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Insurers, asset manager book 2Q gains
The Hartford generated second-quarter core earnings per share of $2.39, up 31% from the same period last year.
Panel: Firm was ‘cozy’ place for fraud
FSC Securities of Atlanta was taken to task in a recent NASD arbitration panel decision.
Bear B-D takes on sales execs
Bear Stearns Broker-Dealer Services has expanded its sales and account officer teams with four new hires.
National Insurance Act repitched
The first bipartisan House version of the National Insurance Act of 2007 was reintroduced today.
NAIFA names new chief executive
The National Association of Insurance and Financial Advisors has named John J. Healy as its new chief executive.
Insurer settles bid-rigging case for $115M
The Hartford said it has reached a $115 million settlement with three states to resolve a bid rigging and market timing case.
Panel awards Ex-Merrill employee $1.6M
An NASD arbitration panel ordered Merrill Lynch to pay a former employee $1.6 million after he was fired because of his ethnicity.
Morgan unit last in customer satisfaction
Morgan Stanley’s retail brokerage unit ranked dead last in customer satisfaction for the second year in a row, according to a survey.
Bear Stearns debacle forces hedge fund index to restate
The recent fallout in the market for subprime mortgages caused one prominent hedge fund index to revise some of its performance returns last week. Last Monday, the Credit Suisse/Tremont Hedge Fund Index reported that its index for fixed-income arbitrage gained 0.21% in June and 3.7% year-to-date.
Suitability czar plan raises questions
Is the creation of a top-level suitability monitoring job by Allianz Life Insurance Company of North America a step forward in annuity marketing or a defensive position in response to a battery of lawsuits?
Russell moving managed accounts off its own platform
Russell Investment Group has begun to phase out the sale of managed accounts on its own platform.
Brokers fret over loss of fee-based choices
After building businesses through fee-based brokerage accounts and mutual fund trail fees, many brokers are anxious about looming changes to these sources of revenue.
Clearing firms jostle to win and retain indie BDs
NEW YORK — Despite continued consolidation, the clearing industry in some ways is becoming more crowded, with increased competition for the clearing business of top independent-contractor broker-dealers.
‘Duel’ clearing arrangements on the rise
NEW YORK — An increasing number of independent-contractor broker-dealers are doing business with more than one clearing partner, adding to the stiff competition among some clearing firms.
Fidelity brings new referral program to L.A., Manhattan
SAN FRANCISCO — After achieving success in pilot cities, Fidelity Investments is taking its revamped referral program to Los Angeles, Manhattan and the New York suburbs, but with changes.
Mickey Mouse collector bucks ‘luxury’ trend
NEW YORK — Most clients’ collections are a labor of love and not a quest for investment returns, according to financial advisers with collector clients.
Senate eyes insurer sales to seniors
The Senate opened an investigation into insurers that use suspect tactics when dealing with seniors.
Assurant execs on leave after SEC notice
Insurance provider Assurant put its CEO and CFO on administrative leave after regulators notified the two executives that they may face civil charges.
Willis settles Florida fee cases
Willis Group Holdings. today agreed to reimburse about $2.6 million to cities and counties throughout Florida.
AIG Advisor Group to consolidate units
The largest B-D network will fold American General Securities of Houston into AIG Financial Advisors of Phoenix.
