BISYS, a mutual fund administration and back-office banking software company in Little Falls, N.J., has obtained an SEC exemption that will allow it to combine customers' collateral funds into one account which advisers from the funds can invest. This holds the promise of earning customers far greater returns on their collateral money, rather than earning narrow interest rate returns on individual accounts. BISYS said it would structure the account like money market funds, solely for the purposes of cash collateral investment. BISYS also said it would compensate the advisers for managing the trust account.
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An industry recruiter said the Bank of America subsidiary has become almost "unhinged" with the amount of money it's willing to offer advisors it's recruiting.
April 19 -
After a decade-long effort by holders of the personal financial specialist credential, aspiring candidates can be tested on investments, retirement plans and other areas.
April 19 -
During first-quarter earnings calls, top executives of mega firms like Goldman Sachs, Morgan Stanley and Citigroup talked about how they're testing AI and high-tech tools.
April 18 -
Experts from the Fed, Intuit and the Urban-Brookings Tax Policy Center explored ideas for more effective ways to advance the goals of the mortgage interest deduction.
April 18 -
Romantic partners usually agree on their broad retirement goals, a new Ameriprise study shows. But the consensus breaks down over smaller questions.
April 18 -
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
April 17