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.
Bank of America Corp. is counting on a new advisory business to help retain ultrahigh-net-worth clients once its $3.3 billion deal to acquire U.S. Trust Corp. from San Francisco-based Charles Schwab Corp. closes next month.
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.
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.
NEW YORK — A key roadblock to health savings account acceptance is that many people know little or nothing about HSAs and their required high-deductible health insurance plans, according to industry experts.
It's the prefrontal cortex, stupid. That's the part of the client's brain that can scuttle an adviser's best-laid plans.
The largest shareholder of Citigroup has expressed confidence in chief executive Charles Prince and does not want to see a breakup of the company.
Global Alpha, Goldman Sachs’ flagship hedge fund, fell 3.4% during the first four months of this year.
Gov. Eliot Spitzer has created a commission to help New York City hold onto and expand its status as a world financial capital.
OppenheimerFunds Inc. Wednesday said Bill Wilby will retire from the New York-based company June 30 after 16 years of service.
Fidelity Investments will move its Japanese equity-trading desk to Hong Kong from Tokyo, published reports said.
London-based HSBC, Europe’s biggest bank, has created a $100 million partnership to study the impacts of climate change.
New York Life Retirement Plan Services is taking a page from retailers like Amazon.com Inc. in order to better understand and predict employee retirement planning behavior.
The Bear Stearns Cos. Inc. today expanded its European investment banking division with a series of new appointments.
Jeff Raich, co-global head of mergers and acquisitions, is the latest high-ranking investment banker to leave UBS AG.
New York Life Insurance Co. has announced promotions in its general counsel department.
A group of banks led by the Royal Bank of Scotland Group has formally launched a $95.6 billion bid for ABN Amro Holding.
