Bank of America Corp.’s Savita Subramanian is the latest Wall Street strategist to boost her target for the S&P 500 after the sharp rally in 2023 left forecasts in the dust. The strategist now expects the benchmark to end the year at 4,600 points versus her earlier target of 4,300...
Options traders are seeking protection from higher interest rates ahead of Wednesday’s Federal Reserve policy decision. That’s a change from the norm over the past couple of weeks, during which traders broadly favored hedging for a pivot to rate cuts by mid-2024. The shift in momentum has a backdrop of...
Currency traders preparing for this week’s policy decisions from the Federal Reserve and Bank of Japan got fresh reminders that Japanese officials stand ready to intervene in the currency market with possible US backing if swings in the yen are deemed excessive. Japan’s top currency official Masato Kanda said Wednesday...
A financial advisor who oversaw $175 million in client assets at Wells Fargo Advisors has affiliated with LPL Financial via is employee advisor channel, Linsco by LPL Financial, the firm announced Tuesday. Aaron Cizon will operate as Cizon Group Wealth Management of LPL Financial out of a new Linsco office...
Carson Group’s Jamie Hopkins is joining Bryn Mawr Trust as director of private wealth management, the firm’s owner, WSFS Financial Corp., announced Tuesday. Carson Group had announced last Tuesday that Hopkins, its managing partner of wealth solutions, would be leaving for family reasons at the end of the month. “We are...
Direct indexing has risen to prominence recently, but a new report has highlighted a problem — its name. Direct indexing is an approach to index investing that involves buying the individual stocks that make up an index, in the same weights as the index. A report Tuesday from Hearts &...
Mesirow has added a high-net-worth and ultra-high-net-worth registered investment advisory firm in a deal which expands its wealth management offering. The addition is Chicago-based Front Barnett Associates, founded in 1994 and led by Marshall B. Front, Mickey MacMillan and Peter Wahlstrom, which had more than $1.2 billion in assets under...
The Federal Reserve is confronting a familiar nemesis as it tries to pilot the economy into a rarely-seen soft landing: rising oil prices. Surging energy costs played a role in tipping the US into recession in the mid-1970s, as well as the early 1980s and 1990s, as they drove up...
Citigroup Inc. debuted a token service that’s part of a broader push to offer digital assets to institutional clients. The product — known as Citi Token Services — will transform customers’ deposits into digital tokens that can be sent instantly anywhere in the world, according to a statement Monday. The...
Morgan Stanley was sued for at least $750 million by private equity firms that claim they were defrauded in a deal to invest in a credit agreement for a luxury high-speed rail line. Certares Management and Knighthead Capital Management filed suit Monday in New York state court, alleging that Morgan...