News

• Smith Barney Snags $4M and $5M teams

  July 7, 2008

  Musical chairs: Smith Barney recruited a $5 million team from and lost a 6-person team to Morgan Stanley, and last week lured a $4M team from UBS.

• Fed, SEC Complete Information-Sharing Pact

  July 7, 2008

  Financial regulators on Monday announced an information-sharing agreement aimed at better detecting potential risks to the U.S. financial system. (AP)

• Merrill Moving to Divest BlackRock, Bloomberg

  July 7, 2008

  The investment bank is in discussions to sell its stake in both BlackRock Inc. and Bloomberg LP.

• Northern Trust: Opportunity in Bank-Stressed Cleveland

  July 7, 2008

  Cleveland, with its struggling economy, might not seem the best place for high-end investment management.

• Hewitt: Many Not Saving Enough

  July 7, 2008

  Workers will need to replace, on average, 126% of their annual salary at retirement.

• GLG Taps Former Goldman Partner for Emerging Markets

  July 7, 2008

  GLG Partners has hired Driss Ben-Brahim as the new manager of its emerging markets fund.

• Bridgewater's Take on Credit Crunch Cost: $1.6 Trillion

  July 7, 2008

  Financial institutions worldwide have announced losses of $400 billion, but a new study questions if they will be able to generate enough new capital to cover losses.

• Handling Market Volatility

  July 7, 2008

  SPECIAL REPORT: Reacting to current marketing conditions—What actions should an advisor take to reassure clients?

• Lehman Offers Early Bonuses for Employees

  July 3, 2008

  Lehman Brothers is giving its 26,189 employees a portion of their bonuses early this year.

• Another Rough Month for Financial-Services Jobs

  July 3, 2008

  The financial-services segment of the US economy lost jobs last month.

• ING's CitiStreet Acquisition Signed, Sealed, Delivered

  July 3, 2008

  The acquisition of CitiStreet by ING Group closed this week as regulators announced their approval.

• 60% of Americans Don't Have a Will

  July 3, 2008

  Only one quarter of Americans aged 25 to 34 have a will, according to a FindLaw.com survey.

• Public Sector Far Outspends Private Businesses on Employee Benefits

  July 2, 2008

  Statistics show state and local government spends more on employee benefit programs than the private-sector.

• Merrill Lynch Falls on Analyst Predictions

  July 2, 2008

  Oppenheimer's Whitney predicts writedowns of $5.8 billion for the second quarter and a loss of $4.21 per share.

• Politics, Economy Weighing on Minds of Millionaires

  July 2, 2008

  A key measurement of the concerns of affluent investors fell to its second-lowest level in June, according to the Spectrem Group.

• Bernanke to Testify About Reg Revamp

  July 2, 2008

  Ben Bernanke and Henry Paulson are expected to testify at the House Financial Services Committee hearing July 10.

• Goldman Dour on Commercial Real Estate

  July 1, 2008

  Analyst: Commercial real estate is the next sector to take a dive, negatively impacting the earnings of equity REITs.

• Justice Department Seeks UBS Client Info

  July 1, 2008

  The Justice Department is seeking information from UBS about U.S. taxpayers who may be using Swiss bank accounts to evade federal income taxes.

• H&R Block Boosts Advisors, Yet Managed Assets Pulls Back

  July 1, 2008

  Lower interest rates dragged down profitability at H&R Block Financial Advisors for fiscal 2008, despite a 2% increase in revenues to $317.2 million.

• Banking's Russell 3,000 Slice Falls to 8-Year Low

  July 1, 2008

  Declining market capitalizations for financial companies in the Russell 3,000 index have pushed the sector's weighting to its lowest level in eight years.