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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After a mixed quarter for the firm's wealth unit, CEO Ron Kruszewski predicted that the Fed may cut rates zero or just once or even hike them in 2024.
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The U.S. Chamber of Commerce and other business groups contend the Federal Trade Commission has exceeded its authority in nullifying contracts that prohibit employees from switching jobs to competitors.
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Advisor360° names former MassMutual exec Mike Fanning as its new CEO
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Caz Craffy admitted to taking nearly $10 million entrusted to him by Gold Star families and using it for excessive trades through outside brokerage firms.
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The number of experienced financial advisor recruits fell in the first quarter, but Ameriprise's overall headcount and its profits are on the rise.
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