Raymond James to Grab $5B Clearing Client From Pershing
It also recruited a husband-and-wife team from Merrill Lynch with some $160 million in assets.
Fidelity Institutional Names Durbin President
Michael Durbin is now in charge of clearing, custody, trading and other programs for RIAs, BDs and related institutions.
HighTower Adds LPL Group in St. Louis
Meanwhile, a UBS team forms an RIA in Louisville and signs on with Raymond James' Investment Advisors Division.
Robo Clearing Firm Apex Taps Envestnet's Fiske to Head Retail Ops
Ron Fiske joins Apex, which clears for robo-advisors like Betterment, from Envestnet and will head its retail operations.
Sterne Agee Buyer Aims to Boost Midmarket Clearing, Custody Business
INTL FCStone Financial is rolling out services for international clients and customers who want to trade overseas.
Q4 Earnings: BNY Mellon Profits Drop 25%; Pershing Flat
BNY Mellon’s Q4 profits totaled $0.42 per share compared with $0.54 per share in the fourth quarter of 2010. Analysts had anticipated EPS of $0.52 in Q4.
Q3 Earnings: BNY Mellon’s Pershing Unit Does Better Than Bank
Pershing Advisor Services, the RIA custody and BD clearing business of Bank of New York Mellon, outperformed its parent in Q3 2011, reporting a year-over-year rise in profits of 17.9% versus profits of just 4.7% for the larger bank.