A wave of executives leaving Wall Street to work for hedge funds has been occurring the past few years, but now some of those employees might be coming back, according to the Financial Times. The hunt for long-term capital, wanting to build more than a short-term moneymaking machine, and the need for resources are fueling the desire to come back to the Street. Also, investment banks and other financial institutions are starting to invest directly in hedge funds or hire executives from them, further fueling the trend. “If Wall Street wants to attract these people in a way that is acceptable to shareholders and boards, they are not going to do it by paying hedge fund-like salaries, so they are resorting to acquisitions,” said one New York-based hedge fund banker. The large players offer employees the backing of a large organization and, in some instances, senior roles at group level to make sure they don’t leave. This is the case for Gil Caffray, vice-chairman of
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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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