04/12/2018
Dentons Announces Seven New Partnerships
The law firm is accelerating its strategy to grow in fast-growing areas including Kenya, Mauritius, the Caribbean, Indonesia and Malaysia.
Legal, Regulation & Compliance
04/12/2018
Fidelity Overhauls Wealth Management Fees
When the changes go into effect in July some new clients will pay less as a result but others may pay more, according to regulatory filings cited by the Journal.
04/11/2018
Union Bank & Trust to acquire Virginia’s Outfitter Advisors
Existing principals and staff of the acquired entity will join Old Dominion as part of the deal.
04/11/2018
J.P. Morgan Securities seeks temporary restraining order against ex-broker in Illinois
Mr. May worked at J.P. Morgan Securities and a predecessor firm for almost 10 years before resigning in December.
04/11/2018
LPL Financial Spends Big on Recruitment
In the broker/dealer channel, that’s a slippery slope because [LPL] could be paying sign-on money on assets that aren’t generating anything
04/11/2018
Fidelity Is Changing the Way It Charges for Financial Advice
Wealth customers will pay based on amount of assets with firm
04/10/2018
SEC fines three shops over mutual fund fiduciary failings
PNC Investments, Geneos Wealth Management and Securities America Advisors steered investors towards more expensive mutual fund share classes, the agency said.
04/10/2018
Asset managers back U.S. plan to limit stock exchange rebates
Southeastern Asset Management Inc, in a letter sent to the SEC and also signed by 21 other buy-side firms, laid out why it supported the program.
04/10/2018
Bank Notes: After buying stake in Navient, hedge fund wants board seat
Canyon, which has more than $20 billion in assets, said in its filing that it discussed a vacant seat on the Navient board and the financial performance of the company.
04/10/2018
Buckhead Investment Partners Rebrands Itself to Become BIP Wealth
The firm consists of 24 team members, including 11 advisors reflective of nearly 150 years of combined wealth-management experience.
04/10/2018
3 advisory firms to pay $15M in SEC share-class crackdown
PNC and Geneos were also charged with further violations including failing to disclose conflicts of interests surrounding compensation they received from third parties, the SEC says.
04/10/2018
US pension funds in CBA class action
Four US pension funds are on board as Commonwealth Bank faces another class action related to the lender's money-laundering scandal.
04/10/2018
Macro Selects Maitland To Provide Fund Administration Services
Intellectual property investment fund to leverage Maitland’s automated technology
04/10/2018
Morgan Stanley Hit With $9 Million Suit Over Site Accessibility
The lawyer representing him in the case tells AdvisorHub Rizzi had several large accounts with the wirehouse, brought up specific complaints about the site’s inaccessibility and even offered to help free of charge, but was ignored.
04/09/2018
Three Firms Charged for Selling High-Priced Share Classes
RIAs charged by SEC over excessive fees, financial illteracy persists and an Oregon advisor is accused of a Ponzi scheme.
04/05/2018
Canada and South Africa Continue to Meet Requirements for Endoresement
As a result, there will be no disruption to EU registered credit rating agencies’ ability to endorse credit ratings from these jurisdictions following the entry into force of the new requirements.
04/04/2018
Steve Cohen beats $8B suit alleging he tried to ‘kill’ insurer
Charges against Kynikos and Third Point were previously dropped but the case against SAC was revived last April.
04/04/2018
Merrill Lynch Gives Up Fight Against Former Advisors’ Right to Arbitrate
Merrill Lynch has dropped nine federal court cases it filed against former financial advisors to prevent them from arbitrating claims against the firm.
04/04/2018
US Supreme Court declines to hear FATCA case
The US Supreme Court on Monday declined to hear a challenge to the Foreign Account Tax Compliance Act, which had been brought by a group of American expatriates and led by Kentucky Senator Rand Paul, who had argued that the 2010 legislation violated their
04/04/2018
SEC charges fintech company founder with scheme to defraud investors
The Securities and Exchange Commission has charged Michael Liberty, the founder of the fintech startup now known as Mozido Inc., with a scheme to trick hundreds of investors into investing in his shell companies instead of Mozido.