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Nov 11, 2011

Edward Jones on pace for second-best year ever

NEW YORK (Reuters) – Edward D. Jones & Co, a brokerage giant that caters to small investors, is on pace for one of the most profitable years in its 89-year history, even as tough new standards drive away hundreds of struggling advisers.

“We’re working through these very challenging times, but if you look at the last three quarters and if that continues we’ll have the second-best year ever,” Edward D. Jones managing partner James Weddle told the Reuters Global Wealth Management Summit on Tuesday.

Nov 11, 2011

Morgan Stanley brokerage plan long in coming: Hintz

NEW YORK (Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research) is betting its future on building the world’s largest retail brokerage, yet more than two years later its Smith Barney merger remains hung up on technology challenges, a veteran analyst said.

Morgan Stanley’s chief executive, former McKinsey consultant and Merrill Lynch brokerage boss James Gorman, struck the biggest deal of his career in January 2009 when he agreed to acquire control Citigroup’s (C.N: Quote, Profile, Research) Smith Barney.

Nov 10, 2011

New study, same result: E*Trade not for sale

Nov 10 (Reuters) – E*Trade Financial Corp , which
earlier this year was urged by its largest shareholder to
consider a sale of the company, on Thursday said its board
decided staying independent was the best option.

The announcement was the second time in a year that
E*Trade’s board considered, but rejected, the idea of selling
to a bank or rival brokerage.

Nov 10, 2011

Wells Fargo brokerage says no acquisitions on horizon

NEW YORK, Nov 10 (Reuters) – Wells Fargo Advisors gets
linked to nearly every rumored brokerage deal, from UBS to
Morgan Keegan, yet the deep-pocketed firm says it is taking a
break from acquisitions and plans to expand from within.

The shift comes after a buying spree that has gone on at
Wells Fargo Advisors for more than a decade. Even in a
brokerage industry shaped by consolidation, Wells Fargo
Advisors stands out. Since 1998, the unit has completed 10
deals that helped swell its broker ranks to 15,000 from 1,000.

Nov 4, 2011

Insight: MF board seen beholden to Corzine as risk grew

By Joseph Giannone, Nanette Byrnes and Jessica Toonkel

(Reuters) – Following MF Global’s sudden meltdown, the company’s board of directors is under harsh scrutiny.

In particular, corporate governance and executive compensation experts are raising questions about how effectively the board evaluated and oversaw the risky strategy pushed by its CEO Jon Corzine.

Nov 4, 2011

MF board seen beholden to Corzine as risk grew

Nov 4 (Reuters) – Following MF Global’s sudden
meltdown, the company’s board of directors is under harsh
scrutiny.

In particular, corporate governance and executive
compensation experts are raising questions about how
effectively the board evaluated and oversaw the risky strategy
pushed by its CEO Jon Corzine.

Oct 31, 2011

Merrill hires $8 mln Credit Suisse broker team

Oct 31 (Reuters) – Brokerage giant Merrill Lynch has hired
a team of Credit Suisse financial advisers in Chicago
which generated $8 million of revenue in the past year and
managed $1.2 billion in client assets.

Bruce Lee and Jim Hoesley joins Merrill’s high-end Private
Banking & Investment Group as private wealth advisers. Lee, a
top 100 adviser according to Barron’s magazine for the past
five years, will also assume a national role in attracting more
“ultra high net worth” clients to Merrill.

Oct 26, 2011

Independent brokerage LPL’s earnings soar

Oct 26 (Reuters) – LPL Investment Holdings Inc ,
the largest U.S. independent broker-dealer, posted rapid growth
in revenue, client assets and earnings as it benefits from the
continuing flow of advisers leaving Wall Street firms.

LPL provides technology, clearing and other services to an
army of self-employed brokers.

Oct 25, 2011

ON THE MOVE: Morgan Stanley hires $1 bln Merrill team

Oct 25 (Reuters) – Morgan Stanley Smith Barney on Tuesday
said it recruited one of Merrill Lynch’s largest broker teams
in New York City, one that generated more than $14 million in
annual revenue and oversaw more than $1 billion in client
assets in the past year.

The largest U.S. brokerage with 17,200 advisers and $1.56
trillion in assets just got a little bigger as it hired Harvey
Kadden, Mihir Patel, Randy Knopp, Tim Baker and Chris Barber to
join its midtown Manhattan complex.

Oct 25, 2011

UBS brokerage gains on rivals in tough quarter

Oct 25 (Reuters) – UBS Wealth Management Americas said on
Tuesday third-quarter earnings rose slightly in U.S. dollars,
as the smallest of the four major Wall Street brokerages bested
rivals on several fronts during the toughest markets since the
financial crisis.

The Swiss bank said the U.S. brokerage unit earned almost
$170 million in the third quarter, swinging back from a $47
million loss in the year-earlier period. Total operating income
was fueled by higher interest income, offset by lower fees and
commissions.