Wealth Management industry news covering the financial markets, trends and wealth professionals.
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Stockbrokers have won their second big overtime pay case against Wall Street firms and this may only be the beginning of a rout that could cost brokerage houses many millions of dollars more.
During his tenure at Merrill Lynch, James Gorman doubled profit margins and raised broker productivity by a third—giving him the ideal resume for turning around Morgan Stanley’s beleaguered retail unit.
The chairman of fund complex MFS Investment Management is calling for the formation of a task force to overhaul performance reporting for hedge funds. In a keynote address today to the National Investment Company Service Association’s (NICSA...
Merrill Lynch has agreed to merge its asset-management business with BlackRock in exchange for a nearly 50 percent stake in money manager, the two companies said Wednesday. The move recasts BlackRock as the largest publicly traded money manager...
As titillating as the facts are in the case of the tabloid star Anna Nicole Smith, the legal issue at its core is what makes Marshall v. Marshall critically important. That's why the U.S. Supreme Court is hearing the case Feb. 28. That's also why...
Merrill Lynch is close to doing what Morgan Stanley could not: Acquire a large stake in BlackRock, the stellar bond funds house, in a deal that would create a $1 trillion money manager.
It’s a funny thing: financial advisors position themselves as professionals, sometimes even comparing themselves to doctors and lawyers in responsibilities. Yet, like working stiffs, they want their overtime too. UBS today said it had agreed...
After more than seven months as Morgan Stanley’s chief executive, John J. Mack named Zoe Cruz and Robert Scully co-presidents. The appointments help clear up an uncertain management picture. The arrival of James Gorman next week as retail...
Merrill Lynch has changed the way it pays its brokers to include more deferred compensation and less cash. The new package rewards brokers who stay a long time, while penalizing those that don’t. Its aim is reducing turnover, but may also...
