Results for "money managers"

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MFS settles 401(k) lawsuit for $6.9 million

June 17, 2019

Investment manager Massachusetts Financial Services Co. has reached a settlement of nearly $7 million in a lawsuit alleging the company enriched itself at the expense of employees' retirement savings by loading its 401(k) plans with costly,...

Fidelity drops Goldman, brings securities lending in-house

May 14, 2019

Fidelity Investments is cutting out its middleman — Goldman Sachs — when dealing with Wall Street short sellers. The money manager is bringing its stock-lending business in-house, according to a March 29 regulatory filing, instead of paying...

Legg Mason cuts 12% of staff in revamp as investor Peltz joins board

May 24, 2019

Legg Mason Inc. is cutting 120 people, or about 12% of its staff, and streamlining its executive committee just days after adding investor Nelson Peltz to its board. The cost-cutting steps are "critical to our ongoing growth," Joseph Sullivan,...

Vanguard to end its small cash-management service

March 4, 2019

Vanguard Group will end a service for larger customers on July 31 that lets them write checks and pay bills from a Vanguard account. The VanguardAdvantage program was launched in 2002 as a way to compete with banks. Customers who had between...

BlackRock rebounds as clients move from cash to fixed income

April 16, 2019

BlackRock Inc. rebounded from a rocky end of last year, as customers jumped into its fixed-income products and showed interest in illiquid alternatives. The world's largest asset manager saw $65 billion in net inflows in the first quarter, the...

BlackRock leads October slide in stocks of asset managers

October 30, 2018

It's been a cruel month for U.S. asset managers. BlackRock Inc., State Street Corp. and rivals have seen their shares take a hit as jittery institutional investors have seized up in choppy markets. The other culprits: weak fee revenue and lackluster...

Franklin plans to cut up to 5% of workforce

April 23, 2019

Franklin Resources Inc. plans to cut as much as 5% of its workforce to help save at least $75 million as the fund company faces continued outflows. Franklin, the parent of Franklin Templeton Investments, started with voluntary buyout offers...

Money manager finds path to Bay Area elite through bike riding

December 11, 2018

When Stan Miranda relocated from London last year, the money manager quickly realized that joining a club of aging, Lycra-wearing finance and technology executives who bike the mountains around Silicon Valley on Saturday mornings would be great...

Marie Chandoha, head of Charles Schwab Investment Management, to retire

October 4, 2018

Marie Chandoha, the president and CEO of Charles Schwab Investment Managements since 2010, will retire at the end of March. She is being replaced by Jonathan de St. Paer, currently senior vice president of business strategy and product management...

Midsize asset managers face a squeeze

July 6, 2018

Rumors of the demise of medium-sized asset managers have proved to be greatly exaggerated, so far. But in the next five years, a combination of rising costs, a stagnant pool of profit and dwindling revenue will hasten a divide in the industry...

Former Morgan Stanley rep barred for using customer funds

June 14, 2018

A former Morgan Stanley broker, who was discharged in 2016, has been barred by the Financial Industry Regulatory Authority Inc. for making improper use of a customer's funds. Finra said that between April and July 2016, Justin Travis Mair "converted"...

Carlyle's David Rubenstein starts family office

May 29, 2018

David Rubenstein's love of historical documents runs deep. The billionaire co-founder of Carlyle Group owns a copy of the Magna Carta from 1297, a rare facsimile of the Declaration of Independence and an Emancipation Proclamation signed by Abraham...

Millionaire boom in Asia pushes highest rate hike in decade for wealth managers

September 4, 2018

With great wealth comes great remuneration. Competition to manage the money of Asia's burgeoning army of millionaires has pushed pay hikes for wealth managers to the highest in more than a decade. Those willing to jump to a rival are getting...

Finra bars former rep for not providing requested information

April 12, 2018

The Financial Industry Regulatory Authority Inc. has barred former representative Kevin Lee for not providing the complete information it requested as part of an investigation. In a letter of acceptance, waiver and consent, Finra said it was...

Advisers need to crack fund managers' narrative

November 17, 2014

Asset managers need to create a narrative about what they do and how they do it. Lacking a story, it’s all about the numbers. You might say, “Well, that’s the way it should be. This is a performance game.” Except that’s unrealistic....

Managing wealth of the world's richest is still a man's domain

September 25, 2018

Men dominate the largest financial institutions globally even as their executives say they're trying to make Wall Street more welcoming for women. The situation is even worse at family offices, outfits which manage money for the world's richest...

Vanguard's got its own 'Apple' problem

January 25, 2013

At first glance, the largest company in the world and the largest mutual fund company in the world wouldn't seem to have much in common. Apple Inc. grew to the biggest company on the planet by pumping out hip and sexy products that were gobbled...

Why conventional wisdom Is wrong about manager diversification

June 12, 2012

The conventional wisdom is back-to-front. There is good reason to argue that investors should start to diversify their exposure to passive managers, while diversifying their exposure to active manager less. Investors above a certain size typically...

Veteran Wells Fargo team managing $505 million leaves for Raymond James

May 31, 2018

Mark Griffin and Mark Liley, who managed $505 million at Wells Fargo Advisors in Denver, Colo., have moved to the employee unit of Raymond James. The two join Robert Campbell and Jarrod Biebel, who left Wells Fargo for Raymond James in 2016....

Wells Fargo loses veteran $500 million team to SunTrust

May 30, 2018

A four-person team managing $500 million at Wells Fargo in Charleston, S.C., has moved to SunTrust Private Wealth Management. The team is led by Wells Fargo veterans Jeff Pratt and Bryan Kazley, who were with the firm and its predecessor companies...

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