Jean-Marie Eveillard, the prominent mutual fund portfolio manager, will remain with the SoGen Funds of New York for at least five years despite Eveillard's sale of his interest in the fund group. Eveillard and Societe Generale Asset Management of Paris are selling the SoGen Funds' investment adviser - Societe Generale Asset Management Corp. of New York - to Arnhold and S. Bleichroeder of New York. Eveillard, who owns about 20 percent of the fund adviser, has signed an employment contract to remain with the fund group as the person primarily responsible for its day-to-day management, according to a proxy statement the funds filed with the SEC Oct. 22. In addition, Arnhold and Bleichroeder will pay Eveillard for his stake over approximately seven years, the proxy statement said. The purchase price for the firm was not disclosed.
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The CFP Board promised to enhance its review processes after an investigation found major shortcomings. A new analysis of CFP data found that the problem has only gotten worse.
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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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The Treasury Department and the IRS will need to roll out guidance to explain the bill's newer provisions and how they differ from earlier tax legislation.
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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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