HighTower Adds $750M Team From Morgan Stanley
Meanwhile, Focus Financial brings in a $600 million group, and Merrill Lynch grabs a $160 million advisor.
When Finance Turns Into a Calamity
Historical lessons offer little shield against future crises.
March Jobs Report Shows Slowest Growth Since End of 2013
The jobless rate held at 5.5% as companies sought to bring U.S. headcounts in line with a slow start to the year.
Bill Gross Blasts ‘Hostile’ Investing Climate, Says ‘New Neutral’ Rate Now Zero
The Janus manager argues that the investing environment is so inhospitable that he is reduced to trading more than owning bonds to deliver shareholder return.
Wells Adds 5 Reps as Raymond James Grabs One of Its FAs
In other news, U.S. Trust shares the names of its latest recruits, and two divorce-focused groups merge.
New Hire Roundup: Morningstar Names Ptak Head of Global Manager Research
Meanwhile, Wesley Long, former head of private client services at Wedbush, joined Index Fund Advisors to lead its wealth advisors.
Value Investors’ Inconvenient Truth: They Lose to S&P 500
Value shop Research Affiliates argues that, ironically, “value investors are supplying a premium to other market participants rather than collecting one.”
FINRA Enforcement: Oppenheimer to Pay $3.75M for Failure to Rein In Broker
Meanwhile, FINRA fined Ameriprise Financial over a rep who hid a customer complaint.
Lovell Minnick Sells Mercer Advisors to Genstar
The $6 billion RIA based in Santa Barbara, California, is set to have a new private equity owner.
United Capital’s Duran: Wealth Management Is Dead. Long Live Life Management!
Wall Street is out of step with the public in promising to make people rich—when their real goal is to have rich lives.