- February 3, 2010 - BoA/Merrill To Boost Headcount Via Training, Not Poaching From Rivals As Costs Bite
Bank of America Merrill Lynch, the world’s largest wealth manager, will boost its numbers by training junior brokers rather than trying to lure more senior people from other firms, a move which will suppress costs, according to the Financial Times, citing unnamed sources.
Most of the growth will be in the US, with smaller additions in Europe and Asia, the newspaper said.
"The bulk of our investments in our business are in capabilities for clients and existing advisors.
- February 2, 2010 - Executive Moves - January 2010
North America
CitizensTrust, the wealth management division of California-based Citizens Business Bank, hired William Zaleski as manager of trust services. He reports to Chris Walters, executive vice president of the bank and head of CitizensTrust. Mr Zaleski was most recently a senior wealth advisor at Dubuque Bank & Trust.
- January 28, 2010 - Barclays' Bob Diamond Blasts Obama's Proposed Banking Curbs
President Barack Obama said he was prepared for a fight with Wall Street over his proposals to split off the trading businesses from retail banks. It looks as if one of the world’s biggest banks, Barclays, is willing to take Mr Obama on.
Yesterday, the president of Barclays condemned proposals to cut banks down in size, or split them up, arguing it would do nothing to make the financial world a safer place.
- January 26, 2010 - Schwab Reports Record Year For Advisors Going Independent
The breakaway broker is alive and well, according to Charles Schwab.
The San Francisco-based financial services company said yesterday that it supported a record 172 new advisory teams last year who either started or joined an independent firm, a 40 per cent increase from last year.
Nearly half of those new teams that chose to turn independent with Schwab joined an existing firm.
- January 25, 2010 - Wealth, Investment Industry Wary Of Obama's Banking Plans
US president Barack Obama’s proposal to split up the country’s banks and cap their size has drawn a nervous reaction from wealth and investment commentators, with some predicting such measures could harm sectors such as private equity on a global scale.
It is as yet unclear whether other nations will follow suit, although it appears that the UK Conservative Party, which could win the next UK national elections to be held by early summer, is in favour of a similar move.
The US president’s proposals, designed to prevent another financial crisis, were annou.
- January 22, 2010 - Obama Proposes Sweeping Bank Law, Raises Questions For Wealth Industry
Undaunted by this week’s stunning electoral reverse for the ruling Democrat Party in Massachusetts, US president Barack Obama has proposed sweeping controls on the country’s banking industry, imposing limits similar to measures imposed in the 1930s amid the Great Depression, media reports said.
Mr Obama has called for banks to be banned from managing their own trading desks as part of a move to separate such dealing activity from the deposit-taking functions of a bank. He is also proposing to cap the size of banks, so that they do not grow so large as to create a “too big to fail” t.
- January 21, 2010 - US Bank Fourth Quarter Results Show Wealth Management Mostly In Good Health
If yesterday’s fourth quarter earnings news were any indication, 2010 looks very promising indeed for the wealth management and financial advisory businesses at a number of the US’ largest financial institutions, including Morgan Stanley, Bank of America, and Bank of New York Mellon.
Results, however, were not so promising at Wells Fargo, where figures for its wealth management arm showed a decline in 2009 profits from a year before.
At Morgan Stanley, fourth quarter numbers released yesterday showed an increase in revenue from the global wealth management group to $3.
- January 21, 2010 - Net Income Rises At Wealth, Investment Arm Of BoA/Merrill
The global wealth and investment management arm of Bank of America Merrill Lynch, now the world’s largest wealth firm, said its net income in 2009 rose to $2. 5 billion from $1. 43 billion a year before, as BoA’s earnings were lifted by its acquisition a year ago of Merrill Lynch.
- January 21, 2010 - Net Income Declines At Raymond James Financial
Florida-based Raymond James Financial, the network of financial advisory and wealth management firms, said its net income for the fourth quarter of 2009 fell by 13 per cent to $42. 9 million, compared with just over $49. 1 million in the same three months of 2008.
- January 20, 2010 - Investors' Risk Appetite Rises, Cut Cash Surpluses - BoA/Merrill Lynch
Investors, once shell-shocked by the financial turmoil, rediscovered their risk appetite in January and put cash reserves back to work in the equities markets, according to the Bank of America Merrill Lynch Survey of fund managers.
For the first time since January 2006, investors are taking above-average risk, relative to their benchmark, the survey of 209 fund managers, managing a total of $539 billion, showed.
A net 2 per cent is taking “higher than normal” risk, compared with a net 7 per cent taking “below normal risk” in December.
