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May 18, 2011

Barclays adds 5 advisers with $18 bln client assets

NEW YORK, May 18 (Reuters) – Barclays Wealth, bulking up
its U.S. money management business through a hiring spree,
hired five financial advisers who managed $18 billion in client
assets and generated a combined $35 million in revenue over the
past 12 months.

The Barclays PLC (BARC.L: Quote, Profile, Research, Stock Buzz) unit said on Wednesday it added
advisers from JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz)
and Morgan Stanley Smith Barney to bolster its presence in
Philadelphia, Chicago and Atlanta.

May 17, 2011

FINRA enforcement activity, fines up so far in ’11

NEW YORK, May 17 (Reuters) – Wall Street watchdog FINRA has
brought more enforcement actions against broker-dealers though
April than in the same period for the previous three years,
FINRA’s top cop said on Tuesday, while financial penalties have
increased.

Still, Bradley Bennett, the Financial Industry Regulatory
Authority’s enforcement chief, said tracking flashy headlines
and statistics are not the right way to measure his group’s
effectiveness.

May 17, 2011

Returns of super-rich in 2010 trailed S&P 500-survey

NEW YORK, May 17 (Reuters) – The very, very rich aren’t
better investors than the rest of us, according to a new survey
of wealthy families.

Members of the Institute for Private Investors, a
networking group of about 1,100 individuals with investable
assets of at least $30 million, realized an average investment
return of 11.3 percent in 2010, trailing the 15 percent gain of
the S&P 500 Index.

May 13, 2011

Schwab had net outflow in April

NEW YORK/SAN FRANCISCO (Reuters) – Charles Schwab Corp (SCHW.N: Quote, Profile, Research, Stock Buzz), the biggest U.S. online brokerage, said on Friday that clients withdrew a net $500,000 in April, the first down month since last June, and its stock fell nearly 2 percent on fears the company would not meet its asset-growth goals.

Schwab said customers withdrew the money to pay taxes, and that customer trading activity slowed from a year earlier. A spokesman said April is typically the slowest month for inflows because of tax payments, but the company said the net outflow was its first for the month since 2001.

May 13, 2011

Penson shares stabilize after sharp sell-off

NEW YORK, May 13 (Reuters) – Shares of securities clearing
company Penson Worldwide Inc (PNSN.O: Quote, Profile, Research, Stock Buzz), hammered this week after
disclosure of some troubled debt, rebounded on Friday from
record lows in part on speculation the episode may prompt a
sale of the company.

The Dallas-based company, which clears and settles
securities trades around the world, saw its stock plunge more
than 40 percent on Wednesday and Thursday after it disclosed
$43 million in “non-accruing” bonds linked to a horse racing
track headed by Penson director Thomas Johnson.

May 13, 2011

Schwab says April trading slipped; shares fall

NEW YORK/SAN FRANCISCO, May 13 (Reuters) – Charles Schwab
Corp (SCHW.N: Quote, Profile, Research, Stock Buzz), the biggest U.S. online brokerage, said on
Friday that customer trading activity slowed in April, compared
with the previous year, and clients withdrew money to pay for
taxes, sending the stock down.

Schwab’s stock fell 2.6 percent to $17.50 in midday trade
on the New York Stock Exchange, the second-worst performer on
the 11-member NYSE Arca Securities Broker/Dealer Index. Shares
of Schwab had risen 5.1 percent this year before Friday’s
client activity report.

May 13, 2011

Charles Schwab says April trading slipped 1 pct

NEW YORK, May 13 (Reuters) – Online brokerage Charles
Schwab Corp (SCHW.N: Quote, Profile, Research, Stock Buzz) on Friday said customer trading activity
slowed in April compared with the previous year, and was little
changed from March after several months of rising activity.

Schwab’s daily average client trades for the month fell by
1 percent from a year ago to 435,000. March volumes, by
comparison, had jumped 16 percent from the previous year.

May 12, 2011

Raymond James seeks to be “serial” acquirer

/NEW YORK, May 12 (Reuters) – Investment
bank and brokerage Raymond James Financial Inc (RJF.N: Quote, Profile, Research, Stock Buzz) is
considering a string of small deals to boost revenue without
spoiling its small-firm culture.

The St. Petersburg, Florida-based company created a
corporate development unit to review small deals that will
bolster Raymond James’ brokerage, trading and investment
banking activities, Chief Executive Paul Reilly said at the
firm’s closed-door annual investor day on Wednesday.

May 12, 2011

Edward Jones fattens recruiting terms

NEW YORK, May 12 (Reuters) – Edward D. Jones & Co, which
has more offices than any other retail brokerage firm, has a
message for veteran advisers: We’re not just for rookies.

The St. Louis-based firm, which employs some 12,500
financial advisers in more than 10,000 small offices, has
generally hired college graduates or salespeople from other
professions and trained them to sell stocks, bonds and,
especially, mutual funds.

May 10, 2011

Raymond James sees up to $50 mln auction-rate loss

NEW YORK, May 10 (Reuters) – Raymond James Financial Inc
(RJF.N: Quote, Profile, Research, Stock Buzz) said it may incur losses of $25 million to $50 million
if state and federal regulators force the brokerage to
repurchase auction-rate securities it sold to clients.

The securities, touted as offering investors cash-like
liquidity, have been illiquid since early 2008. St. Petersburg,
Florida-based Raymond James is just one of many brokerages that
sold the long-term debt, designed to be traded in weekly or
monthly auctions.