The Newport Beach, Calif.-based firm picks up TPW Financial in Boston to bring its assets to $1.4 billion.
Niche firms focus on a single type of property
Citigroup has agreed to pay $180 million to settle charges tied to two hedge funds the SEC said were improperly marketed and sold by private bankers and Smith Barney brokers.
Sean Meadows pleaded guilty to diverting $10 million for business and personal expenses, including gambling and “adult entertainment.”
Richard J. Bernstein managed $425 million in client assets at Morgan Stanley, where he had worked since 2009.
Fifteen Barclays advisers have joined Merrill Lynch in the wake of news that Stifel Financial had agreed to buy their unit.
Markets and wealthier clients are driving up assets under management and profits.
Advisers David La Placa (pictured) and Jay Casey, founded Intellectus Partners after managing some $3.2 billion at Deutsche Bank. They've jumped ship to start their own firm.
Despite increasing options in the independent space, majority of adviser moves are still among the big four.
In an average move, about 20% of client money stays at the old firm.
