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Ex-exec sues Marsh & McLennan
An ex-COO is suing the company, saying he was unfairly compensated in the wake of a bid-rigging scandal.
RIAs gaining in market for small 401(k)s
Registered investment advisers are the fastest-growing distribution channel for mutual-fund-based small-business 401(k)s. Starting from a small base, they are adding assets at the rate of about 14% a year, according to Boston-based Financial Research Corp.
Lincoln’s departing CEO nixes analyst speculation
Jon A. Boscia’s retirement announcement this month has nothing to do with the company’s merger prospects or its financial performance, according to the chief executive and chairman of Lincoln Financial Group.
Third wife prevails over adult kids in estate suit
In a case that married dry-as-dust estate-planning issues with “Dallas”-like squabbling among wealthy family members, a Texas court has decided that King Ranch heir B.K. Johnson had all his faculties when he drew up his last will and that his widow and third wife didn’t manipulate him into excluding his children.
EIA suits’ separate fates show specificity is key
Two legal decisions this month related to equity index annuities make clear that plaintiffs must attack specific annuity provisions or standardized marketing materials in order to show the “commonality” needed for class action certification.
Where there’s no will, there is a way
CHICAGO — Financial advisers are crafting new strategies to convince clients to complete their wills and estate plans.
Rich often neglect personal-lines insurance, experts say
NEW YORK — The rich are different, and so are their insurance needs, but many wealthy people may be leaving themselves unprotected, according to personal-lines-property-casualty-insurance specialists.
Conseco slims down operations
Conseco Inc. will consolidate operations and sell properties as part of a plan to pare down expenses.
NYLI names SVP and head actuary
New York Life Insurance Co. has promoted Gary Scofield to senior vice president and chief actuary.
Boscia to retire from Lincoln
In an unexpected move, Lincoln Financial Group announced that its chairman and CEO will retire on Sept. 1.
Morgan continues real estate spree
Morgan Stanley has bought Daewoo Engineering & Construction Co.'s Seoul headquarters for $1.04 billion, published reports said.
Money laundering pricier for banks
The cost of fighting money laundering has risen 58% since 2004, according to a survey by KPMG.
Ben Edwards blasts Wachovia merger
Ben Edwards III, a former chief executive of A.G. Edwards Inc., is not happy about his family firm’s merger with Wachovia Corp.
Remaining regional firms say, ‘We’re not for sale’
As the number of regional brokerage firms dwindles, executives at those that remain insist they’re better off staying independent.
Mother-daughter firm finds its sweet spot
Cynthia Keithley, principal of Keithley Investment Group LLC, goes to almost any length to serve her small-fry clients.
Mergers of advisers and benefit firms seen as a natural fit
Mergers between employee benefit and financial advisory firms may become common as they set their combined sights on baby boomers’ retirement assets, according to industry observers.
CFA Institute faces trademark battle in India
A long-running trademark battle is threatening to derail the expansion of the CFA Institute in what has become one of the fastest-growing markets for financial planning professionals.
Investors Capital posts record revenue
Investors Capital Holdings posted a record $80 million in revenue the fiscal year ended March 31, for an increase of 17.72% over the 2006 fiscal year.
BofA to stand trial in Parmalat case
An Italian judge has ordered Bank of America to stand trial in connection with the 2003 collapse of Italian dairy company Parmalat SpA.
Wuffli out, Rohner in at UBS
UBS picked deputy group CEO Marcel Rohner to helm the company, replacing Peter A. Wuffli.
