Executives of Pershing, the largest provider of clearing services to broker-dealers, spent much of their energy at the firm's annual Insite conference trying to persuade clients to open their brokerage doors to fee-based registered investment advisers.
City National Corp., the bank holding company that owns Convergent Capital Management LLC, has agreed to buy a majority interest in Lee Munder Capital Group, a firm with more than $3 billion in assets under management.
Pershing LLC, the largest provider of back-office services and financing to small and independent broker-dealers, this month began charging shareholder servicing fees to brokers and financial advisers who buy certain mutual funds from its Fund Center platform.
City National Corp., a Beverly Hills, Calif.-based bank holding company that owns Convergent Capital Management LLC, has agreed to buy a majority interest in Lee Munder Capital Group, a firm with more than $3 billion of assets under management.
Several economic gurus have seized on the recent rebound in equities to offer a generally upbeat view on a broader recovery, waxing poetic about the emergence of “green shoots” and their general feeling that a bottom in the U.S. economy may have been reached.
Investors and financial advisers who are stuck holding auction rate securities bought from “downstream” broker-dealers have begun to step up their legal claims against the major firms that marketed the investments as safe.
The Charles Schwab Corp. edged out Fidelity Investments during the first quarter in the battle to service the small but growing number of stockbrokers who are leaving their Series 7 licenses behind to become independent investment advisers.
The Charles Schwab Corp., the dominant broker-dealer for registered investment advisers, said today that RIA trades on behalf of clients in April fell 25% from the previous month to an average of 22,600 a day — the lowest volume level since last August.
Account openings at Fidelity Investments from registered investment advisers and their clients jumped 30% in the first quarter.
