[quote=Finetmad]

We should all not jump to any conclusions, but I do feel that Finet owners have the upper hand here. If they do not deliver are you interested in talking to other BD's with us? We know of a number of owners who think this approach has merit and we are stronger in numbers. Think about it.

I would be happy to join in a collective negotiation to go elsewhere. Hit me up with a PM as well please. 

[quote=Ferris Bueller]Think what you want, Piker.  The only thing you are setting straight is your boyfriend.[/quote]
Sorry, Ferris, I’m not your type.

I’m not inflatable.

http://www.reuters.com/article/mergersNews/idUSL673623420090206<?: prefix = o ns = “urn:schemas-microsoft-com:office:office” /><O:P></O:P>

"We have decided to keep the unit," Marten Hoekstra, head of UBS Wealth Management, told the Finanz und Wirtschaft newspaper in an interview released ahead of publication on Saturday.

Hoekstra declined to comment on recent speculation that UBS might consider a tie-up with an American player or an outright sale of its U.S. business, but added:

"Wealth management is the core of UBS. More than 30 percent of global wealth is in the United States. UBS would not be a global player without a U.S. offering."

Asked whether UBS had held talks with U.S. rivals, he said: "In the last one and a half years, strategic options have been examined for every unit."

He admitted it would be easy to split off the business from the rest of UBS if it needed the capital, but said the bank had decided to stay active in the U.S. market for strategic reasons.

The Swiss bank has been in talks with Wells Fargo & Co's (WFC.N) Wachovia Securities about forming a joint venture of their North American wealth management business and has also spoken to JP Morgan about a sale, sources familiar with the matter have told Reuters. [ID:nL3148012]

But a source familiar with the situation said this week a transaction right now could distract UBS from its overarching goal of regaining profitability after posting huge losses in the subprime crisis. UBS reports results on Feb. 10. [ID:nL5113489]

U.S. banks Morgan Stanley (MS.N) and Citigroup (C.N), two of the largest world players in wealth management, agreed last month to combine their private banking business.

Swiss-based UBS, the world's biggest wealth manager, has tried for years to compete with Americans on their home turf and has been hurt recently by a U.S. investigation into tax fraud.

UBS announced its purchase of U.S. brokerage Paine Webber in 2000, signalling its intention to aggressively take on the U.S. wealth management segment. It merged the U.S. broker dealer into its U.S. wealth management unit, which now employs around 18,000 and managed to grow its clients' assets under management to nearly $800 billion.

UBS - finally some good news.

UBS - finally some good news.

I am spreading the word that a number of us are interested in looking collectively at other options if push comes to shove.

To protect the innocent I will wait until after next week. If no news then I will reach out to you. Thanks.

We will reach out after next week if there is no news on anything. Thanks. Spread the word.

We will reach out after next week if there is no news on anything. Thanks. Spread the word.

We will contact you after next week if no news. Perhaps even if there is news and it is underwhelming. We are all pretty fed up.

UBS:   US Wealth Managment not for sale.  Rueters

I’ll jump on the boat if there is room.

I’ll jump on the boat if there is room.

I only wish I had known AG Edwards better in her day: as it is described here, it was the single greatest place on this earth.

[quote=Wheat-ie]I only wish I had known AG Edwards better in her day: as it is described here, it was the single greatest place on this earth.





[/quote]

I don’t have a dog in this hunt…I left AGE a number of years ago because of a challenge I had with local management.

It was a damn good firm…maybe a little slow to change at times but the back office service was super, they had their values right, and always good growth over a market cycle.

Actually had lunch today with an AGE alum who used to work on one of the bond desks.  He was bemoaning how things changed towards the end when Bagby and his henchmen started to put their fingerprints on things.

Fi net is least profitable for parent company. They payout highest percentage of revenue to FI net.  The most profitable to WFC and WB is the ISG.  They pay smallest amount of revenue to this channel.  Thus they are most profitable and also directly involved in the core banking operation.  They track all banking loans and accounts that ISG generates to the branch also lowest overhead since we are in the branch.  Why would they pay anything to Fi net when they already pay them the highest percent of revenue.  They make the least from this division.   AGE and Pru are already under retention.  ISG has never been given retention even when bank was changed to Wachovia from First Union despite all our systems being switched over.  I see no way why Fi net would get any retention at all.  How long would it take for them to make it back?  At PCG and ISG the parent keeps the majority of revenue and can easily justify and make back retention.  Also DL has said this merger affects ISG the most.  If anyone should get retention its ISG…the far majority of ISG is not under contract and will leave if not retained and it is already happening in Florida big time

  AGE and Pru are already under retention.    

[quote=Morphius]

[quote=Ferris Bueller]Think what you want, Piker. The only thing you are setting straight is your boyfriend.[/quote]Sorry, Ferris, I’m not your type.I’m not inflatable.[/quote]

When brokers leave under retention it is paid back by new firm…or if broker does not pay it back he will never get a job in industry. Plus clients only move so many times.  Friend of mine took retention from a regional firm in NY  and left because firm was a nightmare and firm eventually went under…However,  he tried to come back to a wirehouse and major bank but since the crappy firm put something on his u4 saying he never paid back retention.  NO wirehouse or big bank would hire him. He has been stuck at crappy little independent firms ever since.  WFC knows if your under retention they will get their money back one way or another…or broker will be black balled in industry. Once under retention very hard to leave and keep money and clients.