Investors halted the stock market's three-day losing streak Monday, buying on a range of factors including the weaker dollar and better-than-expected home sales numbers.
They used to ride desks and flog stocks, but now some Wall Street refugees are choosing to walk a beat and chase bad guys.
Sales of fixed annuities fell during the third quarter to $21.9 billion, reflecting a decline of 21% from the year-ago period, according to data from Beacon Research.
The dispute between LPL Investment Holdings Inc. and Pacific Life Insurance Co. over liability for rogue brokers is a reminder that unseen risks can be part of any acquisition, no matter how well-vetted, according to lawyers and investment bankers.
<a href= http://www.investmentnews.com/apps/pbcs.dll/section?Category=Topic&keywordid=261&keywordname=LPL%20Financial>LPL Investment Holdings Inc. </a>and Pacific Life Insurance Co. are staring each other down over which firm will have to pony up the potentially millions of dollars in claims stemming from fraud suits against a rogue broker from one of the three independent-contractor firms LPL acquired from Pac Life two years ago.
Now that the Department of Labor is scrapping a rule proposal that would have allowed brokers affiliated with financial-services firms to provide advice to 401(k) participants, Congress will move forward with legislation that would require that such advice be given by independent advisers, according to a key congressman.
In the coming months, state securities regulators will focus on increasing the threshold for state regulation of investment advisers to $100 million, according to Texas securities commissioner Denise Voigt Crawford.
American International Group Inc. today said it would sell its Hong Kong consumer finance unit to the China Construction Bank Asia Corp. Ltd.
A former GunnAllen Financial Inc. and Ameriprise Financial Services Inc. broker pleaded guilty this month to two federal charges, one of mail fraud and the other of filing a false tax return, and he faces up to 23 years in prison when he is sentenced in September.
Life insurance agents' advocacy groups teamed up on Friday to ask Connecticut Senate Banking Committee Chairman Christopher Dodd, D-Conn., to reconsider a legislative provision that would require life agents to become registered investment advisers.
Lawmakers in Washington are discussing scrapping the conflicted-advice provision of the 401(k) Fair Disclosure and Pension Security Act of 2009 — a move that would be welcomed by many in the financial services industry.
<a href=http://www.investmentnews.com/apps/pbcs.dll/section?Category=Topic&keywordid=261&keywordname=LPL%20Financial> LPL Holdings Inc. </a>and three broker-dealer subsidiaries have sued Pacific Life Insurance Co., claiming the latter is in breach of contract and trying to duck paying potentially millions of dollars of settlements and awards stemming from rogue brokers.
New York Life Insurance Co. is looking to acquire one or more fund companies, according to one of its top executives.
National Planning Corp. is scooping up the representatives and assets of Main Street Securities LLC, which is closing down its broker-dealer operations to join NPC.
The Securities and Exchange Commission last week charged two companies — including a financial planning firm — with conning senior citizens out of their retirement money with outlandish claims about investing in a shady biotech startup.
Congress has plans to pass health care reform legislation, and cap-and-trade legislation to combat global warming, and will have to reconcile financial-reform legislation — all by the end of the first quarter of 2010.
Incentive pay for traditional money management, hedge funds and private equity will fall on average 15% to 25% below 2008 levels, even with the market rebound and a stabilizing investment industry, according to a new study by compensation consultant Johnson Associates Inc.
The stock market lost ground for a third straight day as investors grew uneasy about a rising dollar and spiking demand for the safest government debt.
