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The Swiss banking giant UBS added the retail unit of Midwestern gem Piper Jaffray today to its wirehouse brokerage division for $500 million in cash and other considerations.
Legg Mason announced today the renaming of a bulk of the Smith Barney funds as the Legg Mason Partners Funds in the wake of last year’s blockbuster deal. The move marks the first step in the product integration process under the Citigroup...
In what can be considered a coup of sorts for the firm, UBS hired a prominent black Smith Barney broker this past winter—while it was under fire from a lawsuit brought by former brokers alleging a pattern and practice of racial discrimination.
Lincoln Financial completed its $7.5 billion acquisition of Jefferson-Pilot on Monday, creating one of the largest life insurers in the U.S. The Philadelphia insurance broker/dealer paid $1.8 billion in cash, with rest of purchase price coming in...
For the first time in years, money market funds are looking like a good place for advisors to park client cash. With interest rates up to 4.75 percent—and with rates expected to continue upward—yields on money market funds are almost as high as...
On Thursday afternoon, Morgan Stanley retail chief James Gorman was freed by a New York State judge of the temporary restraining order that prevented him from raiding Merrill Lynch’s brokerage ranks.
Yesterday, new Morgan Stanley retail chief James Gorman unleashed a fresh round of cuts – with more expected shortly – as part of his efforts to right the faltering brokerage operation.
Actively managed mutual funds have done worse than is generally thought. Those, at least, are the findings of a study released yesterday covering a ten-year period of performance figures reported by Morningstar, the popular mutual fund tracker.