The product, called BLDRS, also known as "Builders," will be listed on Nasdaq and are based on the Bank of New Yorks American Depository Receipt (ADR) Indexes. BLDRS are the first ETFs that are based on ADRs, the companies said, and will allow investors to purchase shares on margin, sell them short or hold for the long term.
Fees for the ETF family have been capped at 0.3%.
Forty-five percent of wealth managers say a disputed presidential election would hurt their business, according to a new Arizent survey.
Citizens Financial said long-time Morgan Stanley leader Paul Casey will spearhead its wealth, private banking units as part of a larger expansion in advisory services.
Some financial advisors and tax professionals with high net worth clients could find big advantages before the expiration of provisions of the Tax Cuts and Jobs Act.
The New York megabank is working to deploy artificial intelligence as it seeks to make its own operations more efficient. Solomon also sees an "unprecedented" opportunity in financing clients' needs as they invest in AI.
Executives say the results show the wisdom of the firm's deliberate decision to focus on high net worth clients.
Even as ETFs in general enjoyed a bullish month, some funds lost billions of dollars. Here are the bottom 20.
