Practice

A year into its existence, the size, knowledge and dedication of the SEC's special asset management enforcement unit is going to spell “trouble with a capital T’’ for fund managers of all stripes, according to experts at the final general session of the 2011 Investment Company Institute Mutual Funds and Investment Management Conference.

The investment professionals will work from Citi’s Philadelphia office, focusing on ultra high net worth individuals, foundations, endowments and private business owners.

A FINRA panel has put Robert M. Jaffe, an embattled former broker who worked with Ponzi scheme mastermind Bernard Madoff, on the hook to pay $1.1 million in compensatory damages to Turbo Investors LLC.

Robert M. Jaffe has been ordered to pay $1.1 million plus interest to Turbo Investors LLC.

The Financial Planning Coalition has called on Congress to support the Securities and Exchange Commission in establishing a fiduciary standard of care for broker-dealers.

TIAA-CREF has committed $1 billion in seed capital to Covariance Capital Management, which will start investing in the third quarter.

Advisors are essentially small business owners, whose passion for their profession can easily consume everything else in their lives.

A FINRA arbitration panel has awarded former Merrill Lynch Co-President Ahmass L. Fakahany $1.2 million out of the more than $70 million in compensatory damages he sought from his former employer.

The basic roles and responsibilities of brokers, financial advisors and asset managers are in the early stages of what's sure to be a dramatic transition and the brokers and firms that are most adapt at adding new tools and technology will be the ones to prosper, according to a new report from Boston-based financial services consulting firm Financial Research Corp.

For the estimated million-plus folks who turned 70 1/2 years old last year, time is running out to take their first required minimum distribution from their various 401(k) and IRA accounts without incurring stiff tax liabilities.