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Apr 13, 2012

Next wave of Merrill departures seen legacy BofA brokers

NEW YORK (Reuters) – Hundreds of legacy Bank of America brokers may form the next wave of departures from Merrill Lynch after many recently pocketed their retention bonuses, recruiters and former brokers say.

While plenty of attention is paid to the hundreds of Merrill brokers who quit since BofA acquired the firm in 2008, citing the negatives of working for a big bank, recruiters expect similar numbers to leave out of roughly 1,000 Merrill brokers who had worked for Bank of America Investment Services.

Apr 13, 2012

Next Merrill departure wave seen legacy BofA brokers

NEW YORK, April 13 (Reuters) – Hundreds of legacy Bank of
America brokers may form the next wave of departures
from Merrill Lynch after many recently pocketed their retention
bonuses, recruiters and former brokers say.

While plenty of attention is paid to the hundreds of Merrill
brokers who quit since BofA acquired the firm in 2008, citing
the negatives of working for a big bank, recruiters expect
similar numbers to leave out of roughly 1,000 Merrill brokers
who had worked for Bank of America Investment Services.

Apr 12, 2012

Barclays says wealth unit exec Lowitt resigning

NEW YORK, April 12 (Reuters) – Barclays said on Thursday
that Ian Lowitt, the last chief financial officer of Lehman
Brothers before its 2008 collapse, is leaving Barclays to take
an undisclosed job.

Lowitt served as chief operating officer of Barclays’ wealth
management division for the Americas region.

Apr 10, 2012

Accountants’ wealth units a new target for Dynasty

NEW YORK, April 10 (Reuters) – Dynasty Financial Partners, a
wealth management firm launched in late 2010 by former Citigroup
executives to attract brokers from Wall Street, is targeting the
wealth management arms of public accounting firms as potential
clients.

Dynasty, which sells technology that gives independent
advisory firms access to investments, research and other wealth
management services, said on Tuesday it signed Atlanta-based
HA&W Wealth Management, a $450 million advisory business jointly
owned by Habif, Arogeti & Wynne LLP and Method Holdings LLC.

Apr 3, 2012

Analysis: Morgan Stanley investors await brokerage bounce

NEW YORK (Reuters) – As Morgan Stanley finishes integrating its brokerage joint venture with Citigroup Inc and considers spending $10 billion to buy the whole business years ahead of plan, investors are anxiously awaiting signs that the long-promised profit machine will finally start to purr. Since agreeing to buy Citi’s Smith Barney in 2009, Morgan Stanley executives have told shareholders that returns from the retail brokerage, the world’s largest, will soar and create a more consistently profitable bank. Investors are still waiting.

From the end of 2009 to the end of last year, client assets climbed by $89 billion, or 5.7 percent, to $1.65 trillion, even as volatile markets continued to spook clients. Revenue per adviser rose to $755,000 last year from $692,000 in 2009.

Apr 3, 2012

Morgan Stanley investors await brokerage bounce

NEW YORK (Reuters) – As Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) finishes integrating its brokerage joint venture with Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and considers spending $10 billion to buy the whole business years ahead of plan, investors are anxiously awaiting signs that the long-promised profit machine will finally start to purr. Since agreeing to buy Citi’s Smith Barney in 2009, Morgan Stanley executives have told shareholders that returns from the retail brokerage, the world’s largest, will soar and create a more consistently profitable bank. Investors are still waiting.

From the end of 2009 to the end of last year, client assets climbed by $89 billion, or 5.7 percent, to $1.65 trillion, even as volatile markets continued to spook clients. Revenue per adviser rose to $755,000 last year from $692,000 in 2009.

Mar 28, 2012

Merrill, Morgan Stanley seen losing grip on rich

March 28 (Reuters) – The biggest U.S. brokerages have set
their sights set on attracting the wealthiest Americans, but a
new study concludes a growing number of multi-millionaire
households are taking their money elsewhere.

The share of high net worth customers’ assets held by the
top f our b rokers — Morgan Stanley Smith Barney, Merrill Lynch,
Wells Fargo Advisors and UBS Wealth Management Americas — has
fallen since the financial crisis and will continue to fall,
research firm Cerulli Associates said in a report on Wednesday.

Mar 27, 2012

Hartford’s money-losing brokerage seen luring bids

NEW YORK, March 27 (Reuters) – Hartford Financial Services
Group’s independent brokerage unit Woodbury Financial
Services hasn’t posted a profit for at least five years, but
some investment bankers say that won’t deter a small circle of
expansion-minded rivals from bidding on the business.

Last week the insurer announced it was selling its
life-insurance businesses to focus on property-casualty,
benefits and mutual funds. Hartford also said it will seek
buyers for Minnesota-based Woodbury and its 1,400 brokers who
oversee $24 billion in client assets.

Mar 23, 2012

UBS US brokerage unit shakes up management -memo

NEW YORK, March 23 (Reuters) – The U.S. brokerage arm of UBS
AG (UBSN.VX: Quote, Profile, Research) (UBS.N: Quote, Profile, Research) shook up its leadership ranks on Friday,
removing a layer of management under Chief Executive Officer
Robert McCann and giving private wealth management head Jason
Chandler a bigger role.

McCann, 54, the former Merrill Lynch executive who took over
UBS Wealth Management Americas in 2009, also gave some top
lieutenants more duties as he takes on an expanded role as chief
executive of UBS Americas, according to an internal memo
distributed on Friday.

Mar 23, 2012

Exclusive: UBS U.S. brokerage unit shakes up management: memo

NEW YORK (Reuters) – The U.S. brokerage arm of UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) (UBS.N: Quote, Profile, Research, Stock Buzz) shook up its leadership ranks on Friday, removing a layer of management under Chief Executive Officer Robert McCann and giving private wealth management head Jason Chandler a bigger role.

McCann, the former Merrill Lynch executive who took over UBS Wealth Management Americas in 2009, also gave some top lieutenants more duties as he takes on his new, expanded role as chief executive of UBS Americas, according to an internal memo distributed on Friday that was obtained by Reuters.