News Feed

Citigroup is giving its wealth management business a makeover, announcing this week that instead of referring its bank customers to independent advisors it will expand its own retail brokerage and wealth advisory services.

As banks and insurers compete in the lucrative retirement market, new numbers show a marked uptick in the sale of annuities at bank holding companies in the first half of 2011.

The wealth management sector hasn't exactly been blazing the trail when it comes to integrating sleek new mobile devices into the workflow, but that slow ship is beginning to turn, according to a new study from the research firm Aite Group.

Man Investments has launched the Man Long Short Fund, an equity hedge fund-of-fund that will invest in up to 30 portfolios and offer monthly liquidity.

John Hancock Financial Network has launched a turnkey retirement income program for financial advisors that includes a web-based product allocation analysis tool, multi-media educational and sales materials and dedicated support.

In the three years since the financial crisis hit, investors have remained cautious, but their tolerance for risk has actually held steady, according to the Investment Company Institute.

The “smoking guns” were dropped in a Chicago river. Only the “guns” were not guns. They were hard drives. And the suspect is not a gangster, a la Al Capone. Instead, it is a programmer and former employee of Citadel, the computer-driven hedge fund in the Windy City.

Direct Edge has been sanctioned for weak internal controls that led to millions of dollars in trading losses and a systems outage.

A bond attorney urged colleagues to do more for “market betterment” by supporting legislative efforts to give the SEC authority to develop “a uniform baseline disclosure rule.”

The Dow Jones Industrial Average fell 40.72 points, but recovered some of the day’s losses. The Dow Jones Total Stock Market Index shed 28.61 points.