Industry

Morgan Stanley and Goldman Sachs Group Inc. led Wall Street banks in posting a collective 42% increase in equities-trading revenue in the second quarter, the largest jump in more than three years.

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Securities America has ramped up the fierce competition for independent advisors, launching a new RIA targeting advisors with between $50 million and $250 million assets under management.

Morgan Stanley, owner of the world’s largest brokerage, reported a 66% earnings increase that beat analysts’ estimates as trading revenue jumped and wealth- management profit margins climbed.

One Major League All Star was unsure of whether he’d reach the big leagues as a minor-leaguer in Mobile, Ala. So he lined up an internship at Morgan Stanley.

Broadridge Financial Solutions today announced the closing of its acquisition of Bonaire Software Solutions, a provider of fee calculation, billing, and revenue and expense management solutions for institutional asset managers, wealth managers, mutual funds, bank trusts and hedge funds

Bank of America’s Global Wealth and Investment Management business posted strong growth across the board in the second quarter.

The division, created in 2001 and made up of affiliated RIA firms who custody their assets with Raymond James, now includes about 100 firms, approximately 250 advisors, and more than $8 billion in assets.

Highland Capital Management has hired six regional sales directors in the Pacific Northwest, Florida, North Texas, Long Island, the Midwest and Southeast, and expanded its sales team at its home office in Dallas.

With a new branch manager, the St. Petersburg, Fla.-based firm forays into an increasingly competitive Seattle market.