The Biden administration is targeting what it calls “junk fees” as it attempts to strengthen investment advice rules for retirement accounts. The Department of Labor will release a proposal Tuesday designed to curb conflicts of interest around retirement savings recommendations. Called the retirement security rule, it would “close loopholes” and...
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CFOTO | Future Publishing | Getty ImagesPfizer on Tuesday reported a narrower than expected adjusted loss for the third quarter as the drugmaker recorded charges largely related to struggles for its Covid antiviral treatment Paxlovid and Covid vaccine.Pfizer said that it recorded a $5.6 billion charge for inventory write-offs...
State Street has announced some changes to its leadership structure as current president, chief operating officer, and head of Investment Services Louis D. Maiuri prepares for retirement. From January 1, 2024, Ron O’Hanley, the firm’s chairman and CEO will take on the additional responsibility as president of Investment Services, which...
Captrust has completed its seventh deal of the year and its 70th since 2006 with the acquisition of Column Capital Partners in Indiana. Its latest addition is in Indianapolis and is the firm’s second office in the state following Chesterton and will enhance Captrust’s overall capabilities in Indiana and beyond. “The...
A team managing approximately $250 million in assets has chosen LPL Financial to power its evolution into a more autonomous independent wealth management firm. Financial advisors Michael J. Pumo CFP, CEPA, AWMA and David A. DiRe have joined the firm’s broker-dealer, RIA and custodial platforms having previously been with UBS. The...
Global funds are offloading emerging Asia equities outside of China in droves as broader risk appetite cools amid concerns over a stronger dollar, higher borrowing costs and geopolitical tensions. Foreign investors have dumped nearly $11 billion of shares in October, taking the three-month sell-off to about $27 billion, according to...
Central banks have loaded up on more gold than previously thought this year, offering crucial support to prices that have faced pressure from global monetary tightening. Countries expanded bullion reserves by 337 tons in the three months through September, the World Gold Council said in a report Tuesday. That follows...
Morgan Stanley’s decision to award $20 million special bonuses to its runners-up for chief executive officer points to a governance risk, raising questions about their commitment to the company, according to Wells Fargo & Co. analyst Mike Mayo. The Wall Street bank named Ted Pick its next CEO last week, saying his...
Just a few years ago, Glen Point Capital co-founder Neil Phillips was celebrated as an aggressive but canny trader in the mold of one of his macro hedge fund’s main investors, George Soros. As of last week, Phillips is a convicted felon. Phillips, 53, was found guilty of commodities fraud on...