Consumer stocks, one of the brightest corners of the market this year, are about to lose their shine as risks build for the sector, according to Morgan Stanley’s Michael Wilson. The faltering rally is in keeping with the view of Morgan Stanley economists that household spending probably can’t sustain the...
Most investment advisors look warily at the SEC. But some smaller advisors are envious of an advantage that larger firms registered with the agency have when it comes to advertising. The Securities and Exchange Commission’s marketing rule allows investment advisors for the first time to use client testimonials, endorsements and...
Tom Nides, one of Wall Street and Washington’s most connected executives, is joining Wells Fargo & Co. as vice chairman as the firm continues to work its way past years of scandal. The former U.S. ambassador to Israel will start at Wells Fargo next month and report to Chief Executive...
An advisor team has jumped ship from Citi Private Bank to J.P. Morgan Private Bank having overseen more than $2 billion in client assets. The trio – Olive Goh, James Harding, and Jorge Valcarcel – has more than six decades of combined experience and will report to Tim Howell, managing...
Investors hoping to make a quick profit from home flipping have found conditions challenging in the last year or so, but things are starting to improve along with the broader housing market. New stats from real estate data specialists ATTOM reveals that investor profits and profit margins both increased in...
Hedge fund billionaire John Paulson used a sham purchase of a luxury penthouse apartment in Puerto Rico to improperly enrich himself by $10 million at the expense of his family trust, his wife claims in a suit accusing him of hiding billions of dollars in assets during their divorce. Jenica...
China is considering relaxing the rules that cap foreign ownership in domestic publicly traded firms, people familiar with the matter said, as it seeks to lure global funds back to its $9.4 trillion stock market. Authorities are pondering policy tweaks to boost overseas ownership in stocks listed in Shanghai, Shenzhen...
For years, the Harvard College China Forum brought business moguls en masse to the university’s oak-paneled rooms, including Alibaba Group Holding Ltd. founder Jack Ma, Xiaomi Corp.’s Lei Jun, Blackstone Inc.’s Stephen Schwarzman and Bridgewater Associates LP’s Ray Dalio. There at the invitation of students, some of whom also happen to be the children...
Altruist has played the latest card in its ongoing efforts to woo independent advisors to its asset custody platform. The Los Angeles-based company previously charged registered investment advisors $1 per account per month to use its portfolio management software. On Thursday, the firm announced it would waive this fee completely...
Big banks can struggle when they’re trying to figure out a wealth management strategy that works for everyday retail investors. Look no further than Goldman Sachs Group Inc.’s decision to dump the retail financial advisor business, Personal Financial Management, that it bought just four years ago. Goldman is returning...