Bank of America Merrill Lynch has named a new head of its Alternative Investments Group, as demand from its advisers for alternatives is expected to double assets over the next three to five years. Keith Glenfield, former chief operating officer of Global Wealth & Retirement Solutions, started in the new role this week.
A source claims Vikram Pandit was ousted as Citigroup CEO due to a series of missteps, not one incident. The last straw? The sizeable accounting hit the bank took from the plummeting valuation of Smith Barney.
Headhunters say rivals are stepping up efforts to recruit Morgan Stanley reps. But will they succeed?
Bank of America on Friday agreed to a $2.43B shareholder settlement over the acquisition of Merrill Lynch. It's unclear if this bodes well for ex-reps who are suing the brokerage for deferred comp.
Gain from sale included in non-GAAP numbers in 2009 -- but hit from recent write-down wasn't
An arbitrator this week said Morgan Stanley's brokerage unit is only worth $13.5 billion, not $22 billion. So how is that a victory for Morgan Stanley?
Morgan Stanley's Hatch says only about 10% of advisers currently have sufficient expertise in stock selection
Independent B-D LPL Financial LLC and regional brokerage Raymond James Financial Inc. top the list of most-desired destinations for potential breakaway advisers.
The need - and the case - for developing and introducing new talent into the financial advice business has been well-documented: The total number of practicing FAs has been steadily decreasing for years, at a time when more individual investors are in need of advice. Practicing FAs, of course, are also getting older each year, creating a greater need for internal successors in many cases.
More brokers picking stocks for clients -- but are they up to speed?
The Swiss bank announces plans to cut up to 10,000 additional employees over the next two years.
Both presidential candidates are getting serious bucks from political action committees. Barack Obama's top donors? Universities. Mitt Romney's? Wall Street banks.
New research shows that more wirehouse reps are looking to leave home. What's more, half are considering exiting the channel entirely. | <a href=http://www.investmentnews.com/gallery/20121005/FREE/100509999/PH>The B-Ds that rate highest with potential breakaways</a> &raquo;
Aggregator announces two new services that provide more autonomy to indie wannabes; 'brilliant move'
Here's a pretty startling statistic: New data shows that advisers who work in teams make 32% more money than those who fly solo. Indeed, the average team member pulls down nearly $300,000 a year.
It's official — management at Morgan Stanley has eighty-sixed the 'Smith Barney' name, rebranding the iconic brokerage as Morgan Stanley Wealth Management. What would John Houseman think?
