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Job cuts, capital ratios jam up State Street

January 19, 2011

State Street Corp., the third-largest custody bank, said net income fell 84 percent in the fourth quarter because of costs stemming from job cuts and the sale of securities to bolster capital. Net income dropped to $81 million, or 16 cents a...

Schwab reports $16B in new custody assets, meets 3Q numbers

January 18, 2011

Charles Schwab Corp., the largest independent brokerage by client assets, reported third-quarter profit that met projections after it settled claims about misleading investors and revenue from trading declined. The company also reported an uptick...

Is Schwab booting custody clients that hire its brokers?

January 16, 2011

Like other brokerage firms, The Charles Schwab Corp. is known to be self-protective about its discount brokerage customers. And like other firms, it has sued former brokers whom it suspects of violating prohibitions against soliciting clients....

Schwab’s stance on an SRO: Just say no

January 14, 2011

The Charles Schwab Corp. has come out against the idea of creating a self-regulatory organization for advisers. "As the largest custodian for independent RIAs, we believe there is great value in an adviser examination program that is robust...

Is Schwab booting custody clients that hire its brokers?

January 13, 2011

Like other brokerage firms, the Charles Schwab Corp., has a history of suing defecting brokers who may have violated their non-solicitation agreements. But of late, the company appears to be going a step further. Some sources say the online...

Alternatives present quandary for custodians

January 9, 2011

Custody firms are engaged in a delicate balancing act, trying to accommodate a growing number of alternative investments while at the same time implementing stricter eligibility criteria for accepting those assets. All firms ramped up their...

Custodians taking closer look at adviser compliance

December 27, 2010

Custodial firms have been raising the compliance bar for registered investment advisers, in some cases making it tougher for them to find a home. Since the financial crisis and the Bernie Madoff fraud, custodians have become more concerned about...

SEC wants to sic audit firms on B-Ds

December 6, 2010

The U.S. Securities and Exchange Commission wants to enlist the accounting industry to boost oversight of broker-dealers to help restore investors' trust in financial markets, SEC Chairman Mary Schapiro said. The agency is looking to “leverage...

Being distant No. 2 in custody biz doesn't faze Fidelity's Mike Durbin

November 28, 2010

Mike Durbin, president of Fidelity Institutional Wealth Services, has his work cut out for him. He is chasing the No. 1 firm in the industry, The Charles Schwab Corp., which has about $605 billion under custody for advisers. Fidelity has $450...

New head at RBC custodial unit

November 2, 2010

Catie Tobin has been named head of RBC Correspondent and Advisor Services. Ms. Tobin, who had been head of business development for RBC Wealth Management, replaces Mike Kavanagh, who is retiring. Ms. Tobin will report to John Taft, chief executive...

Schwab's Clark says a strong offense is the best defense

October 31, 2010

With a market share more than twice that of its closest competitor, The Charles Schwab Corp.'s Advisor Services unit is the acknowledged king of the RIA mountain — and Bernie Clark intends to keep it that way. Mr. Clark, who took charge of...

Raymond James custody unit is small – but that's OK

October 28, 2010

While Charles Schwab Corp.'s Impact conference in Boston this week generated the most interest among advisers, 1,300 miles away Raymond James's Investment Advisors Division held its own industry meeting. It's easy to overlook Raymond James'...

TD Ameritrade assets up, profits down

October 26, 2010

TD Ameritrade Holding Corp. came up short of profit estimates in its fiscal fourth quarter ended September as trading revenue slowed. But the firm said that despite the tough environment, it held record client assets of about $355 billion, helped...

Fidelity offers its advisers single-family-office services

October 24, 2010

Fidelity Investments today is launching a service designed to help investment advisers who use the firm's custody services attract more business from wealthy clients by giving them access to its single-family-office services. The firm's Family...

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...

Adviser trust biz at Schwab reaches $1B milestone

October 10, 2010

The Charles Schwab Corp. has pushed quietly past a milestone in its dogged attempts to integrate trust services with its custodial business. Since dumping U.S. Trust Corp. in 2007, the company has developed its own homegrown trust company within...

LPL custody exec departs

October 8, 2010

Trust Company of America has hired industry veteran Bob Oros as vice president and national sales manager. Mr. Oros, 44, is leaving LPL Financial, the largest independent broker-dealer, where has worked since 2007 as executive vice president...

Custodians rev up their platforms

September 5, 2010

Hey, financial advisers: Technological choice is finally coming, so let the good times roll. During the next few years, custodians plan to invest hundreds of millions of dollars in a full menu of attractive technology choices, all in the hopes...

TD to open Veo architecture to third parties to lure advisers

August 8, 2010

Going beyond anything attempted by its custodian competitors, TD Ameritrade Institutional has embarked on a technology initiative that will open its architecture to third-party software and service providers. In a recent meeting with InvestmentNews,...

RBC seeks custodial niche on high end

June 27, 2010

Now that it has completed its acquisition of J.P. Morgan Securities Inc.'s RIA custody business, RBC Advisor Services is gunning for assets from advisers and breakaway brokers. “We've been very focused on integration, and now that it's done,...

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