Indexing, data, and research firm VettaFi has announced the enhancement of its solutions for asset managers with the acquisition of custom thematic indexing specialist EQM Indexes, LLC. EQM builds indexes using a quantitative, research-driven approach with indexes including online retail, rare earths & critical materials, blockchain technology, and the global...
A judge ordered a high-stakes family feud over the finances of Sen. Dianne Feinstein, the powerful 90-year-old California Democrat, to be moved out of court for private negotiations. Since early this summer, the fight has been playing out publicly between the families of two of San Francisco’s storied power brokers:...
The global economy is shifting toward a higher-for-longer period for interest rates, making the coming flurry of monetary decisions across the developed world pivotal in mapping out that plateau. In the next week or so, borrowing costs will be set for seven of the world’s 10 most-traded currencies — including...
A roundup Monday of coordinated state investment advisor examinations so far in 2023 found that surprisingly, violations have plummeted over two years. Compared with exams in mid-2021, the North American Securities Administrators Association found that across categories such as registration, books and records, and supervision and compliance, the incidences of...
Joe Duran has mixed feelings about the current state of the wealth management industry, one that he had a significant hand in shaping. After helping to pioneer the creation of large, nationwide registered investment advisors with United Capital, which he launched in 2005, he’s now concerned about what will happen...
With a nod toward LPL Financial Holdings Inc.’s recent successes in both recruiting financial advisors as well as signing up large outside firms like banks to use its platform, Barclays Equity Research slapped a brand-new “overweight” rating on shares of LPL Financial (LPLA). As Barclays initiated its coverage of...
After two weeks of Wall Street whispers and nearly 30 years of service, Laurence Stein is leaving Goldman Sachs. Goldman confirmed Monay that Stein, the bank’s executive vice president and chief operating officer of its asset and wealth management division, has decided to retire from the firm at the end...
As the wealth management acquisition binges rolls on, Cetera Holdings on Monday morning said it was buying Avantax Inc., with close to 3,000 financial advisors who focus on clients’ taxes, for $1.2 billion in an all-cash deal. Cetera Holdings is the parent of Cetera Financial Group, a giant network...
The Department of Labor got a taste over the weekend of the fierce opposition it will encounter as it tries again to strengthen investment advice rules for retirement accounts. Late Friday, the agency sent a proposal for review to the Office of Management and Budget that “would amend the regulatory...
When James Gorman arrived at Morgan Stanley in 2006 after running Merrill Lynch’s thundering herd of financial advisors, senior management at first thought his plans to kick a dysfunctional wealth management business in the pants and boost profits sounded a bit off-the-wall. Indeed, his own profitability targets for the sprawling...