California is considering charging broker-dealer and investment advisory representatives $25 per year to cover the cost of regulating more investment advisory firms, the state's corporations commissioner, Preston DuFauchard, told InvestmentNews today.
More-restrictive investment advice regulations are coming now that the Labor Department has killed a controversial Bush administration proposal that would have permitted the mutual fund industry to provide direct investment advice to defined contribution plan participants.
A hypothesis about the psychology behind the big deals
The SEC has obtained an emergency court order freezing the assets of a Minneapolis money manager and a nationally syndicated radio personality for allegedly operating a foreign-currency-trading scheme.
The Securities and Exchange Commission must tighten its process for deciding which investment advisers to inspect if it is to avoid colossal breakdowns like the one that allowed Bernard Madoff's multibillion-dollar fraud to go undetected for 16 years, the agency's inspector general says.
The broker attrition at Morgan Stanley Smith Barney LLC is slowing down, according to Charles Johnston, its president and chief operating officer.
I don't mean to sound insensitive or flip, but a few years ago, I came up with an economically and socially beneficial way to address the hunger problem in New York. I call it the PR solution.
Morgan Stanley Smith Barney LLC is entering into the recruiting wars with its guns blazing and is creating a potential pay package for new advisers that will match that of its rival Merrill Lynch & Co Inc.'s Global Wealth Management unit.
Rather than focusing on past deficiencies in target date funds, the Senate Special Committee on Aging's recent hearing on the funds focused on how they can be turned around quickly.
In another acknowledgment of the rapid rise of independent investment advisers, Putnam Investments is creating a distribution channel dedicated solely to selling its products to them.
“The opportunities today, from the bottom up, are certainly the best I've seen in my lifetime,” Martin J. Whitman, the founder of New York-based Third Avenue Management LLC, told advisers today.
Regulations proposed last week by the Internal Revenue Service would leave brokerage firms little time to begin reporting cost basis information to customers.
Having expertise with retirement income products and issues is paying off for many advisers, according to a study published today by the Financial Planning Association.
Stock futures are drifting lower as investors pile on more safe-haven assets like the dollar and Treasurys.
European and U.S. stock markets fell sharply Tuesday after worse than expected German industrial production data and a warning from a leading credit ratings agency that the U.S. government needs to get its public finances in shape soon.
The National Association of Insurance Commissioners named its 2010 leaders today, with Jane Cline, West Virginia's insurance commissioner, assuming the presidency.
The game of musical chairs at Citgroup and Bank of America goes on. Citi announced today that its private banking operation has hired Steve Bodurtha as head of investments for North America. Mr. Bodurtha will oversee the investments platform for Citi Private Bank across the U.S. and Canada.
In the wake of the alleged insider-trading ring involving hedge fund manager Galleon Group, compliance departments at asset management firms and broker-dealers are stepping up their vigilance.
