Results for "clearing firms"

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Making way for breakaways

July 15, 2012

One of the challenges breakaway brokers face is maintaining the commission-based business they keep when they move to a fee-based model. That's why accommodating the securities business of breakaway brokers is critical for custodial firms that...

The largest clearing firms for broker-dealers

July 15, 2012

   Rank Firm Website # of clients % change vs. 2011 Contact Phone Email 1 Pershing LLC 831 -0.6% James T. Crowley, managing director (201) 413-2564 2 National Financial Services LLC

A lack of interest

July 15, 2012

Record-low interest rates continue to create head winds for clearing firms, which traditionally have profited from the spreads earned from holding clients' cash. Before the financial crisis, clearing firms profited handsomely from paying clients...

Pershing platform offers 529s

June 10, 2012

America's largest clearing firm is making it easier for financial advisers to open and manage Section 529 college savings plans. Pershing LLC said last week that advisers will be able to use its platform for 529 plans in the same way that they...

Pershing banking on opportunity in helping indies retain hybrid reps

June 10, 2012

Will smaller broker-dealers be able to make a nimble shift toward supporting fee-based financial advisers? Pershing LLC executives sure hope so. “We look religiously at [account transfer] statistics, and it catches our attention when we see...

Politics over problem-solving needs to change: former Pres. Clinton

June 6, 2012

Politics is getting in the way of fixing the world’s problems, former President Bill Clinton said Wednesday at the Pershing LLC conference in Hollywood, Fla. But he urged financial services professionals to stay focused on solutions. Mr. Clinton...

Penson clearing out of U.S. clearing industry

June 3, 2012

The shakeout in the clearing industry rolls on. On Thursday, one of the largest and, until recently, fastest-growing firms, Penson Worldwide Inc., said that it will formally leave the clearing business in the United States, though the transaction...

Private-equity firm takes aim at small players in B-D space

January 8, 2012

Private-equity funds continue to show interest in small to midsize financial services firms — this time with such a buyer snapping up a small clearing firm and making a bid for a holding company for independent broker-dealers with a penny...

Pershing 'unaffected' by BNY boss' departure

September 4, 2011

It has been a rough patch of late for Bank of New York Mellon Corp., which has been beset by legal challenges and an underperforming stock price. Last Wednesday, those problems came to a head as chairman and chief executive Robert P. Kelly resigned...

LPL ramping up clearing business

July 17, 2011

LPL Investment Holdings Inc. last month proved it wants to be a serious player in the clearing services business by hiring one of the most respected names in the industry to head the unit. But some observers feel that even David Akellian, who...

How clearing and custody firms are taking new regs head-on

July 17, 2011

With the flood of new regulations facing investment advisers, clearing and custody firms are taking on a larger supporting role for their clients, doing everything from lobbying in Washington to the nitty-gritty task of preparing for new cost...

Three clearing firms face an uncertain future

July 17, 2011

BROKER-DEALERS and investment advisers don't want to see their clearing firms in the headlines. They don't mind the press releases on new-client signings or announcements about technology platform upgrades. But clearing firms are like commuter...

Finra to revamp market exams for broker-dealers

July 10, 2011

Finra will take a data-centric approach to performing market exams, pulling reams of information from broker-dealers, insurance companies and clearing firms. The initiative was announced last month by Richard G. Ketchum, chairman and chief executive...

Legent Clearing about to be bought?

June 2, 2011

Rumors are swirling that Legent Clearing LLC is about to be bought by private-equity investors — just months after a previous attempt to buy the firm failed. In June 2010, United Western Bancorp Inc. said that its subsidiary United Western...

Finra critic held liable in 'sham' money fund sale

May 1, 2011

A federal judge has found vocal Finra critic Richard Goble guilty of SEC charges filed against him nearly three years ago. The Securities and Exchange Commission alleged that Mr. Goble engaged in an improper customer reserve transaction in...

State Street money management boss out-earns CEO

April 6, 2011

Joseph “Jay” Hooley, chairman and chief executive officer of State Street Corp., received $12.9 million in compensation for 2010, down 7 percent from the previous year. Hooley, 54, was paid $961,058 in salary, $6 million in stock awards,...

LPL aims to boost profit through Uvest integration

March 20, 2011

LPL Investment Holdings Inc. expects to save up to $12 million next year by moving brokers in its subsidiary Uvest Financial Services Group Inc. to LPL's proprietary clearing platform. The company announced the move last Monday in a statement....

LPL aims to boost pretax profit with Uvest move

March 15, 2011

LPL Investment Holdings Inc. expects to save up to $12 million in 2012 by moving brokers from its subsidiary Uvest Financial Services Group Inc. from an outside clearing firm to LPL's proprietary platform. The company announced the move Monday...

SEC freezes advisers' assets on 'self-dealing' claims

January 7, 2011

A Greensboro, N.C., investment advisory firm and its chief executive defrauded pension funds, school endowments, hospitals and non-profit foundations out of up to $65 million that investors presumed was invested in two hedge funds, according...

Penson sued in Ponzi case

December 14, 2010

A court-appointed receiver in a Utah Ponzi case has sued Penson Financial Services Inc., claiming that the firm was complicit in perpetuating the scheme for a clearing client. The receiver, Wayne Klein, founder of Klein & Associates PLLC, alleges...

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