Wachovia Corp.’s planned $6.8 billion purchase of A.G. Edwards Inc. could make an already competitive sales game even tougher for U.S. mutual fund firms, some analysts said.
IRVINE, Calif. — Smith Barney reps are wondering when they’ll get their payments from the wage-and-hour lawsuit the firm agreed to settle in May 2006 for $98 million.
Rydex Investments has been in discussions with some suitors about being acquired, according to industry sources.
The IRS has put a damper on a tax saving strategy that has been used by some investors with fee-based accounts.
Wal-Mart Stores Inc. is taking another crack at expanding its financial services business by partnering with a discount- brokerage platform that potentially could move the world’s largest retailer closer to the financial advice business.
CHICAGO — To add reserves to their retirement nest egg, more elderly people are considering the sale of existing life insurance policies, financial advisers say.
WASHINGTON — The Senate Finance Committee has taken the unusual step of asking for public comment on a legislative proposal for a bill that would require brokers and mutual funds to report the cost bases of their customers’ securities transactions.
OTTAWA — The House of Commons Finance Committee has voted down a measure that would have provided for a 10-year delay in taxing companies with an income trust structure.
IRVINE, Calif. — NASD has dropped a controversial proposal to revamp its branch office definitions.
NEW YORK — Although most millionaires feel that their wealth is “extremely secure,” many still have not found the kind of financial advice that suits their needs. According to the annual wealth survey by The Phoenix Cos. Inc. of Hartford, Conn., 34% of millionaires young and old lacked a primary financial adviser.
