Morgan Stanley, Citi Strike Deal on MSSB
Morgan Stanley and Citigroup have agreed on the valuation to be used in pricing Morgan Stanley’s purchase of the remaining stake in the Morgan Stanley Smith Barney joint venture: $13.5 billion for the full business, which includes close to 17,000 advisors.
Top 10 Indie BDs With Best-Producing Advisors
Investment Advisor magazine’s 2012 BD Reference Guide helps sort and rank IBDs in five major categories, with AdvisorOne here highlighting 10 by the annual gross production of their advisors.
Merrill Loses Four Advisors to Wells Fargo
The departures come on the heels of news that BofA is selling some operations to Julius Baer and firing some U.S. Trust managers.
New Hire Roundup: Morningstar Adds to Fund Research Team
This week in new hires, Morningstar announced six appointments for its fund analyst research team; James Machuga joined Merk Investments; and Philipp Hildebrand was named vice chairman at BlackRock.
Broker Exits Spur Recruiting Shift
The movement of financial advisors out of the wirehouses has continued in early 2012, experts say, and should put Merrill Lynch and Morgan Stanley on notice.
Special Report: The 2012 IA 25
Throughout the rest of April and May, we’ll be publishing extended versions of each profile, including exclusive interviews, on AdvisorOne.
UBS Streamlines McCann’s Leadership Team
UBS Americas trimmed a layer of management under CEO Robert McCann and increased the duties of some of wealth-management leaders, according to a memo released by McCann on Friday.
Wall St. Bonuses Taking 14% Beatdown, Could’ve Been Much Worse
Workers at Wall Street firms should expect their cash bonuses to fall by 14% this year, after dropping 13% last year, according to an estimate released in March by New York Comptroller Thomas DiNapoli.
Matt Lynch Moves to Tiburon From IBD-RIA Capital Analysts
Matt Lynch, former CEO of the independent broker-dealer/RIA Capital Analysts, is now a principal at Tiburon Strategic Advisors.
Merrill, Morgan Talent Drain Needs Response, Expert Says
As more brokers move to independence, the wirehouses are left fighting over remaining reps.