On Monday, Merrill Lynch announced plans to acquire First Republic Bank, a San Francisco-based private banking and wealth-management firm with $16.4 billion in assets under management, for $1.8 billion. The transaction should be completed in the...
The star power of hedge funds seems to have waned in 2006, at least among the wealthiest set. The percentage of ultra-wealthy households (those with a net worth of over $25 million, excluding primary residence) owning hedge funds plunged by almost...
The Securities and Exchange Commission on Jan. 24 approved a new code of procedures that govern arbitrations at the NASD Dispute Resolution. The changes were a long time coming: Some of them have been sitting at the SEC since 2003.
We’ve already heard about what a great year 2006 was for Wall Street, with securities industry firms ringing in some of the best revenues and profits in years. But fourth-quarter earnings reports are just now rolling in, and they’re...
Why did Citi's wealth management chief Todd Thomson abruptly decamp the firm “to pursue other interests” when he was often thought of as heir apparent to Citigroup’s Chuck Prince?
The securities industry won’t have dual self-regulatory organizations to complain about anymore. The NASD announced over the weekend that member firms “overwhelmingly approved” to consolidate the NASD and the NYSE into one.
Citigroup announced two key management changes today: Sallie Krawcheck, Citigroup’s CFO, returns to her role as CEO of global wealth management, and Todd Thomson, who currently holds the position, is leaving the company.
Flows to U.S. hedge funds are expected to slow this year as investors seek out greener pastures overseas, particularly emerging markets. According to the Deutsche Bank AG’s 2006 Alternative Investment Survey, domestic hedge funds are poised...
Schwab Institutional, the independent investment advisor arm of Charles Schwab, announced that it plans to offer start-up loans to registered reps who leave their firm to affiliate with Schwab’s independent network.