Wachovia Securities LLC may face challenges in retaining all the brokers it wants to, in the wake of its announced merger with A.G. Edwards Inc. of St. Louis.
In an attempt to save a semblance of his family’s broker-dealer, Scott Brooks, scion of the founder of Brookstreet Securities Corp., last Thursday jumped to Wedbush Morgan Securities Inc. and then immediately invited Brookstreet’s 500 affiliated representatives to join him.
In an about-face, Schwab Institutional has reconciled with a former technology partner in an effort to upgrade its customer relationship management tool for financial advisers.
CHICAGO — Data gathered by Boston-based research firm Cerulli Associates Inc. confirm what most observers have long suspected: Fidelity Investments is the nation’s individual-retirement-account powerhouse.
NASD has fined Wachovia $2 million for failing to adequately supervise its fee-based brokerage business.
Lehman Brothers plans to raise $500 million for a fund that invests in private equity companies, according to published reports.
Morgan Stanley scored record levels of income and net revenues during the second quarter.
Bear Stearns’ investment bank may lend $1.5 billion to save one of the company's struggling hedge funds, according to a Wall Street Journal report.
Aiming to forestall defections and address merger-related anxieties, Wachovia Securities LLC and A.G. Edwards Inc. announced broker retention packages Friday.
Brokers at A.G. Edwards Inc. won’t have to worry about losing their wealthy clients, according to Stan Kelly, president of Wachovia Wealth Management.
Lehman Brothers Holdings Inc. said that it has raised $1.5 billion for its new Lehman Crossroads Fund XVIII fund-of-funds.
Morgan Stanley is looking at investing in between two and three fund-management companies in China, according to MarketWatch.
Goldman Sachs Group Inc. will purchase a stake in ICICI Financial Services in Mumbai, India, published reports said.
Bear Stearns today said its earnings dropped, while Goldman Sachs reported a slight decline in revenues.
The Bear Stearns Cos. Inc. is liquidating holdings from a recently formed hedge funds after it lost money on subprime mortgage bonds.
Fidelity Investments has sold nearly all of its shares in Dow Jones & Co., the target of a $5 billion takeover bid by Rupert Murdoch’s News Corp.
Merrill Lynch, Morgan Stanley, Smith Barney and Charles Schwab are being sued for allegedly illegally forcing clients into lower paying deposit accounts, enabling the firms to reap “billions” in extra profits.
Wachovia Corp.’s planned $6.8 billion purchase of A.G. Edwards Inc. could make an already competitive sales game even tougher for U.S. mutual fund firms, some analysts said.
IRVINE, Calif. — Smith Barney reps are wondering when they’ll get their payments from the wage-and-hour lawsuit the firm agreed to settle in May 2006 for $98 million.
Two hedge funds have sent a second letter to TD Ameritrade, challenging the company’s refusal to merge.
