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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Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
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The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
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The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
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But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
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The accusations led to the end of 16 years at the firm.
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