Industry

The unit is likely to draw interest from other asset managers and private equity firms.

The new tool is the third in a series of joint ventures with the independent broker/dealer’s large enterprises.

According to the commission, Keith Springer and his firm used 'deceptive marketing' via ads and his radio show to attract investors, many of whom were retirees.

The Wall Street giant plans to once again combine its expanded asset management and private wealth businesses into one unit run by Marc Nachmann.

“You’ve got to take into account the rate of growth we’ve had in the last few years,” CEO James Gorman said.

New RIA aggregator on the block, Transcend, formed by execs from Mercer and Budros, Ruhlin & Roe, partners with Lincoln Investment to invest in growing fee-only RIAs.

The partnership gives WEG's 360 advisors access to a customized version of the CAIS alternative investments platform.

Charles Malico, a former broker with Network 1 Financial Securities, will also pay a $5,000 fine. The disciplinary action follows the SEC’s first violation notice issued earlier this year citing the new standard.

The order concerning New Harbor Financial Group's recommendation of an inverse leveraged ETF comes several months after the commonwealth secretary announced an investigation into b/ds distributing single-stock ETFs.