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Jan 10, 2012

Oppenheimer must repurchase $6 million in auction rate

NEW YORK (Reuters) – Oppenheimer & Co must repurchase nearly $6 million in auction rate securities from a client, a securities arbitration panel ruled.

A Financial Industry Regulatory Authority arbitration panel in New York found that investor Nicole Davi Perry, was entitled to recission of $5.98 million in New Jersey Turnpike auction rate securities she bought in 2007, according to an award posted in FINRA’s arbitration database on Monday.

Jan 5, 2012

Wall St gurus find predictions game getting harder

NEW YORK, Jan 5 (Reuters) – With every new year come a new
round of bold predictions for financial markets.

Bill Gross, the manager of the world’s largest bond fund,
kicked off the year calling the current market “paranormal.” He
forecast a 2012 characterized by “credit and zero-bound
interest rate risk.”

Jan 3, 2012

LPL seeks higher-end clients with Fortigent deal

NEW YORK, Jan 3 (Reuters) – Independent brokerage LPL
Investment Holdings Inc on Tuesday said it would
acquire Fortigent LLC, a firm that provides investment services
and practice-management advice to high-end financial advisers.

The acquisition is expected to give a boost to LPL’s
efforts to attract independent investment advisers,
particularly those who cater to high net-worth clients.

Dec 22, 2011

Genworth solutions funds draw $500 mln in 7 months

Dec 22 (Reuters) – In just seven months, Genworth
Financial , which sells fund-management services to
financial advisers, has attracted more than $500 million to its
new Portfolio Solutions product.

The program, marketed as a simplified approach that invests
across a range of strategies, lets people gain exposure to a
broad mix of strategies and different fund managers through one
investment.

Dec 22, 2011

Citigroup loses suit to overturn $54-million ruling

By Suzanne Barlyn and Joseph A. Giannone

(Reuters) – A U.S. judge on Wednesday denied a request by Citigroup to overturn a $54.1-million arbitration ruling in favor of a group of investors for losses incurred in a series of municipal bond funds which plunged in value between 2007 and 2008.

Judge Christine Arguello in Denver, Colorado, disagreed with Citigroup’s arguments, including the latter’s assertion that a Financial Industry Regulatory Authority arbitration panel disregarded the law in its award, in April, to venture capital investor Jerry Murdock Jr., retired patent attorney Gerald D. Hosier, and Brush Creek Capital.

Dec 16, 2011

FINRA says broker fines jumped 53 pct

NEW YORK, Dec 16 (Reuters) – The Financial Industry
Regulatory Authority has levied more than $63 million in fines
in 2011, a 53 percent increase over last year as the Wall
Street watchdog pursued more cases and landed a few big fines.

Year-end statistics released by FINRA on Friday showed an
increase in enforcement activity this year, which commenced
with the hiring of Bradley Bennett, a former Washington-based
defense lawyer, as its enforcement chief.

Dec 15, 2011

Barclays Wealth adds five New York advisers

By Joseph A. Giannone

(Reuters) – Barclays Wealth, which has aggressively recruited U.S. investment advisers over the past three years, said on Thursday it had hired five financial advisers in New York, who generated a combined $17 million (10 million pounds) in revenue and oversaw $2 billion in client assets.

Four of the hires came from Credit Suisse (CSGN.VX: Quote, Profile, Research), which in July told employees it was conducting a review of its global private banking businesses. That review was completed, and no changes have been announced.

Dec 13, 2011

Morgan Keegan loses 3 brokers as auction drags

Dec 13 (Reuters) – Regional brokerage Morgan Keegan has
lost three more financial advisers to rivals in the past week,
the latest in a score of departures since parent Regions
Financial put the unit up for sale in June.

Last Wednesday, Chris Wallace and Sarah Ehrlich left Morgan
Keegan’s Rockville, Maryland, office to rejoin Morgan Stanley
Smith Barney in nearby Gaithersburg, FINRA records show.

Dec 7, 2011

ON THE MOVE:Advisory firm poaches three from Morgan Stanley

Dec 7 (Reuters) – Washington Wealth Management, a start-up
that is expanding nationwide by poaching Wall Street brokers
and managers, on Wednesday said it hired three Morgan Stanley
Smith Barney producers and opened offices near Las Vegas and
San Diego.

The year-old Middleburg, Virginia, firm will end 2011 with
a network of 25 advisers and managers in five cities with a
combined $1 billion in client assets.

Dec 5, 2011

Insight: Bearish views on brokers may not be bearish enough

NEW YORK (Reuters) – Investors pessimistic about the prospects of U.S. banks and brokers have some good company: Wall Street chief executives.

And yet the bosses’ grim outlook is not yet fully reflected in analysts’ expectations for money managers and securities firms. That means beaten-down bank stocks are likely in for more punishment.