The financial world’s computer-loving crowd is preparing for the dawn of a new AI-powered era — but that doesn’t mean they’re ready to fully embrace the technology just yet. In an Invesco survey of systematic investors with $22.5 trillion under management, 62% said artificial intelligence is going to be just as important...
Morgan Stanley granted special bonuses worth $20 million each to incoming Chief Executive Ted Pick and his two deputies, Andy Saperstein and Dan Simkowitz. The share-based awards, announced in a filing Friday, follow the firm’s announcement this week that Pick will succeed outgoing CEO James Gorman. In a rare move...
Fees associated with health savings accounts are falling but only a fraction of account holders use their HSAs as investment vehicles — and financial advisors can help turn around the latter trend, experts said. Morningstar Inc. Thursday released its annual “landscape study” on HSAs, which shows that through the middle...
This week, Charles Schwab Corp. CEO Walt Bettinger called the process of moving registered investment advisors working with TD Ameritrade onto Schwab’s custody platform “imperfect.” A day later, Dan Arnold, CEO of LPL Financial Holdings Inc., a broker-dealer that is increasingly focused on RIA custody, said “opportunity” often results...
Texas Attorney General Ken Paxton is sending shock waves through the state’s booming municipal bond market, leaving borrowers and bankers alike on edge. At least two banks, RBC Capital Markets and Wells Fargo & Co., were dropped from underwriting muni deals since Paxton said last week that he was probing...
Investors face a growing risk that climate change will result in a sudden loss of value, with existing portfolio models often falling short, according to an analysis by Markus Müller, chief investment officer for ESG at Deutsche Bank. “The temptation is to assume that the effects” of global heating “will...
The Securities and Exchange Commission has intervened to protect what it claims are vulnerable investors, securing an emergency asset freeze against Julie Anne Darrah, a Santa Maria, California-based investment adviser, and her hybrid RIA Vivid Financial Management Inc. The regulatory body alleges that Darrah and VFM engaged in a fraudulent...
Global wealth manager Fiduciary Trust International has expanded its growing footprint in South Florida, to serve high-net-worth clients in the region. The $94 billion AUM firm provides a customized investment and wealth management offering, including access to leading alternative investment managers, family office services, trust and estate management, and sustainable...
Baird Private Wealth Management has expanded its capabilities in Dallas with the addition of a $160 million team that joins from Carter. The Berg Group comprises two advisors, Joel Berg, who joins as a director and financial advisor, and Robert (Bob) Berg, who joins as a vice president and consultant....
The S&P 500 is at risk of dropping another 5% after the index fell below a key technical level this week, according to Bank of America Corp.’s Michael Hartnett. The strategist — among the more bearish voices on U.S. stocks — said that now that the S&P 500 had breached...