Results for "custodians"

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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...

Penson expects to take over Ridge Clearing accounts next week

June 14, 2010

Penson Worldwide Inc. said that it expects its U.S. securities-clearing subsidiary, Penson Financial Services Inc., to begin serving accounts of Ridge Clearing and Outsourcing Solutions Inc. on or about June 25. Penson announced its plans to...

Schwab alternatives director Josh Kernan resigns

June 11, 2010

Josh Kernan, who oversees sales of alternative investments to investment advisers and their clients at The Charles Schwab Corp., is leaving the company after 16 years to start a firm. In a memo e-mailed to clients and friends this week, Mr....

Coming soon: Clarity on alternative investments?

June 6, 2010

The murky world of alternative investments could become much clearer as a result of a new platform being developed by the Depository Trust and Clearing Corp. with the help of the biggest names in the clearing and custody industry. The purpose...

The Starr treatment: How celeb adviser allegedly got away with it

May 28, 2010

The alleged $30 million fraud committed by Kenneth Starr and his Starr Investment Advisors LLP constitutes another black eye for the financial advice business. Indeed, the much-publicized scandal has investors once again wondering how high-profile...

Schwab reverses course on alternatives

April 25, 2010

The Charles Schwab Corp. has reversed course and will allow advisers to hold in custody additional alternative investments. The move helps stem something of a revolt among the firm's registered investment adviser clients, which erupted in February...

Neuberger Berman taps J.P. Morgan Clearing as new custodian

March 15, 2010

Neuberger Berman Group LLC has chosen J.P. Morgan Clearing Corp. as its clearing and custody provider, ending an 18-month relationship with Broadridge Financial Solutions Inc., Neuberger announced today. Neuberger chose Broadridge subsidiary...

Georgis returns to the fold, rejoins Schwab

March 2, 2010

J. Nicholas Georgis is returning to Schwab Advisor Services as vice president for strategic business. Among other things, Mr. Georgis will be responsible for relationships with independent broker-dealers and RIA consolidators, turnkey asset...

Florida investor sues firms over adviser wire fraud

February 28, 2010

A Florida investor is suing TD Ameritrade Inc. for allegedly allowing a financial adviser to steal more than $2.3 million from her brokerage accounts by forging her signature on nine wire transfer requests. The adviser, Edward T. Stein, also...

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...

Schwab to RIA clients: Did you authorize this wire transfer?

February 14, 2010

The Charles Schwab Corp. has begun calling clients of some registered investment advisers to verify that they have authorized wire transfers of funds from accounts held in custody at the broker-dealer. The move, which follows the Securities...

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....

Bank of New York Mellon profit surges on asset management fees

January 20, 2010

Bank of New York Mellon Corp. said Wednesday its fourth-quarter profit surged as asset and wealth management revenue offset lower interest income. Profit rose to $593 million, or 49 cents per share, from $28 million, or 2 cents per share. Excluding...

Price war heats up as Schwab lowers online commission on stock and ETFs

January 10, 2010

The Charles Schwab Corp. — in a bid to attract more trades from customers who use deep-discount brokerages — plans to lower its commission on all online stock and non-proprietary ETF transactions to $8.95 per trade. The reduced commission...

Practice management services seen as best way custodians can win RIAs

January 3, 2010

Broker-dealers that hold client assets for registered investment advisers are pointing their marketing and technology arrows at practice management. Helping advisers manage costs, segment clients by profitability and maintain operational rigor...

State Street to buy Italian bank's securities services biz for $1.87B

December 22, 2009

State Street Corp. said Tuesday that it will buy the securities services business of Italian banking group Intesa Sanpaolo for about $1.87 billion in cash. The financial services provider said the acquisition will broaden its presence overseas,...

Schwab outlines products, enhancements for 2010

December 20, 2009

The Charles Schwab Corp., already having increased assets under custody for independent investment advisers this year, is preparing several products, services and technology offerings for advisers next year. Included in the mix are ex-panded...

Frequent traders get bullish on market, Schwab study finds

December 8, 2009

The Charles Schwab Corp.'s October survey of active traders showed a marked increase in bullish sentiment from three months earlier, the discount brokerage firm said today. Half of the 292 active traders and investors who responded to the firm's...

Fidelity fielding teams to serve operations needs of top RIAs

November 22, 2009

Fidelity Investments is unveiling details of the enhanced service model that Charles Goldman, head of its institutional platforms business, promised for registered investment advisers when he joined the firm from The Charles Schwab Corp. almost...

Fidelity unveils market analysis aimed at RIAs

November 15, 2009

In a move to attract and retain registered investment advisers and independent-broker-dealer clients, Fidelity Investments has introduced a program that it says offers financial advisers access to market analysis and industry insights. The online...

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