Corporate finance

Despite fewer incoming advisors, CEO Ron Kruszewski says the company’s pipeline is strong and extending to the independent channel.

The nation’s largest independent broker-dealer aims to boost expansion even more, and it’s not ruling out launching its own bank.

Record-level asset management fees and investment banking revenues were credited with the increase in net revenue.

CEO Jim Cracchiolo acknowledged that the firm attracted fewer experienced reps in the second quarter, even as its headcount ticked up by 2%.

A new high in loan volume and a notable influx of advisory AUM drove the wirehouse’s business to more than half a billion dollars in second-quarter net income.

CEO James Gorman says the company has created something new by adding Solium and E-Trade to its existing force of financial advisors.

While the bank’s second-quarter earnings disappointed, wealth management services, driven by Merrill Lynch, were a bright spot.

Higher equity values and client activity pushed up the major custodian’s revenue in the second quarter, despite significant headwinds.

Yet there is concern the Delta variant of the coronavirus may spread and spear policy actions that could slow economic growth.

The megabank announced second-quarter revenue of $4.1B for the Asset and Wealth Management unit, with net income of $1.2B.

Its parent seeks to support more holistic planning by combining it with two other subsidiaries.

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The firm grew its total assets under administration by 30% year-over-year, reaching $530 billion.

While several analysts are bullish, not all are convinced of the Canadian asset manager’s newfound strategy.

During first quarter earnings last month, the bank said that it would take a $300 million restructuring charge related to the cuts in the second quarter.

After its industry-leading headcount dipped slightly during the temporary ban, the wealth manager plans to offer more resources for incoming recruits.

The RIA completed seven transactions in the first quarter, along with starting a new international venture in partnership with the billionaire Hinduja family.

The tax-focused wealth manager’s parent disclosed lower first-quarter earnings after an eventful period marked by a proxy fight and a reported acquisition offer.

As its advisor headcounts in the W-2 channel have stagnated, Raymond James Advisor Select added a major former UBS quartet.

The company has benefited from a market surge, new investors and an uptick in broker breakaways.