Most-read stories from July 18 to July 24.
RIA founders Marty Bicknell and Steve Lockshin, longtime friends and frequent co-investors in FinTech ventures, are pairing up their firms to create a $40 billion-AUM giant.
Five new hires into J.P. Morgan private bank in New York City include UBS and Citi defectors, and Dynasty Financial Partners’ former chief investment officer.
In the realm of personal finance, debt is largely viewed as a necessary evil, one that should be kept to a minimum. But with interest rates at record lows and many assets appreciating in value, it’s one of the most important pieces of the billionaire toolkit — and one of the hottest parts of private banking.
The former broker was suspended one month and fined $2,500 for allegedly misrepresenting in a Covid-19 relief loan application that he operated his self-directed online trading account as a sole proprietorship.
Phil Sieg, who took over as Chief Executive of J.P. Morgan Advisors in April, outlined the plan as part of a broad strategy shift for the unit.
A private banker who sources said may have been responsible for as much as $4 billion in assets is staying in New York but has joined a team led by a Chairman’s Club producer in Indianapolis.
Asset managers, lawyers, consultants, ESG rating agencies, and even the corporate issuers of securities could push for rules that are ultimately not useful for investors, SEC Commissioner Hester Peirce said.
The state’s regulator brought charges against Schwab over “unethical and deceptive” practices that allegedly allowed an ex-advisor to collect at least $125,000 in fees from Schwab customers after his registration lapsed in 2014.
Michael Crotty, who joined Morgan Stanley’s Smith Barney predecessor in 2007 and moved to rival UBS earlier this month, agreed to Morgan Stanley’s bid to block him from reaching out to customers governed by teaming agreements.