Finance

The firm’s new leader Penny Pennington tapped managers, one a longtime veteran of the firm, for the executive committee.

Cash is becoming an attractive security blanket again for investors amid rising interest rates and stock market volatility, says an expert.

Current billing systems present a number of compliance oversight issues for larger financial institutions, says co-founder Alan Moore.

Increased volatility, rising protectionism and geopolitical tensions are still weighing on investors, the firm said.

The division’s chief investment officer and head of multi-asset solutions will take over in the interim as co-heads.

Overseeing money for the rich is supposed to be one of the best businesses in banking, but even the world’s biggest wealth manager is finding that it doesn’t always work out like that.

The reduction, which includes 15% of senior management, is part of a larger effort to cut costs and automate more business.

Market volatility spurred clients into cash during the fourth quarter.

Brexit, worries about trade wars and rising interest rates have prompted a selloff in developed country stocks.

It's unclear how automated investment platforms will perform during a major market downturn and what that could mean for advisors' bottom lines.