Wealth Management industry news covering the financial markets, trends and wealth professionals.
Stay up to date with Wealth Management news and trends through our free Morning Memo e-newsletter. Join today.
In an interview with Registered Rep., McCann said the wealth management division would not be put on the block, despite rumors that UBS is dressing it up for sale to boost its capital position. He also vowed to cut costs for the unit, and raise...
If anyone was hoping to catch a break on the regulatory front now that the market environment has eased, they’re in for a surprise. Speaking at this morning in New York at SIFMA’s annual meeting, Securities and Exchange Commission...
UBS announced Tuesday that it has hired Bob McCann as the CEO of its UBS Wealth Management Americas unit. Speculation about his appointment to the position had been mounting. As recently as two weeks ago, McCann declined to comment on specific job...
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...