Faced with intense competition for financial advisers and growing transition costs, an increasing number of independent-contractor broker-dealers over the past year have boosted the amount of money they give to representatives and advisers to switch firms.
NEW YORK — The Certified Financial Planner Board of Standards Inc. has adopted a revised version of its standards of professional conduct, placing a greater emphasis on the importance of fiduciary responsibility.
WASHINGTON — The Investment Company Institute last week fought back against the life insurance industry’s attempt to get stable-value funds included as 401(k) default investment options.
NEW YORK — The Financial Services Institute Inc. is gearing up for a fracas with regulators over the highly contentious issue of 12(b)-1 fees, an embedded annual charge in almost all mutual funds.
Principles-based rules won’t be a panacea for financial services and, in fact, could create more regulatory risk, some industry observers say. The concept of flexible rules is being pushed hard by business interests and regulators as the way to improve and modernize regulation.
CHICAGO — Life cycle fever seems to be spreading from 401(k) plans to variable annuities. At ING Variable Annuities, for instance, assets in LifeStyle portfolios — which were introduced as ING-managed subaccounts in mid-2004 — reached $8 billion at the end of April, up from more than $4 billion at the end of 2005.
The largest shareholder of Citigroup has expressed confidence in chief executive Charles Prince and does not want to see a breakup of the company.
Gov. Eliot Spitzer has created a commission to help New York City hold onto and expand its status as a world financial capital.
Fidelity Investments will move its Japanese equity-trading desk to Hong Kong from Tokyo, published reports said.
Global Alpha, Goldman Sachs’ flagship hedge fund, fell 3.4% during the first four months of this year.
OppenheimerFunds Inc. Wednesday said Bill Wilby will retire from the New York-based company June 30 after 16 years of service.
The Bear Stearns Cos. Inc. today expanded its European investment banking division with a series of new appointments.
A new 401(k) plan featuring iShares ETFs from Barclays Global Investors is now available.
Jeff Raich, co-global head of mergers and acquisitions, is the latest high-ranking investment banker to leave UBS AG.
Inheriting a depleted recruiting staff, the new head of National Planning Corp. immediately will focus on rebuilding that team. Last Monday, Santa Monica, Calif.-based NPC said that Scott Romine was replacing M. Shawn Dreffein as its CEO.
Philanthropist and insurance tycoon Barry Kaye is bringing unwanted attention to a university that has benefited from his largess and to the life settlement industry.
