The broker-dealer network Osaic Holdings Inc. boosted an all-important profitability measure over the first half of the year by almost one-third, according to a recent analysis of the privately held firm. Osaic posted an EBITDA — earnings before interest, taxes, depreciation and amo Learn more about reprints and licensing for this...
SS&C, a global provider of services and software for the financial services and healthcare industries, announced a new client relationship management technology last week that aims to “redefine the advisor experience.” The Black Diamond CRM module, designed exclusively for wealth managers and advisory firms, offers advisors “a comprehensive managed services...
In a strategic move to streamline its operations, UBS Group is offloading $5 billion in managed assets from its high-net-worth client portfolio, as it continues to integrate and reevaluate the recent acquisition of Credit Suisse components. According to its latest earnings report released Tuesday Learn more about reprints and licensing for...
UBS Group reported stronger-than-expected client inflows in its wealth management business, boosted by the first signs of stabilization at Credit Suisse as it carries out an expensive and complex integration of its former rival. The unit saw net new money of $22 billion in the third quarter, comp Learn more about...
Market maker and alternative asset manager Abacus Life is expanding into financial planning with the launch of a new wealth division to support its secondary insurance market clients. The firm has partnered with Dynasty Financial Partners for its ABL Wealth offering, which will help clients to un Learn more about reprints...
Oil fell below $80 a barrel for the first time in more than two months as fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s supply cuts. West Texas Intermediate fell as much as 2.2%. Broader financial markets dropped and the dollar strength Learn more...
Fragile markets, shadow lenders, international tensions and too many wars — global bankers gathering in Hong Kong were meant to discuss how they’re adapting to the financial world’s “complexity” and ended up dwelling on the potential for big blowups instead. “My biggest fear is there’s one more geopolitical escalation and...
UBS Group AG has decided to exit $5 billion in assets it manages for rich customers as it sorts out the pieces of Credit Suisse it doesn’t want. The lender moved the assets from its wealth management division to its wind-down unit during the third quarter, it said in its...
Morgan Stanley’s James Gorman, preparing to step down as the firm’s leader at the end of this year, said he will also vacate his post as chairman by the end of 2024. “I’ll certainly stay most of the year, if not the whole year, but I won’t stay longer,” Gorman...
The International Monetary Fund upgraded its projections for China’s annual economic growth this year and next as the nation recorded a stronger-than-expected performance in the third quarter and Beijing rolled out policies to support the recovery.The IMF expects China’s gross domestic product t Learn more about reprints and licensing for...