Industry News

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MetLife buying PineBridge in asset management push
NEWS INDUSTRY NEWS DEC 23, 2024
MetLife buying PineBridge in asset management push

The $800 million deal includes assets PineBridge has outside of China and would extend MetLife's asset management business.

Bitcoin has first weekly drop since election
NEWS ALTERNATIVES DEC 23, 2024
Bitcoin has first weekly drop since election

The crypto asset was down over 9 percent as of money, following a surge in price after President-elect Donald Trump's win.

Star Stifel broker in Miami at center of two more client complaints totaling $6M
NEWS BROKER DEALERS DEC 23, 2024
Star Stifel broker in Miami at center of two more client complaints totaling $6M

Stifel this fall lost a stunning $14.2 million arbitration claim linked to Chuck Roberts.

Wells Fargo, LPL paying $900K each over incomplete trading data to SEC
NEWS BROKER DEALERS DEC 20, 2024
Wells Fargo, LPL paying $900K each over incomplete trading data to SEC

The companies admitted the SEC's findings and made remedial efforts to fix their "blue sheet" transaction reporting, the regulator said.

Edward Jones, Osaic, and Cambridge repaying $8.2M in mutual fund charges to clients
NEWS BROKER DEALERS DEC 20, 2024
Edward Jones, Osaic, and Cambridge repaying $8.2M in mutual fund charges to clients

Finra orders on Friday noted that the companies proactively corrected errors following exams in 2020 that found customers were not properly given rights of reinstatement for mutual fund share purchases.

Deutsche Bank fined $4M over delayed reporting of suspicious activity
NEWS BROKER DEALERS DEC 20, 2024
Deutsche Bank fined $4M over delayed reporting of suspicious activity

The firm lagged on filing suspicious activity reports for as long as two years, the SEC said today in announcing a settlement.

Leadership changes at Cetera as Taylor prepares for retirement
NEWS INDUSTRY NEWS DEC 20, 2024
Leadership changes at Cetera as Taylor prepares for retirement

Firm names wealth management successor and a new hire.

Is there still a chance of a Santa rally even with the current downbeat mood?
NEWS INDUSTRY NEWS DEC 20, 2024
Is there still a chance of a Santa rally even with the current downbeat mood?

Investors remain optimistic about stock market trajectory despite current fears.

Public sector workers to see $4.3B student debt canceled
NEWS INDUSTRY NEWS DEC 20, 2024
Public sector workers to see $4.3B student debt canceled

Around 55,000 people get early Christmas gift.

Bitcoin ETFs suffer record daily $680M outflow
NEWS INDUSTRY NEWS DEC 20, 2024
Bitcoin ETFs suffer record daily $680M outflow

Leading crypto has lost more than 10% from its record high.

Private credit could double to $40T in the next five years
NEWS INDUSTRY NEWS DEC 20, 2024
Private credit could double to $40T in the next five years

Apollo Global Management outlook based on wide definition.

FedEx shares surge as firm plans $30B freight IPO
NEWS INDUSTRY NEWS DEC 20, 2024
FedEx shares surge as firm plans $30B freight IPO

The division could be spun off within 18 months.

Anger over health insurance could prompt shareholder action
NEWS ESG DEC 19, 2024
Anger over health insurance could prompt shareholder action

The targeted shooting and killing of UnitedHealthcare's CEO sparked an outcry over health insurance practices. Shareholder advocates have pressed companies on ESG issues before, but not on claim denials.

With two weeks to spare, RIA M&A activity hits new all-time high in 2024
NEWS RIAS DEC 19, 2024
With two weeks to spare, RIA M&A activity hits new all-time high in 2024

The latest figures from DeVoe & Company show consolidation hitting fever pitch, including the most-active ever quarter for deals.

Cetera welcomes Citadel, Lighthouse to credit union partner network
NEWS INDUSTRY NEWS DEC 19, 2024
Cetera welcomes Citadel, Lighthouse to credit union partner network

The independent broker-dealer's latest tie-ups in the Northeast extend its reach in Philadelphia, New Hampshire, and Maine.

Captrust adds nearly $2B in assets in latest double-deal
NEWS RIAS DEC 19, 2024
Captrust adds nearly $2B in assets in latest double-deal

The private equity-backed RIA aggregator has expanded its footprint with two new acquisitions in Minnesota and Virginia.

Office properties poised for 2025 revival as other REIT segments face trouble
NEWS ALTERNATIVES DEC 19, 2024
Office properties poised for 2025 revival as other REIT segments face trouble

After a painful stretch since the Fed's extreme 2022 rate hikes, strategists expect to see a stock-pickers' market for real estate next year.

Orion set to snap up RIA tech provider Summit Wealth Systems
NEWS FINTECH DEC 19, 2024
Orion set to snap up RIA tech provider Summit Wealth Systems

The strategic acquisition, expected to close early next year, will also see 25-year fintech veteran Reed Colley take on a top leadership role.

Edward Jones’ effort to go upscale means more – lots more – CFPs
NEWS INDUSTRY NEWS DEC 19, 2024
Edward Jones’ effort to go upscale means more – lots more – CFPs

“I would hang my hat on this if I were Edward Jones,” said one industry executive.

Concurrent taps OneDigital's David Montgomery to lead retirement business
NEWS RIAS DEC 19, 2024
Concurrent taps OneDigital's David Montgomery to lead retirement business

The hybrid RIA is going all in on the retirement plan advisory space with its latest veteran hire.