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Schwab smiles on merger of rivals
Charles “Chuck” Schwab again dismissed speculation that his company might acquire TD Ameritrade Holding Corp. or E*TRADE Financial Corp. by suggesting the two rivals might form a good union themselves, according to press reports.
Fidelity adds to AMT tax-free funds
Fidelity Investments, the biggest U.S. mutual fund company, today announced the launch of two new share classes of Fidelity California, Massachusetts, New Jersey and New York AMT Tax-Free Money Market Funds.
LPL advisers are raising fees
Financial advisers across the country who use Linsco/Private Ledger Corp. as their broker-dealer are raising prices, mostly for new clients.
Raymond James recruits recruiters
Raymond James Financial Services Inc. is adding major clout to its recruiting effort, bringing on board half a dozen recruiters, including two top executives from rival independent-contractor firms, investmentnews.com reported Friday.
Morgan Stanley to pay $7.9 million
Morgan Stanley & Co. Inc. will pay $7.9 million for its failure to provide best execution to certain retail orders for over-the-counter securities, the Securities and Exchange Commission announced today.
Fidelity unveils systems for RIAs
Fidelity Investments, in cooperation with Oracle Corp. and Emerging Information Systems Inc., has created two web-based customer relationship management and financial planning systems for registered investment advisers, the Boston-based firm announced today.
Legg Mason 4Q profits jump 15%
Legg Mason Inc. posted a 15% increase in net income as increased advisory fees drove assets under management to record levels.
Schwab looks beyond boomers
Charles Schwab Investment Management has lowered its minimum initial investment in mutual funds to $100 as part of a sweeping effort to capture younger investors.
Fidelity B-Ds fined for misleading G.I.s
NASD announced today that it has fined two Fidelity Investments broker-dealers $400,000 for preparing and distributing misleading sales literature promoting plans that were sold primarily to U.S. military personnel.
Citigroup to pay $200,000 for unit’s misdeeds
Citigroup Inc. has agreed to pay $200,000 to settle charges with the Securities and Exchange Commission regarding one of its brokerage units that manipulated auctions involving municipal and corporate bonds.
JPMorgan to stop payments to alum associations
JPMorgan Chase & Co. has agreed to stop making payments to more than 100 college alumni associations that allowed the company to market its consolidation loans directly to graduates, according to the Wall Street Journal.
Citigroup’s all about the green
Citigroup Inc. today announced that it will spend $50 billion over the 10 years to address global climate change, the largest such move ever by Wall Street firm.
T. Rowe expands website for advisers
T. Rowe Price Group Inc. today said it has upgraded its website designed for advisers and other financial…
Wachovia wealth unit missed earnings-growth goal in ’06
SAN FRANCISCO — Wachovia Wealth Management missed the mark set by its parent company last year as earnings growth was dampened by investments and growth pains in that division.
Lehman appoints first head based in London
New York-based Lehman Brothers has appointed Roger Nagioff as global head of fixed income, based in London, according to published reports.
Wachovia to bow retirement income account
Wachovia Securities LLC is launching a pilot version of a retirement income management account, Robert Vorlop, director of investment products, told attendees of the Money Management Institute's annual meeting in Washington.
Clients loyal to their advisers
Wealthy investors are less likely to be loyal to a brokerage firm than they are to an adviser with whom they have developed a strong relationship, according to a national study of 4,000 affluent Americans released today by Cambridge, Mass.-based market research firm Cogent Research LLC.
GSAM announces fund-of-funds
Goldman Sachs Asset Management has introductioned two new fund-of-funds, the Goldman Sachs Income Strategies Portfolio (GXIAX) and the Goldman Sachs Satellite Strategies Portfolio (GXSAX), both of which will be managed by its by GSAM's Quantitative Strategies Group.
Fidelity unveils three enhanced index funds
Fidelity Investments today announced the offering of three new enhanced index funds: Fidelity Large Cap Value Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund and Fidelity Large Cap Growth Enhanced Index Fund.
Merrill to buy back $6 billion in shares
Merrill Lynch & Co. Inc. will buy back as much as $6 billion in shares of common stock over time, in an effort to return capital building up on its balance sheet to investors, the company announced today.
