Practice

BNY Mellon has promoted wealth management veteran Ridgway Powell to a new position leading a team of advisors to ultra high-net-worth families and family offices.

The largest and most successful asset managers are structured as partnerships, Bob Pozen, chairman emeritus of MFS Investment Management, told attendees at Fund Forum USA’s Global Fund Distribution Summit.

The proliferation of new regulations emanating from the Dodd-Frank Act, Basel III and Solvency II are collectively inducing an outpouring of technology spending from companies in the financial service sector, a new report finds.

NEW YORK--Citigroup Chief Executive Vikram Pandit said MF Global’s woes point to a need for an expanded focus on the shadow banking system and broader transparency for derivatives.

NEW YORK--Securities and Exchange Commission Chairman Mary Schapiro said Monday that the regulator had boiled down its plan to propose fundamental reform to the operation of the nation’s money market funds.

Commodity Futures Trading Commission chairman Gary Gensler said Monday he recused himself from the regulator’s probe of the failure of derivatives player MF Global, because “I didn't want my participation to in any way be a distraction.''

SEC Chairman Mary Schapiro said reform of money market funds boils down to creating a dedicated capital buffer, to protect against runs, or letting the net asset value of such funds float, day by day, long anathema in the industry.

Citigroup Chief Executive Vikram Pandit said Monday that MF Global’s woes point to a need for an expanded focus on the shadow banking system and broader transparency for derivatives.

Eileen Rominger, director of the Securities and Exchange Commission's division of investment management, testified last month before the U.S. Senate that the commission is reviewing whether the widespread use of exchange-traded funds is contributing to market volatility.

To simplify or not to simplify?