Moody's Warns More Downgrades on the Way
Moody's warned that it could downgrade the credit ratings of 131 institutions, including 17 banks and securities firms that have global operations as it reviews their long-term ratings and standalone credit assessments.
Envestnet to Acquire Prima Capital for $13.7 Million in Cash
Seller Broadridge says Prima is “profitable … but not core.” Prima CEO Gib Watson to run new business unit at Envestnet.
Tim Clift Says FundQuest’s Analysts Will Complement Envestnet|PMC’s Quants
Now chief investment strategist at PMC following acquisition by Envestnet, Clift says advisors can expect higher correlations through election; Europe already in recession.
S&P Downgrades French Banks
Standard & Poor's downgraded four French banks on Monday, saying that its action came as a result of its downgrade of France itself earlier in the month.
New Hire Roundup: SEC Welcomes Norberg; Fleming Joins FINRA Board
This week in new hires, Jane A. Norberg joined the SEC as deputy chief of the Whistleblower Office; Gregory J. Fleming was elected to FINRA's board of directors; Mike Anderson went to Securities America; and Dan Dorfman joined Trim Tabs Money Blog as a columnist.
Envestnet Closes on Acquisition of FundQuest
Envestnet, headed by Judd Bergman, pays $24 million for FundQuest; $8 billion added to Envestnet platform. FundQuest CIO Clift to become chief investment strategist at Envestnet|PMC.
Moody’s Downgrades French Banks
Moody’s Investors Service cut France’s three largest banks by one notch, citing a 'very high' probability that the French government would intervene with support.
S&P Warns on Possible Downgrade of EU, Banks
Standard & Poor's, continuing a theme it began earlier this week, said Wednesday that the European Union itself could face the loss of its AAA credit rating, as could large euro zone banks.
Moody’s Threatens Ratings Cuts for European Banks
The banks of 15 countries in Europe have been put on notice by Moody’s: their subordinated debt ratings may be cut by the agency because there is the possibility that government support for that debt will not be forthcoming.
SIFMA Recognizes Women’s Group at Baird, Other Firms
The industry group shares awards with Baird, BNP Paribas, Goldman Sachs, BofA, Citi, Deutsche Bank and Credit Suisse for diversity programs.