According to Mark Pennington, the departments director, the $440 billion that the SMA industry has amassed as of June 2003 is just about where the mutual fund industry was in 1986. Despite the name change, strategies and other orders of business will remain the same for Lord Abbett, a 13-year-old Jersey City, N.J., firm that has gone from $3 billion to $15 billion in assets over the past three years.
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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.
8h ago -
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
10h ago -
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.
10h ago -
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.
11h ago -
The accusations led to the end of 16 years at the firm.
July 15 -
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
July 15