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Goldman’s Blankfein: Firm’s wealth unit ‘should be bigger’
The Goldman Sachs Group Inc. is eager to expand its wealth management services to the very rich — and to distribute more of its asset management products through third-party brokers and financial advisers, according to chief executive Lloyd Blankfein.
Credit Suisse on the prowl in top end of U.S. market
With Swiss banking giant Credit Suisse Group AG on the lookout for private banks and possibly other wealth management firms in the United States, the short list for potential acquisition targets is led by big names such as U.S. Trust Corp. and First Republic Bank, both owned by Bank of America Corp.
Moynihan shuffles the deck at Bank of America, but Krawcheck stays put
Bank of America Corp. is shuffling its senior management team, moving its chief financial officer over to lead consumer and small business banking and naming a new chief risk officer.
New SEC rule prompts advisers to rethink acting as trustees
Investment advisory firms that act as trustees and have some form of asset custody are weighing whether to continue offering the services in light of new SEC rules that include mandated surprise audits and go into effect March 12.
Recruiting wars rage on as Baird snags veteran Smith Barney manager
Several hiring announcements last week suggest that the recruiting war for talent in the wealth management industry appears far from over.
Loss of Merrill Lynch brokers lower than expected, says Krawcheck
Not as many advisers have left Merrill Lynch as the industry believes, Sallie Krawcheck, president of Bank of America's Global Wealth and Investment Management division, said during a media call today.
Evercore Wealth Management scoops up Morse Williams & Co.
Evercore Wealth Management said last week that it plans to buy Morse Williams, a New York investment adviser with $190 million in assets under management and an expertise in equity investment management.
Atlantic Trust adds advisers, aims to double assets by 2015
It has been six months since Jack Markwalter returned to the chief executive's chair at Atlantic Trust Private Wealth Management, the wealth management arm of Invesco Ltd., but he won't be able to turn his full attention to running the firm until next week.
Sykes goes wealth management route
John Sykes is now getting into the wealth management game. The Florida entrepreneur today launched JHS Capital Advisors, a firm that comprises a brokerage business he bought last week, Pointe Capital Inc., and a wealth management unit led by Mary Kennemur, a Merrill Lynch recruit.
Smart steps to help recent widows
Women who have recently lost a spouse may confront many changes in their daily lives and need financial support and advice.
Roll-up rolls on as Focus buys interest in Bridgewater
Focus Financial Partners, armed with $50 million in new capital from private-equity backers, said last week that it has bought an interest in Bridgewater Wealth and Financial Management LLC.
No free lunch (tray) at UBS: Firm puts new cafeteria policy in place
Whether it’s a move to be leaner or greener — or both — UBS employees at its Park…
UBS’ topped-up recruiting package lags plans at MSSB, Merrill Lynch
UBS Wealth Management Americas is beefing up its recruiting package in the chase for elite financial advisers, but the deal falls short of those recently offered by two top rivals.
Bob McCann lures four Merrill Lynch vets to UBS, carves out wealth management ‘renewal team’
Just a few weeks after officially joining UBS AG as the head of its U.S. wealth management business, Bob McCann has snared four veterans from his former firm, Merrill Lynch & Co. Inc., and established a new “renewal team” for reviving UBS's financial advisory business here.
Rogerscasey goes retail, inks deal with wealth manager
Institutional-investor consultant Rogerscasey has reached an agreement to provide clients of wealth advisory firm Lowenhaupt Global Advisors LLC with investment management services and another layer of due diligence.
McWhinney faces challenge at Citigroup
Industry veteran Deborah McWhinney has been given the reins to lead Citigroup Inc.'s efforts to expand its wealth management service and premium personal banking services.
Moss Adams snaps up wealth management shop
Moss Adams, in a bid to continue the expansion of its wealth advisory business, has acquired a registered investment advisory firm in San Diego.
Senators aiming to put the squeeze on Antigua over Stanford’s assets
Eight U.S. senators want Congress to oppose International Money Fund and World Bank loans to the government of Antigua and Barbuda until that government compensates victims of Stanford Financial Group.
Almost 200 items from Madoff’s home go on auction block
They're the spoils of a feast that's over forever: Bernard Madoff's stuff on the auction block.
Wanted: Execs to lead giant brokers’ units
Just as one Wall Street powerhouse called off its search to hire a new high-profile executive, it seems that another behemoth brokerage firm is hunting for its own new management star.
