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Fidelity unloads Dow shares
Fidelity Investments has sold nearly all of its shares in Dow Jones & Co., the target of a $5 billion takeover bid by Rupert Murdoch’s News Corp.
NPH chief named to follow Dreffein
James Livingston has been tapped as CEO of National Planning Holdings, replacing Shawn Dreffein.
The Hartford names president and COO
The Hartford Financial Services Group Inc. has tapped Thomas M. Marra to take on the combined position of president and chief operating officer.
Suit alleges misuse of sweep programs
Merrill Lynch, Morgan Stanley, Smith Barney and Charles Schwab are being sued for allegedly illegally forcing clients into lower paying deposit accounts, enabling the firms to reap “billions” in extra profits.
Insurers meld LTC into life insurance
More insurers are offering riders that include long-term-care coverage in life insurance policies.
A.G. Edwards reps await retention package
Wachovia Corp. last week put the finishing touches on its retention package for brokers with A.G. Edwards Inc., and the company plans to announce details as early as today or as late as Wednesday.
Wachovia deal likely to heat competition
Wachovia Corp.’s planned $6.8 billion purchase of A.G. Edwards Inc. could make an already competitive sales game even tougher for U.S. mutual fund firms, some analysts said.
Settlement pay coming, Smith Barney reps told
IRVINE, Calif. — Smith Barney reps are wondering when they’ll get their payments from the wage-and-hour lawsuit the firm agreed to settle in May 2006 for $98 million.
A.G. Edwards reps await retention package
Wachovia Corp. is putting the finishing touches on its retention package for brokers with A.G. Edwards.
TD challenged again by hedge funds
Two hedge funds have sent a second letter to TD Ameritrade, challenging the company’s refusal to merge.
AIG’s Wilmington settles with OTS
One of AIG's subprime units settled with the Office of Thrift Supervision over inappropriate loans to some borrowers and excessive fees.
Citigroup settles with NASD for $15.2M
Citigroup Inc. agreed to pay $15.2 million to settle claims with NASD that its brokers misled employees of BellSouth Corp.
Galvin targets unregistered B-D
A Massachusetts man and his company have been charged with operating as an unregistered broker-dealer and soliciting investors for companies he represented.
Hedge funds urge TD to merge
Two hedge funds are pressuring TD Ameritrade to sell out to E*TRADE or Schwab, according to press reports.
Morgan Stanley cuts Discover loose
Morgan Stanley’s board of directors has approved the spin-off of Discover Financial Services.
Prudential closes research operations
Prudential Financial today announced that it would close its equity research and trading business, with a loss of some 420 jobs.
MetLife appoints SVP
MetLife Inc.'s Investors Group has promoted Elizabeth M. Forget to senior vice president, the insurer said today.
Goldman Sachs VP joins Chicago Merc
Scot Warren was appointed managing director for equity indexes at the Chicago Mercantile Exchange, according to a statement from the exchange.
Top Merrill economist quits
Jesper Koll, an economist for Merrill Lynch based in Japan, has resigned from his post, published reports said.
Bear and Saudi execs join forces
Bear Stearns has joined with a group of Saudi Arabian executives to provide investment products that comply with Islamic law.
