Results for "clearing firms"

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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...

Pershing to buy broker-dealer clearing business from Jefferies

November 12, 2010

Investment bank Jefferies Group Inc. said Thursday that it's selling its broker-dealer clearing and custody business to Pershing LLC, a unit of Bank of New York Mellon Corp. Terms of the sale to Pershing LLC were not disclosed. Jefferies CEO...

JPMorgan ups the ante in clearing

November 7, 2010

Although it may be one of the less glamorous parts of the JPMorgan Chase & Co. empire, the bank's J.P. Morgan Clearing Corp. subsidiary has done something exciting in the area of technology. The bank spent $100 million and invested the efforts...

TD bulks up services for retirement plans

October 20, 2010

TD Ameritrade Institutional yesterday rolled out what the firm says is an expanded set of services to help its advisers offer unbundled retirement plan solutions. One new service is access to a list of 12 third-party record keepers that advisers...

Who's supposed to watch what?

July 11, 2010

A growing fog of regulation is blurring the line that separates the compliance responsibilities of broker-dealers from those of their clearing firms. “One of the biggest problems we have is establishing the delineation of responsibility between...

Making a switch pay

July 11, 2010

Clearing firms, facing declining revenue and in-creased competition, have something new to worry about: More and more broker-dealers are seeking loans as an incentive to sign on with a new firm. While haggling over margin terms and other forms...

Custody success clears path to top for JPMorgan's Miller

June 23, 2010

Heidi Miller, a confidant of Jamie Dimon for almost two decades, more than quintupled pretax profit at JPMorgan Chase & Co.'s treasury and custody unit since taking over the division in 2004. Her reward: a newly created job heading the Global...

Attention B-Ds: RIA business is not a fad, say Pershing execs

June 10, 2010

When it comes to rapid growth of registered investment advisory firms, broker-dealers must either “feed the monster that will eat them” or find a way to accommodate their brokers' advisory business, according to Mark Tibergien, chief executive...

2010 clearing firms trends and analysis

February 25, 2010

The independent broker-dealer landscape has changed dramatically in recent years. But among the largest independent B-Ds, according to InvestmentNews' annual indie B-D survey, the clearing firms they utilize has remained steady. Below is a ranking...

E*Trade back on track, says analyst

February 22, 2010

E*Trade Financial Corp., which took a black eye from losses on its subprime mortgage holdings, is getting back on track by focusing on its roots as an online brokerage, an analyst said Monday. Keefe, Bruyette & Woods analyst Joel Jeffrey started...

Cloudy with a chance of tech spending

February 19, 2010

Mostly mixed clouds and some sun today in La Jolla, not the constant bright sunshine that can entice a person to abandon indoor conference sessions in favor of strolling the beach along the Pacific Ocean (many of the advisers present tend to...

Bank of New York Mellon scoops up PNC Financial Services in cash deal

February 2, 2010

Bank of New York Mellon Corp. says it is acquiring the global investment servicing business of PNC Financial Services Group Inc. for $2.31 billion in cash. BNY Mellon says it will pay $1.57 billion for the business' stock and intercompany debt....

Nationwide gives 200 reps more time to find new B-Ds

January 31, 2010

Nationwide Financial Network, the sales and marketing arm of Nationwide Mutual Insurance Co., has pushed back by three months the deadline for 200 independent financial advisers to find new broker-dealers. Those advisers, most of whom joined...

Charles Goldman to leave Fidelity

January 27, 2010

Charles Goldman, who one year ago joined Fidelity Investments to run its RIA custody, correspondent clearing and family office businesses, is leaving the firm. Mr. Goldman, who is president of institutional platforms, will officially depart...

Penson Worldwide to buy Broadridge clearing business

November 8, 2009

Broadridge Financial Solutions Inc., the brokerage services firm spun off by Automatic Data Processing Inc., is selling its securities clearing business to Penson Worldwide Inc. and its Penson Financial Services Inc. subsidiary. The transaction...

Broadridge to sell clearing business to Penson (Update)

November 3, 2009

Broadridge Financial Solutions Inc., the brokerage services firm spun off by Automatic Data Processing Inc., is selling its securities clearing business to Penson Worldwide Inc. and its Penson Financial Services Inc. subsidiary. The transaction...

Broadridge to sell clearing business to Penson

November 2, 2009

Penson Worldwide has agreed to buy the clearing contracts of Broadridge Financial Solutions for $60-$70 million as part of a new partnership the two firms revealed Monday evening. Penson will acquire the contracts of Broadridge's Ridge correspondent...

Penson: naked-short video a "hoax'

October 11, 2009

Officials for Penson Financial Services Inc. said that a video circulating on the Internet of one of its traders engaging in an apparent naked short sale is a fraud that unfairly accuses the firm of violating Securities and Exchange Commission...

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