A recommendation by an SEC task force that life settlements be treated and regulated as securities has raised concerns that another turf battle may be brewing between state insurance regulators and federal securities cops.
An insurance broker has admitted stealing $2.6 million that a New Jersey school district unknowingly paid for a nonexistent health care program.
The SEC wants to do what is in the best interests of investors. But if, in the end, we see them make rules that dilute the standard to appease Wall Street, we'll look back and see that the writing has been on the wall for a long time.
Penson Worldwide Inc., the parent of the second-biggest securities clearing firm, reported a net loss of $7.4 million in its second quarter, equivalent to a loss of 29 cents per share.
On the heels of completing the reorganization of its fund group, Wells Fargo Funds Management LLC is setting its sights on product development and is looking specifically at retirement income products.
It seems these days that half the headlines in the financial media fear a double-dip recession, as do half the conversations on Wall Street.
The $550 million penalty may be a record, but some industry watchers say the firm got off light in its settlement with the SEC.
The deal adds about 100 Ridge clients to Penson's base of 297 brokerage firms, making it the second largest correspondent clearing firm in the securities industry.
Bill Gross, who runs the world's biggest mutual fund, has a confession.
When it comes to controlling client assets, LPL Investment Holdings Inc.'s recent IPO registration offers clear proof that the remaining four wirehouse broker-dealers still dwarf the more diverse galaxy of independent broker-dealers.
LPL Investment Holdings Inc. today said it has sealed the deal with the executive who has overseen the company's growth and its march to an IPO.
Penson Worldwide Inc. said that it expects its U.S. securities-clearing subsidiary, Penson Financial Services Inc., to begin serving accounts of Ridge Clearing and Outsourcing Solutions Inc. on or about June 25.
A former broker at Merrill Lynch & Co. and Citigroup Inc. convicted of selling access to his brokerages' internal “squawk boxes” asked a judge to throw out his conviction and others because prosecutors hid evidence of their innocence.
As a new crop of money managers and investment banks enters the hot market of exchange-traded funds, the challenge already has proved too much for some in a sector where scale is key.
Wells Fargo Private Bank said that it has expanded its Elder Services program to the East Coast through its acquisition of Wachovia Securities LLC.
The market pullback in the second quarter took its toll on the global wealth management sector of Morgan Stanley Smith Barney LLC, which today reported a 26% decline in pretax income from the first three months of the year to $207 million.
The Securities and Exchange Commission on Wednesday is expected to propose revamping the structure of 12(b)-1 fees, according to people familiar with the situation.
Officials for Silver Bridge Advisors LLC said today they to plan to purchase a San Francisco-area investment adviser, adding that their firm has created a separate entity to better market itself to wealthy families and family offices.
