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Oct 13, 2011

JPMorgan money managers hit by market downturn

Oct 13 (Reuters) – JPMorgan Chase & Co said its
third-quarter asset and wealth management business earnings
were hurt by turbulent markets and customer withdrawals.

The bank also offered a muted outlook for the wealth and
asset management businesses for the coming year.

Oct 13, 2011

Analysis: BofA taps newbie to lead Merrill overseas

NEW YORK (Reuters) – Bank of America Corp this week tapped its top stock underwriter, Dan Cummings, to lead Merrill Lynch’s sweeping wealth management business outside the United States, a move greeted with some skepticism by brokerage industry executives.

U.S. and European money managers are eager to capture fast-growing pools of wealth in Asia and Latin America. Yet Bank of America on Tuesday said its overseas activities would be led by someone with no private client background.

Oct 10, 2011

FINRA panel finds for Aurum against SocGen

NEW YORK (Reuters) – An arbitration panel found Societe General SA liable for $153 million in damages and interest stemming from a dispute with a fund manager over how to value a derivative instrument that matured during the 2008 financial crisis.

The ruling ranks as one of the largest ever awarded by a Financial Industry Regulatory Authority arbitration panel, securities lawyers said.

Oct 5, 2011

Bessemer goes on defense, on pace for best year

NEW YORK (Reuters) – Portfolio managers at Bessemer Trust, financial adviser to ultra-wealthy U.S. families, took an extremely defensive posture a few weeks ago amid some of the most volatile financial markets in more than 80 years.

A sluggish U.S. recovery, an expanding debt crisis in Europe and political deadlock are just some of the factors contributing to wild ups and downs in stock prices. As markets convulse with growing frequency, often for no apparent reason, many small investors are heading to the sidelines.

Oct 4, 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.

Oct 3, 2011

Morgan Stanley brokerage plan long in coming: Hintz

NEW YORK (Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) 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, Stock Buzz) Smith Barney.

Sep 30, 2011

Brokers miffed as banks seek cross sales

NEW YORK (Reuters) – Banks keen to grow revenue want their brokerage arms to pitch more loans and credit cards to clients, a plan resented by financial advisers.

Bank of America Corp and Wells Fargo & Co, which are among several banks that also own brokerages, have promoted “cross-selling” bank products to advisory clients as a key strategy for plumping up profits. Wells Fargo brokers, for example, are encouraged to promote retirement services, mortgages and other accounts.

Sep 30, 2011

Analysis: Brokers miffed as banks seek cross sales

NEW YORK (Reuters) – Banks keen to grow revenue want their brokerage arms to pitch more loans and credit cards to clients, a plan resented by financial advisers.

Bank of America Corp and Wells Fargo & Co, which are among several banks that also own brokerages, have promoted “cross-selling” bank products to advisory clients as a key strategy for plumping up profits. Wells Fargo brokers, for example, are encouraged to promote retirement services, mortgages and other accounts.

Sep 26, 2011

UBS’s new CEO commits to keeping US brokerage

NEW YORK, Sept 26 (Reuters) – UBS AG’s (UBSN.VX: Quote, Profile, Research, Stock Buzz)top two
executives reassured the company’s U.S. brokers and advisers on
Monday that the embattled Swiss banking giant has no plans to
sell UBS Wealth Management Americas.

“Again: this business is not for sale,” UBS Chairman Kasper
Villiger and interim CEO Sergio Ermotti wrote in an internal
memo. Ermotti was installed as CEO over the weekend after the
sudden departure of group chief executive Oswald Gruebel, a
strong backer of the U.S. business.

Sep 26, 2011

New UBS CEO says US brokerage unit not for sale

NEW YORK, Sept 26 (Reuters) – The top two UBS executives on
Monday told U.S. brokers that the sudden departure of group
chief executive Oswald Grubel will not lead to a sale of the
unit.

“Again: this business is not for sale,” UBS Chairman
Kasper Villiger and interim CEO Sergio Ermotti said in an
internal memo to Wealth Management Americas employees.