BlackRock poised to grab No. 1 spot
Make way for the 1,600-pound gorilla in the money management industry.
SEC charges Birmingham B-D with churning
The Securities and Exchange Commission and the Alabama Securities Commission announced today that they have charged Aura Financial Services Inc., a Birmingham-based broker-dealer, with churning customer accounts, supervisory failures and other violations.
Non-binding say-on-pay votes part of reform proposal
Non-binding say-on-pay shareholder votes would be required of all public companies under legislation proposed by the Obama administration today.
Merrill vet jumps ship to lead Clearbrook Financial
Clearbrook Financial LLC has lured a 22-year Merrill Lynch & Co. veteran to serve as its new chief executive.
Korean-American investors allegedly bilked of $80M in affinity fraud
Two California men and the companies they ran were charged today with conducting an $80 million Ponzi scheme that targeted Korean-American investors with false promises of annual returns of up to 36% from foreign currency trading,
Grail to launch actively managed ETFs in September
The ETFs are the RP Growth ETF, RP Focused Large Cap Growth ETF, RP Technology ETF, and RP Financials ETF. They are expected to carry a 0.89% expense ratio, and begin trading on Sept. 1.
BlackRock confirms talks with Barclays to buy BGI
BlackRock Inc. confirmed this morning that it's in talks with Barclays PLC to acquire the London-based company's $1 trillion money management unit, Barclays Global Investors.
JPMorgan CEO makes TARP wisecracks
Jamie Dimon, JPMorgan Chase & Co.'s chief executive, expressed frustration about how bankers have been vilified since the financial crisis began last year.
IRS seeks business hardship changes to 401(k) rules
Proposed IRS rules would allow employers that made automatic 401(k) plan contributions under a safe-harbor provision to suspend or reduce those contributions if they incurred a substantial business hardship.
Samberg to close Pequot Capital
Arthur J. Samberg, founder, chairman and CEO of hedge fund manager Pequot Capital Management, today told clients he will shutter the firm, close its core funds and spin out two funds into separate businesses, according to a client letter obtained by Crain's Pensions & Investments.
CFP Board announces exam results
The Certified Financial Planner Board of Standards Inc. today announced that slightly more than half (52.3%) of the 2,063 individuals who sat for the March 20-21, 2009, CFP certification examination passed the test.
Next AIG chief may come from its board
Caretaker CEO Edward Liddy wants out, so all eyes turn to six new directors slated for insurer’s board, including former AmEx chief Harvey Golub and Sears vet Arthur Martinez.
Up to 30% of clients will change advisers, consultant predicts
It took only a matter of months for the markets to lose nearly half their value, but advisers will feel the ripple effects of this economic crisis for years, predicts a prominent consultant.
Inside the panic at Reserve Management
The evening of Sept. 15 was the worst of Bruce Bent II's career.
At the bell
Ameriprise Financial Inc. on Friday stepped back from receiving TARP money, less than 24 hours after the Department of the Treasury cleared it to participate in the program.
Advisers unfazed by Fed’s bank stress test results
The results of the Federal Reserve's examination of the nation's 19 largest banks don't adequately characterize the state of the financial industry, according to 75% of financial advisers responding to a question in an InvestmentNews poll.
Salient Wealth Management and Friedman & Associates tie the knot
Two of the largest investment advisory firms in the San Francisco Bay Area — Salient Wealth Management LLC of San Rafael, Calif., and Friedman & Associates of Novato, Calif. — have merged.
Reserve founder charged with defrauding investors when Primary Fund broke the buck
The Securities and Exchange Commission filed fraud charges today against the father and son team who ran Reserve Management Co., the money-market fund company that rocked the financial world last September when it broke the buck on its flagship fund.
Raymond James boasts of attracting high-earning advisers
Raymond James Financial has attracted a number of recruits in recent months and is on track to add advisers with more than $100 million in production this year.
RIAs least likely to use annuities for rollovers
Registered investment advisers are giving the cold shoulder to annuity products, according to the latest research from Cerulli…
