Hiring frenzy by regional firms shows no signs of slowing
Aggressive hiring by regional broker-dealers is likely to continue for the rest of the year, coming mostly at the expense of the wirehouses, according to industry executives and analysts.
Adviser who stole the identity of dead baby pleads guilty to fraud
A former financial adviser and registered representative who reportedly hid his criminal past by using a dead infant's identity pleaded guilty last Thursday to several fraud charges.
Madoff-tainted Merkin pocketed $35M a year
J. Ezra Merkin, one of Bernie Madoff's most important sources of cash, pocketed an average of $35 million in fees every year for funneling money to the Ponzi schemer and other investment firms.
Retirement plans not targets of proposed panel, Frank says
Concerns that a new consumer watchdog agency proposed by the Obama administration could play a role in overseeing retirement plan products are unfounded, Rep. Barney Frank, D-Mass., said today at a press conference on Capitol Hill.
Legg Mason assets up 4% in quarter
Legg Mason today reported assets under management of $656.9 billion as of June 30, up 4% from the prior quarter but down 29% from the year before.
Morgan Stanley TALF strategy raises $600 million
Morgan Stanley Investment Management raised more than $600 million from institutional and high-net-worth investors for its TALF strategy, spokeswoman Erica Platt confirmed.
Broadridge rolls out enhanced desktop for B-Ds and investment advisers
'Tis the season for rolling out integrated adviser desktops.
Economist Nouriel Roubini remains Dr. Gloom
Throw cold water on reports that bearish economist Nouriel Roubini is turning into an optimist.
Morgan Stanley Smith Barney starts a round of staff cuts
Executives at Morgan Stanley Smith Barney have begun a round of layoffs in a bid to cut costs resulting from the massive merger of the two firms, which was completed last month.
Blacks, Hispanics lag in 401(k) participation
African Americans and Hispanics are less prepared for retirement than their white and Asian counterparts, according to a survey released today.
UBS reportedly on the hunt for new U.S. brokerage chief executive
Oswald Grubel, who took over as UBS's chief executive officer in February, has elected not to sell the company's wealth management business here, despite speculation in recent months that he might offload this business.
NAIC suitability provision for annuities a ruse
I have enjoyed reading InvestmentNews for many years because of its straightforward reporting and timely items of interest.
M&A among insurers will heat up this year, study says
Mergers and acquisitions will heat up this year as insurers sell operations to bolster capital and strategic buyers look for expansion opportunities, according to a new study from Deloitte LLP.
Business owners invest in their firms, not stocks
When the economic recovery finally arrives, many small business owners won't try to rebuild their shrunken stock portfolios.
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.
