Investments

AllianceBernstein L.P and W.P. Stewart & Co., Ltd. announced yesterday that the two firms have entered into a definitive agreement under which AllianceBernstein, a global investment management firm with $444 billion in assets under management, will acquire W.P. Stewart, an equity investment manager that currently manages $2 billion in U.S., Global and EAFE concentrated growth equity strategies for institutional and retail clients, primarily in the U.S. and Europe.

The Financial Industry Regulatory Authority (FINRA) has fined Oppenheimer and Co. $1,425,000 for the sale of unregistered penny stock shares and for failure to provide an adequate anti-money laundering (AML) compliance program, which would detect and report suspicious penny stock transactions.

Will LPL Financial be getting into the banking business? While the nation's largest independent broker-dealer says it has no “imminent” plans to own a bank, it now can if it wants to -- thanks to the announcement of a stock distribution by two of the firm’s original private-equity investors.

Clients who inherit an annuity may now have a few more options thanks to a recent private letter ruling from the IRS.

With the recent increase in interest rates, the de minimis risk grows for municipal bond investors.

The California Public Employees’ Retirement System, the largest U.S. pension fund, reported the value of its commodity holdings climbed 1 percent in June from the previous month.

Bloomberg -- Aides to President Barack Obama and Senate Majority Leader Harry Reid discussed the process of choosing the next U.S. Federal Reserve chairman in the wake of a letter from some chamber Democrats touting one contender, according to a person familiar with the conversations.

In order to tap into fresh sources of capital, non-U.S. fund managers are looking to the U.S. to distribute investment strategies. This raises many issues: choosing the right vehicles for the job, regulatory considerations, and more.

Raymond James is ramping up its pitch to attract independent advisors by opening up access to alternative investments.

The letter, signed last month by 19 Senate Democrats and one independent who caucuses with the party, urged Obama to nominate Fed Vice Chairman Janet Yellen to succeed Ben S. Bernanke.

Raymond James is ramping up its pitch to attract independent advisors by opening up access to alternative investments.

Bloomberg -- Evercore Partners Inc., the investment bank founded by former U.S. Deputy Treasury Secretary Roger Altman, hired Jewelle Bickford as a partner in its wealth- management unit.

Eileen Rominger, former head of the Securities and Exchange Commission’s Division of Investment Management, has decided get back to work after a year-long hiatus.

Clients often dream of retiring overseas for a change of scenery and lifestyle. Here’s what a handful of advisors have to say about some of the most popular overseas retirement destinations among their clients.

Fewer RIAs this year are in the mood to sell thanks to stable growth in the markets.

The estimated U.S. mutual fund asset flows for July 2013 were released by Morningstar today. Investors added $15.9 billion to long-term mutual funds in July, driven by inflows of $7.9 billion into international-equity funds.

As risk has dialed up in today's uncertain climate, there has been a growing trend of mutual funds embracing the flexibility and creativity of various options strategies to dampen volatility and garner better returns.

Fidelity Labs, a part of the Fidelity Center for Applied Technology, Fidelity’s unit focused on innovation, previewed the Fidelity Market Monitor for Glass. This is the first investing Glassware widely available for Google Glass.

Nuveen Investments announced the Board of Trustees of the Nuveen New York Dividend Advantage Municipal Fund (NAN), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) approved a merger.

What summer doldrums? Focus Financial Partners, one of the country’s largest RIA aggregators, has made its second major deal in two weeks and fifth of the year, boosting its total assets to over $60 billion spread over 27 firms.