Franklin Templeton Investments agreed to pay $18 million to California for failing to disclose it paid brokers for shelf space, Bill Lockyer, the state's attorney general, announced. Of this money, $14 million will be reimbursed to investors, $2 million is for a civil penalty and $2 million is to reimburse Lockyer's office for the investigation. Franklin also agreed to fully inform investors about shelf-space deals going forward. Lockyer settled a similar case with PIMCO for $9 million in September. His investigation into American Funds is ongoing.
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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.
July 16 -
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
July 16 -
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.
July 16 -
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.
July 16 -
The accusations led to the end of 16 years at the firm.
July 15