A.G. Edwards approves Wachovia takeover

The new brokerage, to be called Wachovia Securities LLC, will be based in St. Louis.
SEP 28, 2007
Shareholders at A.G. Edwards Inc. today approved Wachovia Corp.’s takeover of the company. The new brokerage, which will be called Wachovia Securities LLC, will be based in St. Louis. A.G. Edwards, also based in St. Louis, expects the merger to close on Oct. 1. Wachovia Securities will have $1.1 trillion in client assets and nearly 15,000 financial advisers. Daniel J. Ludeman, president and CEO of Wachovia Securities, will maintain those responsibilities with the new brokerage firm. Robert L. Bagby, chairman and CEO of A.G. Edwards, will serve as its chairman. In May, Wachovia of Charlotte, N.C. agreed to purchase A.G. Edwards for $6.8 billion in cash and stock.

Latest News

Public pensions still $1.13T short despite best funded status since 2009
Public pensions still $1.13T short despite best funded status since 2009

A record contribution burden and heavy AI exposure temper a milestone recovery for state and local retirement systems.

Round-the-clock trading is coming, but retail investors are already there
Round-the-clock trading is coming, but retail investors are already there

From Robinhood to Charles Schwab, overnight equity trading is already live. The question is what comes next?

Private equity bidding war targets $160bn RIA in $7bn deal
Private equity bidding war targets $160bn RIA in $7bn deal

Carlyle and Bain Capital are said to be the final bidders for Wealth Enhancement Group as PE appetite for independent wealth managers intensifies.

Trump account confusion is widespread among parents — and advisors have an opening
Trump account confusion is widespread among parents — and advisors have an opening

Only 7% of U.S. parents are "very confident" they understand how the Trump accounts work, says Omni Calculator

Receiver sues to recover alleged Traders Domain Ponzi profits
Receiver sues to recover alleged Traders Domain Ponzi profits

One transfer alone came to $5.6m, and the receiver says none of it was real profit.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income