A father-and-son team of advisors who managed about $1.2 billion in assets at Morgan Stanley has joined LPL Financial’s model for supported independence, LPL Strategic Wealth Services. Burke Francis and Christopher Francis will operate as The Francis Group at LPL in the Los Angeles area. Burke Francis has been building...
Commonwealth Financial Networks announced Monday that R&R Wealth Management, a firm that managed nearly $223 million in assets under advisement at Avantax Investment Services, has affiliated with Commonwealth’s network of independent advisors. Waukesha, Wisconsin-based R&R Wealth is headed by Robert Holton and Tom Driscoll, both vice presidents of wealth management...
Two former Wells Fargo Advisors have jumped ship to join joined Raymond James Financial Services, the the firm’s independent advisor channel. Based in Massapequa Park, New York, Scott T. Mulford and Melissa Minikes previously managed over $170 million in client assets while at Wells Fargo. The pair are joined by...
TUESDAY – DISCOUNT IPO PRICE SET Instacart, the leading US online grocery delivery company, is gearing up for an initial public offering (IPO) that could value the business at up to $9.3 billion. Pricing (22 million shares at between $26 and $28 is expected be set tomorrow, Goldman Sachs...
Stocks fell as traders took risk off the table ahead of a raft of policy decisions this week from the US, the UK and Japan. Societe Generale SA slumped as much as 7.6% and was among the biggest drags on Europe’s Stoxx 600 Index after the Paris-based lender’s strategic plan included...
After a sharp stock rally this year on the back of resilient economic growth, investors now have a more negative outlook for risk assets in 2024, according to Morgan Stanley’s Michael Wilson. The strategist — who has retained his bearish view on equities in 2023 despite a 16% advance for...
Stock-market strategists who were largely wrong about this year’s rally are finally starting to come to face their mistake, raising year-end targets for the S&P 500 Index. Take Societe Generale’s Manish Kabra, who boosted his year-end target last week on the index to 4,750 from 4,300 — 25% above his...
With the final quarter of 2023 approaching, one winning strategy in emerging markets is becoming clearer: buying shares in smaller companies. The trade has produced an extra gain of 12 percentage points over the MSCI large-cap index so far this year, on course for the second-best relative returns in the...
Bond deals arranged by Credit Suisse and Bank of America Corp. in connection with debt swaps for emerging-market issuers are facing renewed scrutiny, after the International Capital Market Association issued new labeling guidelines. The bonds were sold over the past few years to finance so-called debt-for-nature swaps, through which sovereigns refinance...
Sarah Paulson’s business is unlike most financial advisories because of two things it doesn’t have: an asset minimum and an office. Both of those details were a consequence of the pandemic, Paulson said. Early in the Covid days, she was working as a trust officer at Associated Bank. “I wasn’t really...