Industry News

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NEWS WIREHOUSES MAY 01, 2007
Merrill to buy back $6 billion in shares

Merrill Lynch & Co. Inc. will buy back as much as $6 billion in shares of common stock over time, in an effort to return capital building up on its balance sheet to investors, the company announced today.

NEWS WIREHOUSES MAY 01, 2007
Morgan Stanley CFO to retire

Morgan Stanley has announced that David H. Sidwell, executive vice president and chief financial officer, will retire from the company at the end of the year.

NEWS LIFE INSURANCE AND ANNUITIES APR 30, 2007
Citigroup launches global ad campaign

Citigroup Inc. is looking to connect with its clients in a new ad campaign.

NEWS WIREHOUSES APR 30, 2007
Morgan emerging market debt fund bows

Morgan Stanley Investment Management has launched the Morgan Stanley Emerging Markets Domestic Debt Fund Inc., the first U.S. registered closed-end fund to invest principally in emerging markets sovereign debt denominated in the local currency of the issuer.

NEWS LIFE INSURANCE AND ANNUITIES APR 30, 2007
RBC Capital to buy public finance firm

RBC Capital Markets has announced that it agreed to acquire Seasongood & Mayer LLC, a Cincinnati-based public finance firm and underwriter of municipal debt.

NEWS RETIREMENT PLANNING APR 30, 2007
Demonstrators target Fidelity over Sudan

Thousands of protesters – some bearing signs asking “Is your Fidelity 401(k) funding genocide?” -- gathered in Boston’s Government Center Sunday to protest Fidelity’s investment ties to Sudan.

NEWS LIFE INSURANCE AND ANNUITIES APR 30, 2007
BofA threatens legal action against ABN

Bank of America Corp. has threatened to take legal action against ABN Amro Holding NV should it make any attempt to block its plans to buy LaSalle Bank Corp., ABN's Chicago-based subsidiary, according to the Financial Times.

NEWS LIFE INSURANCE AND ANNUITIES APR 30, 2007
Universal life’s market share reaches 40%

Universal life insurance captured a 40% share of the overall life insurance market for the first time last year and is expected to continue its strong showing, industry experts say.

NEWS INDUSTRY NEWS APR 30, 2007
Target date funds off target, critics say

Increasingly popular target date funds may be missing the mark because they are too narrowly constructed and make incorrect assumptions about participant behavior, according to industry insiders and new research.

NEWS INDUSTRY NEWS APR 30, 2007
New planning grads face good prospects

The financial advice business has perhaps never been so rife with opportunities for educated newcomers — a scenario that bodes particularly well for this spring’s crop of college graduates.

NEWS INDUSTRY NEWS APR 30, 2007
‘Finance 101’ courses target the wealthy

The booming wealth management business has spawned a thriving cottage industry: financial-literacy courses for wealthy families and their children.

NEWS BROKER DEALERS APR 30, 2007
High-profile adviser loses 314G arbitration claim

A high-profile financial adviser who hosts a weekly financial-advice radio show has lost a $314,000 arbitration claim that focused on his failure to deliver promised investment management.

NEWS INDUSTRY NEWS APR 30, 2007
In-play telecom probed for release denying talks

OTTAWA — While a bidding war goes on for BCE Inc., InvestmentNews learned last Tuesday that the Montreal-based telecom giant is under investigation by Market Regulation Services Inc. for a misleading, possibly fraudulent, press release.

NEWS INDUSTRY NEWS APR 30, 2007
Industry internships target black colleges

Helping Wall Street firms to look more like the American public they serve is the idea behind a new internship program designed for students who attend historically black colleges and universities.

NEWS WIREHOUSES APR 27, 2007
Citigroup clinches Nikko takeover

With a $13.4 billion offer, Citigroup Inc. yesterday closed on the largest foreign takeover of a Japanese company, Nikko Cordial Corp., according to published reports.

NEWS LIFE INSURANCE AND ANNUITIES APR 27, 2007
The Hartford books 20% earnings increase

The Hartford Financial Services Group Inc. announced today that earnings rose 20% in the first quarter to $876 million, from $728 million for the same period a year earlier.

NEWS INDUSTRY NEWS APR 27, 2007
TIAA-CREF ups equities in lifecycles

New York-based TIAA-CREF has increased equity exposure on all seven of its lifecycle funds to 90% up from 80%, the company announced today.

NEWS INDUSTRY NEWS APR 27, 2007
Online brokerage firms rated

Firstrade Securities got the top overall score in the latest survey of online brokerage firms conducted by Consumer Reports.

NEWS INDUSTRY NEWS APR 27, 2007
Oppenheimer Holdings profits down 2.5%

Oppenheimer Holdings Inc. today reported a net profit of $16,790,000 or $1.28 per share for the first quarter, a 2.5% decrease from $17,217,000, or $1.36 per share, in the same quarter in 2006, the company announced today.

NEWS WIREHOUSES APR 27, 2007
Mack backs Clinton for president

Morgan Stanley & Co. Inc. today confirmed that chief executive John Mack, a registered Republican, has thrown his support behind Democratic New York Senator Hillary Rodham Clinton in the 2008 presidential election, according to published reports.