04/14/2018
SEC warns advisers to toe the line on fees
A risk alert highlights areas where the commission has seen mistakes and misconduct when it comes to charging fees for financial advice
Legal, Regulation & Compliance
04/13/2018
Federated Investors takes majority stake in fund manager Hermes
Hermes will remain headquartered in London as a subsidiary of Federated.
04/13/2018
Pilatus chairman was granted asylum in United States, green card in 2012
Ali Sadr Hasheminejad, who is accused of bank fraud and skirting Iran sanctions in the United States, is pleading not guilty to the charges
04/12/2018
US imposes sanctions on three Russia-linked Jersey companies
The JEP notes that all three of the Jersey companies are shown in Jersey Company Registry documents to be registered at 44 Esplanade, at the Jersey offices of Intertrust, an Amsterdam-based trust and corporate services provider.
04/12/2018
Chile eases ban on AFP hedge fund access
The change walks back rules stemming from a wide-ranging reform to boost AFP access to alternatives that came into effect November 1 and banned investments in hedge funds, directly and through vehicles that mimic their strategies.
04/12/2018
Sompo employee sues Chubb over $600,000 compensation
At the time of his separation, Chang’s compensation account balances exceeded $880,000, including more than $600,000 related to vested deferred stock awards, according to the claim.
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.
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.