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Fidelity primes retail investors for IPOs
For the second time in two months, Fidelity Investments has unveiled an agreement with a Wall Street partner to sell initial public offerings and follow-on equity deals to customers of its retail-brokerage, correspondent-clearing and independent-adviser custody businesses.
Jones, LPL rank highest in full service satisfaction
The chief driver of satisfaction, according to the study, is the financial adviser, comprising 30% of the total — an increase from 22% in 2008. In contrast, investment performance declined in importance — accounting for only 15% of overall satisfaction, compared with 24% in 2008.
Battle to lure advisers via technology heats up
Competition among clearing firms and custodians to woo advisers with technology ratcheted up a notch last week when National Financial Services LLC said that it had integrated the Thomson One wealth management platform into its Streetscape broker workstation.
Rumors fly about possible departure of Fidelity president Rodger Lawson
Fidelity Investments president Rodger Lawson is looking to leave the firm by the end of the year, according to a story published by The Wall Street Journal today. The articled cited a “longtime acquaintance” of his.
Genocide-free investing policy urged for Fidelity funds
Shareholders of 13 Fidelity funds will vote next week on a non-binding resolution that asks the funds' boards of trustees to establish a policy of so-called genocide-free investing.
Fidelity Charitable Gift Fund reduces minimum to $250,000
The Fidelity Charitable Gift Fund today announced that its board has voted to reduce the minimum-asset requirement for its Charitable Investment Advisor Program.
Fidelity to close private-equity unit
Dismal economic conditions are forcing Fidelity Investments to shut down a private-equity unit.
CFP Board invites insurers, brokers to discuss ethical standards
The Certified Financial Planner Board of Standards Inc., which is lobbying for designation as the primary regulatory group for the planning industry, is forming a Business Model Working Group to help insurers, banks and broker-dealers understand how its standards apply to employees in their industries.
Fidelity to sell shares of KKR IPOs
Mutual-fund giant Fidelity Investments and Kohlberg Kravis Roberts & Co. have agreed to sell initial public offerings and other stock offerings from the private-equity firm's companies to Fidelity retail customers.
Fidelity gets new prime brokerage chief
Fidelity Capital Markets, the institutional trading division of Fidelity Investments of Boston, today named Thomas Tesauro as executive vice president of its Prime Services business.
Fido shareholders to vote again on human-rights policy
Despite the opposition of Fidelity Investments, shareholders of 13 mutual funds it offers will have the opportunity vote on a proposal requesting that the boards of the funds adopt a policy to prevent holding investments in companies that support genocide.
Fidelity chief’s daughter in line to chair fixed-income and asset allocation board
Abigail Johnson, daughter of Fidelity chairman and chief executive Edward “Ned” Johnson, is expected to be named chairman of one of the firm’s two boards of trustees — the one that oversees the fixed-income and asset allocation funds.
Painful ride for equities last year
Fidelity Investments had the most internally managed active-domestic-equity assets for U.S. institutional tax-exempt assets clients last year.
Fidelity appoints chief operating officer of asset management unit
Fidelity Investments of Boston announced today the appointment of Jacques P. Perold to the newly created position of chief operating officer for its asset management business.
Schwab aims to grab index fund assets from competitors
Having slashed its equity index fund fees, Charles Schwab Investment Management Inc. is hoping to undercut its rivals in an attempt to take away index fund assets.
401(k) employees pull back slightly on contributions
While most workers continued to contribute to their 401(k) plans in the first quarter, the average contribution was slightly less than the year-earlier period, according to Fidelity Investments.
Account openings from RIAs surge at custodians
Account openings at Fidelity Investments from registered investment advisers and their clients jumped 30% in the first quarter.
Schwab executive says rivals will follow its lead on alternatives
The head of sales at The Charles Schwab Corp.’s adviser services unit expects its competitors to adopt the…
Fidelity officials share business concerns with RIA, broker clients
Leaders of Fidelity Investments' adviser and broker-dealer clearing businesses pointed fingers at themselves and at clients last week for retreating from customer contact during the most chaotic periods of their business careers and hinted at changes to come in several key services.
Fidelity’s parent company rating lowered by S&P
FMR LLC, the parent company of Boston-based Fidelity Investments, had its counterparty credit rating lowered yesterday by Standard & Poor’s Ratings Services.
