Coronacrash
UBS to Curtail Expense-Account Benefit Due to Virus Constraints
Social-distancing rules preventing brokers from being reimbursed for unrealized T&E expense leads firm to discontinue deductions as of September.
Wall Street Sends Wine, Masks to Clients With Steakhouses Closed
Wall Street investment funds won’t let a pandemic and riots stop them from wooing clients.
U.S. Jobless Claims in Millions Again, Higher Than Expected
The number of Americans seeking unemployment benefits remained in the millions for an eighth straight week as the economy continued to reel from the coronavirus pandemic.
Edward Jones: Advisor Attrition Could Increase as Virus Cuts Productivity
The economic impact of Covid-19 affecting all firms could be particularly harmful to the careers of Edward Jones’ largely homegrown workforce of single-office advisors servicing middle-class Americans.
Oppenheimer: Net New Assets Will Temper Fee Declines
New York “regional” offers hope that second-quarter results will be somewhat leavened by first-quarter asset flows.
Thiel-Backed Firm Helps Ultra-Wealthy Trade Hedge Fund Holdings
Addepar Inc., a Silicon Valley firm whose clients handle almost $2 trillion of wealth-management assets, created a way to more easily trade investments in hedge funds and private equity funds.
Virus Relief: UBS Delays Higher Comp Hurdles for Team Bonuses and Clubs
Delays for three months higher revenue hurdles to qualify for team-production pay and eliminates plan raise criteria this year for “recognition” trips and other “council” perqs.
Ultra-Rich Families With Cash on Hand Pile Into Private Debt
Michel Andre Heller is looking to lend when credit is tight.
Brokers at Wells, Morgan Stanley Come and Go in Crisis Atmosphere
Morgan Stanley nabs Merrill broker in Georgia, Wells hires Morgan Stanley broker in Texas while losing a branch manager there to independence.
Rich Americans Seize Historic Chance to Pass On Wealth Tax-Free
Rich Americans are taking advantage of an unprecedented opportunity, made possible by the coronavirus pandemic, to transfer money to their children and grandchildren tax-free.
RBC Recruits Merrill Team in Jersey Managing $472 Million
The move is the third within a week that the Royal Bank of Canada unit confirmed amid the chaos of the coronavirus crisis.
