Morgan Stanley eyeing deals to get bigger in asset management
While small deals are likely, CEO James Gorman said he’d be reluctant to take on a large-scale acquisition
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Active funds with the biggest 10-year flows post losses in 2020
Nearly all of the leaders have recorded outflows and losses so far this year.
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Coronavirus pandemic a setback for fintech challengers? Big banks think so
Clients are gravitating toward the “biggest, stable institutions,” says Morgan Stanley CEO James Gorman.
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Raymond James lands 10 advisors with more than $1.05 billion in AUM
Hailing from Merrill Lynch, Edward Jones and Waddell & Reed, the advisors join as both employees and independents
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27-year industry veteran leaves Morgan Stanley for Wells Fargo FiNet
The newly independent advisor oversaw $92 million in client assets.
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Bond market debates how to tame an unpredictable yield curve
How the Fed proceeds is key for investors who have plowed into steepening bets, a move that peaked with last week’s surge in 10- and 30-year yields.
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Has Merrill Lynch set a new benchmark for advisor workstations?
The 18-month project is part of the $3 billion that Bank of America allocates annually to new technology initiatives.
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What happens to struggling homeowners when CARES Act relief ends?
Some lawmakers fear that when forbearance plans and enhanced unemployment coverage expire, the consequences for mortgage borrowers still affected by the pandemic will be severe.
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Fidelity says a third of big financial institutions own crypto assets
More than a quarter of the respondents hold Bitcoin, while 11% hold Ether, according to the asset manager.
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Voices: Fed needs better answers on runaway markets and inequality
The central bank’s own data show that slightly more than half of U.S. households own stocks. But that doesn’t come close to telling the whole story.
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IRS will waive fee for replacing discarded stimulus payment cards
The Internal Revenue Service won’t charge people who threw their stimulus money away because they thought the envelope was junk mail.
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S&P 500 wipes out 2020 drop on reopening optimism
One strategist — who last month warned about owning stocks — said that he now believes he was “far too cautious” during the current market rally.
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Gay widower’s court win ensures survivor benefits for LGBT couples
A federal court decision that could be subject to appeal secured Social Security benefits for certain same-sex marriages that hadn't previously been eligible.
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Can SmartAsset succeed where other advisor-client matchmakers failed?
The company, which has a new service, provides leads — and now phone calls — from its 65-million person audience to advisors.
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Stifel poaches quartet of ex-wirehouse recruits with $800M
One team is among the top producers in their region, and the other spent more than two years assessing potential employers.
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‘Black people are locked out’: $10B fund manager on race inequality
“The idea is economic fairness, economic justice, economic inclusion. Not just making donations,” says Ariel Investments co-CEO John Rogers.
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BlackRock’s green dreams got complicated fast
In the months since CEO Larry Fink’s push to focus the firm’s efforts on ESG, the investing landscape has changed more than anyone could have anticipated.
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Why I lost the same client twice ... and it gave me joy
It would have been easy to poach this client in her moment of anxiety and weakness.
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Getting creative with client events in challenging times
Our newly independent practice turned the shift to virtual into a learning experience we never would have expected.
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How BNY Mellon will entice Pershing RIAs to use its ETFs
The firm's new suite of eight low-cost ETFs include two funds that are no-fee.
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