State Street Bank and Custody's Metropolitan Custody Services Department has contracted to use Federated Investors' TrustConnect, a mutual fund clearing and settlement system. Federated first developed its product three years ago to automate steps in the clearing process.
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.
Citi's wealth division was a relative bright spot in the bank's second quarter earnings report, with revenue up amid turbulent market conditions.
