Wirehouses

A review of auditors that examine broker-dealers has unearthed an array of deficiencies in the process the firms use to evaluate their clients, including numerous of infractions that could amount to violations of SEC or FINRA rules.

UBS AG is starting a unit aimed at quantitative hedge funds that combines prime brokerage and services from its direct execution trading business.

More than three in four advisors expect to continue selling variable annuities and allocate 11% of their assets under management toward these products, according to Cogent Research.

Morgan Stanley Smith Barney is cutting its brokerage complexes from 118 to 86 and its non-producing branch managers from about 150 to 85 as it puts its final touches on consolidating two brokerage firms that began several years ago.

Wells Fargo has heated up its recruitment this summer by ushering in a spate of new financial advisor hires with almost $1.4 billion in assets.

Julius BaerGroup Ltd., the Swiss money manager established in 1890, agreed to pay about 860 million Swiss francs ($880 million) for Bank of America Corp.'s Merrill Lynch wealth management business outside the U.S.

As Morgan Stanley Smith Barney reportedly faces changes ahead for its brokerage unit, including slashing support staff jobs, combining offices and raising production requirements, all eyes turn to how any decisions may affect its advisor force.

Proving that advisory competition is still strong, Merrill Lynch has hired a Morgan Stanley Smith Barney advisor duo with $377.8 million in client assets, and lost two other teams to other wirehouse firms.

Morgan Stanley Smith Barney has shuffled two of its top executives as it aims to bolster ties its Consulting Group business has with the firm's wealth advisory services and the clients its advisory force serves.

Looking to build out its wealth management division, SEI expects Doug Pugliese will draw clients at companies' top brass.

A former UBS AG municipal-bond executive told an ex-colleague to forget about a transaction as they discussed how to handle an expanding government probe of bond big rigging, the second man testified at trial.

Merrill Lynch Wealth Advisor Ted Murphy does not usually tell his clients that he is an Olympic silver medalist, but says that his rowing career has prepared him for the discipline that he applies to his career today.

Bank of America Merrill Lynch has grown its new financial benefit plan assets to a record $20 billion this year as it leverages stronger ties between its bank and brokerage forces.

Citigroup Inc., the third-largest U.S. bank by assets, started an investment banking joint venture in China that will give it access to the world's second-biggest market for share sales.

Merrill Lynch Wealth Management has snapped up a financial advisor duo with $789.5 million in client assets under management months after they joined Barclays Wealth Management.

UBS Wealth Management Americas reported $211 million in pre-tax profit for the second quarter on Tuesday, up 28% from the same quarter last year, as the division continued to grow its financial advisor headcount.

The Swiss financial services firm said it suffered $357 million of losses from "the gross mishandling of Facebook's market debut" by Nasdaq OMX Group and that it will "pursue compensation for the full extent of our losses."

Morgan Stanley Smith Barney has scaled back its number of total regions to 12 from 16.

Morgan Stanley, trading at less than half of its liquidation value, could be worth as much as $32 a share in a breakup, said Michael Mayo, an analyst at CLSA Ltd.

Jefferies Group Inc. and Goldman Sachs Group Inc. led Wall Street’s largest securities firms in average compensation per employee at midyear, widening a lead over JPMorgan Chase & Co.