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Morgan posts stellar second quarter
Morgan Stanley scored record levels of income and net revenues during the second quarter.
Bear Stearns may bail out fund
Bear Stearns’ investment bank may lend $1.5 billion to save one of the company's struggling hedge funds, according to a Wall Street Journal report.
A check on the love em and leave em tack
Insurers increasingly are using trail commissions for fixed annuities to give finan-cial advisers an additional incentive to cultivate long-term client relationships.
Indie reps rewarded with equity participation
In a bid to stand out among their peers and to be more competitive in the marketplace, an increasing number of small to midsize independent-contractor broker-dealers are offering sophisticated compensation plans, including stock ownership, to their affiliated registered representatives.
Postnups becoming new prenups
Postnuptial agreements are gaining popularity as an estate-planning tool, and some hedge funds and private-equity firms have asked their top executives to sign them to protect their companies in case of a messy divorce, according to attorneys and financial advisers.
Raymond James unit gives bonuses to big producers
In an effort to charge up its top registered representatives and financial advisers, Raymond James Financial Services Inc. is giving bonuses to its biggest-producing brokers.
Wachovia, A.G. Edwards offer retention bonuses to brokers
Aiming to forestall defections and address merger-related anxieties, Wachovia Securities LLC and A.G. Edwards Inc. announced broker retention packages Friday.
Wachovia Wealth Management plans makeover
Brokers at A.G. Edwards Inc. won’t have to worry about losing their wealthy clients, according to Stan Kelly, president of Wachovia Wealth Management.
Lehman raises $1.5B for fund of funds
Lehman Brothers Holdings Inc. said that it has raised $1.5 billion for its new Lehman Crossroads Fund XVIII fund-of-funds.
Morgan said to eye China fund co.’s
Morgan Stanley is looking at investing in between two and three fund-management companies in China, according to MarketWatch.
Don’t count out banks, says Bernanke
Borrowers are turning to other providers, but don’t expect banks to die out any time soon, the Fed chief said today.
Edwards, Wachovia reps get package details
Brokers at A.G. Edwards and Wachovia Securities got details of their retention packages today.
AIG sues ex-chief, CFO
AIG has sued former chairman Maurice R. Greenberg and ex-CFO Howard I. Smith for more than $1 billion in damages, published reports said.
Goldman buys stake in Indian firm
Goldman Sachs Group Inc. will purchase a stake in ICICI Financial Services in Mumbai, India, published reports said.
Bear, Goldman take hits
Bear Stearns today said its earnings dropped, while Goldman Sachs reported a slight decline in revenues.
PPI exceeds market expectations
Surging energy prices pushed the producer price index up 0.9% in May, according to the Department of Labor.
Bear Stearns shutters hedge fund
The Bear Stearns Cos. Inc. is liquidating holdings from a recently formed hedge funds after it lost money on subprime mortgage bonds.
RJ unit gives bonuses to big producers
To rev up its top reps and advisers, Raymond James is giving bonuses to its biggest-producing brokers.
NYSE firms lose ground in Q1
NYSE firms that do business with the public reported a dip in profits and increased revenues in the first quarter.
Lehman profits, revenues spike in 2Q
Lehman Brothers Holdings today announced record profit levels during the second quarter.