Hedge funds are increasingly using exchange traded funds, particularly to short the market or various sectors, Reuters reports.
Use of ETFs has doubled in the past year, particularly because hedge funds like their flexibility for shorting, a
Trading in equity derivatives has reached $7.4 billion this year, up 23% from 2002, and ETFs comprise a full 77% of this market.
Money managers have also greatly cut back on their use of derivatives specialists, from 60% in 2001, to just 20% in 2003.
Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
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.
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.
The accusations led to the end of 16 years at the firm.
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.
