The
Regulators are “worried” about potential harm to investors, Thomsen said.
In addition, added Susan Merrill, director of enforcement at the
As assets in hedge funds have swelled to $1.3 trillion, regulators have grown increasingly concerned about them. The SEC and its counterparts are “follow[ing] the money,” Thomsen continued. “These days, the money is in hedge funds, for the potential for abuse, the potential for securities law violations, is there because there is so much money there.”
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.
