Edward Jones today announced the sale of its U.K. business operations to Towry Law, an independent wealth management firm based in the U.K., for an undisclosed sum. The operation was simply too expensive to operate, and only accounted for about 1...
Today Morgan Stanley Smith Barney announced the integration of Smith Barney’s Citi Family Office into its own ultra-high-net-worth division, which will now be called Morgan Stanley Private Wealth Management. Unlike the old family office, the...
Fidelity announced a new and improved online trading platform today, significantly expanding its international and foreign currency investment capabilities for financial advisors, broker-dealers and retail investors. With U.S. long-term growth...
In its effort to raise capital and shed some of its non-core business units, Bank of America is selling First Republic Bank just two years after Merrill Lynch purchased the San Francisco-based private banking and wealth-management firm.
Morgan Stanley reported its first profit in a year on Wednesday, with third-quarter earnings of $757 million, or $0.38 per diluted share, beating analyst estimates for earnings per share of $0.30. The company’ results were boosted by higher...
We’ve always been impressed by David Einhorn, the young manager of Greenlight Capital. Einhorn made our Ten To Watch list this past August for his prescient shorting and outspokenness about the shenanigans going on at Lehman. (His fund had...
Charles Schwab reported a 34 percent drop in its third quarter earnings today, the firm’s third consecutive quarter of slowing earnings this year. On a good note, Schwab continues to gather new registered investment advisor firms and assets...
Asian stocks hit a 14-month high Tuesday, with the MSCI index of Asia Pacific shares outside Japan up almost 55 percent year-to-date. But that doesn’t mean it’s too late to invest in the sector, as long as you have a long-term...
The market continues its remarkable recovery from March lows. The short-term outlook from many is that it could continue—Barry Ritholtz explains why in this post on his site. The long-term outlook for the markets and the economy is a lot...
CNBC reported Thursday that UBS has hired former Merrill Lynch executive Bob McCann to run its wealth management division in the Americas. His appointment will be announced at the end of October. CNBC also said that McCann plans to lure Merrill...