING-managed subaccounts in mid-2004 — reached $8 billion at the end of April, up from more than $4 billion at the end of 2005.

NEWS LIFE INSURANCE AND ANNUITIES JUN 04, 2007
More consumer education needed on HSAs

NEW YORK — A key roadblock to health savings account acceptance is that many people know little or nothing about HSAs and their required high-deductible health insurance plans, according to industry experts.

NEWS INDUSTRY NEWS JUN 01, 2007
Stubborn clients? Blame the brain

It's the prefrontal cortex, stupid. That's the part of the client's brain that can scuttle an adviser's best-laid plans.

NEWS WIREHOUSES MAY 31, 2007
Saudi prince backs Prince

The largest shareholder of Citigroup has expressed confidence in chief executive Charles Prince and does not want to see a breakup of the company.

NEWS WIREHOUSES MAY 30, 2007
Spitzer creates financial commission

Gov. Eliot Spitzer has created a commission to help New York City hold onto and expand its status as a world financial capital.

NEWS WIREHOUSES MAY 30, 2007
Fidelity moves traders to Tokyo

Fidelity Investments will move its Japanese equity-trading desk to Hong Kong from Tokyo, published reports said.

NEWS ALTERNATIVES MAY 30, 2007
Goldman's lead hedge fund takes hit

Global Alpha, Goldman Sachs’ flagship hedge fund, fell 3.4% during the first four months of this year.

NEWS LIFE INSURANCE AND ANNUITIES MAY 30, 2007
HSBC unveils donation for climate study

London-based HSBC, Europe’s biggest bank, has created a $100 million partnership to study the impacts of climate change.

NEWS WIREHOUSES MAY 30, 2007
OppenheimerFunds’ Wilby to retire

OppenheimerFunds Inc. Wednesday said Bill Wilby will retire from the New York-based company June 30 after 16 years of service.

NEWS LIFE INSURANCE AND ANNUITIES MAY 30, 2007
N.Y. Life unveils retirement analysis tools

New York Life Retirement Plan Services is taking a page from retailers like Amazon.com Inc. in order to better understand and predict employee retirement planning behavior.

NEWS WIREHOUSES MAY 29, 2007
Bear Stearns makes London hires

The Bear Stearns Cos. Inc. today expanded its European investment banking division with a series of new appointments.

NEWS LIFE INSURANCE AND ANNUITIES MAY 29, 2007
NYLI promotes two in legal dept.

New York Life Insurance Co. has announced promotions in its general counsel department.

NEWS WIREHOUSES MAY 29, 2007
UBS M&A chief jumps ship

Jeff Raich, co-global head of mergers and acquisitions, is the latest high-ranking investment banker to leave UBS AG.

NEWS LIFE INSURANCE AND ANNUITIES MAY 29, 2007
RBS & Co. bids for ABN

A group of banks led by the Royal Bank of Scotland Group has formally launched a $95.6 billion bid for ABN Amro Holding.

NEWS BROKER DEALERS MAY 29, 2007
NPC’s new CEO aims to fill void in recruiting

Inheriting a depleted recruiting staff, the new head of National Planning Corp. immediately will focus on rebuilding that team. Last Monday, Santa Monica, Calif.-based NPC said that Scott Romine was replacing M. Shawn Dreffein as its CEO.

NEWS INDUSTRY NEWS MAY 29, 2007
Mortgage accelerators raise concerns

SAN FRANCISCO — A mortgage alternative is gaining traction. In recent years, such companies as CMG Financial Services Inc. and Macquarie Mortgages USA Inc. have begun offering mortgage accelerator loan products that allow borrowers to hasten their loan payoff schedule by reducing the amount of interest paid on their loans.

NEWS WIREHOUSES MAY 29, 2007
Big firms to D.C. Circuit: Give us a break, please

IRVINE, Calif. — The major sponsors of fee-based brokerage accounts claim they will need six months to a year to transition clients out of the accounts.

NEWS LIFE INSURANCE AND ANNUITIES MAY 29, 2007
Advisers bristle at race-based assignments

Many advisers do not want to be assigned clients or territories based on their race, national origin or other personal traits — but they are comfortable with relationships that evolve naturally from those factors.

NEWS BROKER DEALERS MAY 29, 2007
Ameriprise looks to lure talent from rivals

Ameriprise Financial Services Inc. says that it is finally ready to execute its long-discussed strategy to recruit registered representatives and advisers from rival firms.