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InvestmentNews
Adviser pricing transparency is coming - InvestmentNews
A Bank of America Merrill Lynch broker, who asked to remain anonymous, would like to see the comparative-pricing data become more available, as long as it is clear which accounts are fee-based and which are commission-based. “The more transparency [for ...
A lesson from an adviser cybervictim - InvestmentNews
One came from an adviser who requested anonymity because he is in the middle of a legal action with his errors-and-omissions carrier. Still, he chose to share his story in hopes that other advisers might avoid the mess in which he found himself.
Finra is expected to issue investor alert on nontraded BDCs - InvestmentNews
The Financial Industry Regulatory Authority Inc. could issue a nontraded BDC investor alert notice by the end of next month, according to one compliance officer at an independent broker-dealer, who asked not to be identified.
Will Facebook 'friend' IPO market? - InvestmentNews
“As a general rule, we stay away from IPOs,” said one wirehouse adviser, who asked to remain anonymous. “A couple of them will be wildly successful, but a lot will be spectacular failures. I think there are better opportunities elsewhere.
Industry pushes back even before SEC makes money fund reform proposal - InvestmentNews
The proposal is likely to come in two parts, according to a source familiar with its structure, who asked not to be identified. One part will recommend a capital buffer combined with restrictions on withdrawals. Funds would have to implement a capital ...
Keegan producers may find retention deals disappointing - InvestmentNews
One recruiter, who asked not to be identified, was told by a Morgan Keegan manager that advisers who produce more than $1 million in fees and commissions will receive up to 70% of their trailing-12-month production. The source said that the retention ...
PE man Romney not doing PE industry any favors - InvestmentNews
Public pensions are sensitive to protracted debates about managers' compensation and whether buyouts create value and jobs, because they must answer to ordinary workers, said one official, who asked not to be named because he wasn't authorized to speak ...
Merrill Lynch raises the bar for small brokers - InvestmentNews
“It's not going to affect my paycheck, but we've got a lot of trainees here, and this is going to be tough on them,” said one long-time Merrill adviser, who asked not to be identified. Trainees aren't the only ones who could get pinched by the changes ...
Technology said to be impetus behind deal - InvestmentNews
... has always wanted to build rather than buy — so what yo-u have here is LPL recognizing that they cannot keep up in terms of meeting the technology needs of RIAs by building,” said a former senior LPL executive, who asked not to be identified. ...
Traders see gold at $2140 next year but Soros selling - InvestmentNews
Redemption requests for the end of the year were about $2 billion, two people briefed on the matter said last month. Stefan Prelog, a spokesman, declined to comment. Soros Fund Management LLC, based in New York, sold almost all its shares in the SPDR ...
'Class warfare' could stick wealthy with higher taxes - InvestmentNews
Added a wirehouse financial adviser in the Midwest who asked not to be identified: “I'm probably part of the 1%, and some of my clients are, as well. I'm a registered Republican, but I'm OK with paying more taxes as long as the money goes towards ...
SRO bill opponents gaining traction with lawmakers - InvestmentNews
“It is our understanding that the timing is not indicative in any way that Chairman Bachus is losing interest,” said a Finra official, who declined to be identified discussing its legislative efforts. “There's a lot on the calendar. ...
Changes in tax law could take big bite out of Steve Jobs' estate - InvestmentNews
Mr. Jobs bought Pixar from “Star Wars” producer George Lucas for $5 million in 1986 and invested $50 million more in the computer animation company over a decade, according to a person with knowledge of the situation, who asked not to be identified. ...
Morgan Keegan may fetch $1B, sources say - InvestmentNews
Regions is in talks with two competing groups of private-equity firms seeking to buy Morgan Keegan, said people with knowledge of the matter, who asked not to be identified, as the talks are private. A deal valued at more than $1 billion may be reached ...
Volcker rule would affect rich clients most - InvestmentNews
“Ninety-nine percent of clients probably wouldn't be affected by the Volcker rule, but the 1% who would be are probably pretty high-end clients,” said one UBS AG adviser, who asked not to be identified. The proposed restrictions on banks that take ...
In-branch Merrill Edge program adds brokers - InvestmentNews
One Merrill adviser, who asked to remain anonymous, said he doesn't feel threatened. “I'll take on any client if they're referred to me, but I don't advise many small investors,” he said. “I don't see [the Merrill Edge program] as a threat.”
UBS' latest woes hurting morale of firm's advisers - InvestmentNews
“If any advisers were thinking about leaving the firm, this is the time to go,” said one adviser, who asked not to be identified. He said that he has no plans to leave UBS, but he does have his hands full explaining the incident to clients. ...
Fiduciary timetable pushed back into 2012 - InvestmentNews
“The time frame certainly has slipped,” said the SEC official, who asked not to be identified. “It's extremely unlikely that there will be a rule this year.” At least one fiduciary-duty advocate is frustrated by the delay. Barbara Roper, director of ...
Don't expect fiduciary proposal this year: SEC insider - InvestmentNews
“The time frame certainly has slipped,” said the official, who asked not to be identified, as the rule that has not yet been proposed. “It's extremely unlikely that there will be a rule this year. We are very determined to get it right. ...
Indies cut back on some REITs to lessen risk - InvestmentNews
Meanwhile, two other brokerage executives, who asked not to be identified, indicated that a number of firms have reduced the number of nontraded REITs available for brokers to sell, or are planning to do so. For Next Financial, the main concern about ...
Brokers await BofA's next move - InvestmentNews
One Merrill adviser, who asked not to be identified, said that he has yet to receive any referrals from the bank that have led to new business for him. “The only ones getting the legitimate leads are the bank brokers. There's just not enough leads to ...
BofA's woes making life difficult for Merrill advisers - InvestmentNews
“It's definitely making our job more difficult,” said a veteran Merrill broker, who asked not to be identified. “Clients are calling and asking if their money is safe at the bank. I tell them Ben Bernanke said we're too big to fail. ...
Cetera to move IRA custody in-house from Pershing - InvestmentNews
“They make it sound harmless but I expect this is the first step to moving everything to PrimeVest,” said one adviser unhappy with the proposed change who asked not to be identified. “It's just IRA accounts now, but non-qualified accounts could be next ...
SEC wants money funds to buffer up: Sources - InvestmentNews
Top SEC officials, seeking to make money funds safer, prefer the plan over another capital buffer idea crafted by Fidelity Investments and calls to eliminate the funds' stable share price, said the people, who asked not to be identified because they ...
George Soros ditches hedge fund empire for — a family office? - InvestmentNews
While Quantum has returned about 20 percent a year, on average, since 1969, when its predecessor was started, according to a person familiar with the firm, the fund's performance has suffered in the last 18 months. In the first half of this year, ...