Oil tumbled to a six-week low after the U.S. government reported a further expansion in gasoline and distillate supplies, signaling lackluster demand.
For the first time in its history, Goldman Sachs Group Inc. broke out results for private banking and wealth management as part of its fourth-quarter report on Wednesday.
Fourth-quarter net income at Bank of America’s global wealth and investment management division fell, but client assets rose to a record $4 billion.
AdvisorHub CEO and Publisher, Tony Sirianni, recently had a chance to sit down with Dynasty Financial Partners CEO, Shirl Penney, in NYC in the wake of his firm announcing a strategic partnership with Envestnet (ENV) to build an Advisor Services Exchange (ASx). As part of the announcement, Envestnet is also making an undisclosed minority and non-material investment in Dynasty.
Brian Sepe, a former divisional and Latin American wealth head at Merrill, argued that firm’s mortgage fraud during the financial crisis eviscerated the worth of his company stock and options.
UBS has cut as much as 20% of the workforce in some European regions and is reducing management layers in Asia to bring clients closer to top decision-makers, people with knowledge of the matter said, asking not to be identified as the matter is private.
Wells Fargo Advisors had its best recruiting year since 2016, but advisor headcount fell by more than 450 over the past 12 months due to retirement and other attrition, a spokeswoman said.
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UBS Group AG plans to open a new office in Miami to work with Latin American wealth managers, part of a broader effort by the Swiss bank to expand its business in the U.S.