BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[UBS snags Merrill vet to save its wealth management business]]>http://www.bloggingstocks.com/2009/10/27/ubs-snags-merrill-vet-to-save-its-wealth-management-business/http://www.bloggingstocks.com/2009/10/27/ubs-snags-merrill-vet-to-save-its-wealth-management-business/http://www.bloggingstocks.com/2009/10/27/ubs-snags-merrill-vet-to-save-its-wealth-management-business/#commentsFiled under: ,

In wealth management circles, Robert McCann is a pro. After all, he ran Merrill Lynch's financial advisory business -- known as the "thundering herd" -- which is now part of Bank of America (NYSE: BAC).

However, he left in January and wanted another opportunity. But there was a problem: he had a noncompete. So, with the help of skillful attorneys, he was able to reach some type of settlement.

Continue reading UBS snags Merrill vet to save its wealth management business

UBS snags Merrill vet to save its wealth management business originally appeared on BloggingStocks on Tue, 27 Oct 2009 12:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BACBank of AmericainthenewsMorgan StanleyMSRobert McCannUBSwealth managementTue, 27 Oct 2009 12:00:00 EST<![CDATA[Morgan Stanley gets a profit and top spot for M&A]]>http://www.bloggingstocks.com/2009/10/21/morgan-stanley-gets-a-profit-and-top-spot-for-manda/http://www.bloggingstocks.com/2009/10/21/morgan-stanley-gets-a-profit-and-top-spot-for-manda/http://www.bloggingstocks.com/2009/10/21/morgan-stanley-gets-a-profit-and-top-spot-for-manda/#commentsFiled under: , ,

During the past year, Morgan Stanley (NYSE: MS) went from near-death to profitability. Yes, Wall Street can be extremely resilient.

In its latest quarterly report, Morgan Stanley posted a profit of $757 million, or $0.38 per share. This was far below the company's results in the same period a year ago, which came to $7.7 billion, or $6.97 per share (keep in mind there was a large one-time gain for this quarter).

Continue reading Morgan Stanley gets a profit and top spot for M&A

Morgan Stanley gets a profit and top spot for M&A originally appeared on BloggingStocks on Wed, 21 Oct 2009 11:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>earningsGoldman SachsGSinthenewsInvescoMorgan StanleyMSwealth managementWed, 21 Oct 2009 11:50:00 EST<![CDATA[Amid stock slump, states doubling-down on U.S. hedge fund investments]]>http://www.bloggingstocks.com/2008/08/14/amid-stock-slump-states-doubling-down-on-u-s-hedge-fund-invest/http://www.bloggingstocks.com/2008/08/14/amid-stock-slump-states-doubling-down-on-u-s-hedge-fund-invest/http://www.bloggingstocks.com/2008/08/14/amid-stock-slump-states-doubling-down-on-u-s-hedge-fund-invest/#commentsFiled under:

Start with a few speculative stocks. Add a distressed-debt corporate bond portfolio, and two quantitative-based hedge funds, and a momentum-based hedge fund for the British pound/Japanese yen currency pairing.

Sounds like a typical, assertive portfolio for a wealth management group or, perhaps, for an accredited investor.

But a public pension fund?

Public pension funds in the United States are increasing bets on high-risk hedge funds and real estate in an attempt to fill deficits in retirement plans and recover ground, due to the worst performance by pension funds in six years, Bloomberg News reported Thursday.

Public funds, which manage more than $2.45 trillion in assets, are trying to reverse losses averaging 5.5% for the year ended June 30, according to Merrill Lynch data, and stem the tide of deficits, Bloomberg News reported. The State of New York's comptroller is asking its Legislature to increase its alternative investment spending cap; in February, the State of South Carolina upped its alternate investment / private equity / real estate cap to 45% from 0%.

'Investment distortions of the very worst sort'

Economist Glen Langan told BloggingStocks Thursday he doesn't like the sound of the new stance by state / local governments, if the aforementioned represents a trend.

"I view it as another manifestation of the U.S. stock market slump," Langan said. "The underperformance of stocks and the drive for outsized return on equity is leading to investment distortions of the very worst sort. We saw this in the mortgage market with their securities. It got to a point that if the interest rate was high enough, banks made the loan. We've seen it in oil, where the unattractiveness of stocks led institutions to dive into oil futures, driving up prices well above historic gains. And now it looks like public pension funds are catching the bug or flu."

Continue reading Amid stock slump, states doubling-down on U.S. hedge fund investments

Amid stock slump, states doubling-down on U.S. hedge fund investments originally appeared on BloggingStocks on Thu, 14 Aug 2008 14:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>accredited investorsalternative investmentsbondscivil servicehedge fundsinthenewspension fundsprivate equitypublic employeesreal estateretirementretirement plansreturn on equityState of New YorkState of South CarolinastocksU.S. Congresswealth managementThu, 14 Aug 2008 14:31:00 EST<![CDATA[Housing sector slump seen decreasing some Baby Boomers' nest eggs]]>http://www.bloggingstocks.com/2008/06/26/housing-sector-slump-seen-decreasing-some-baby-boomers-nest-egg/http://www.bloggingstocks.com/2008/06/26/housing-sector-slump-seen-decreasing-some-baby-boomers-nest-egg/http://www.bloggingstocks.com/2008/06/26/housing-sector-slump-seen-decreasing-some-baby-boomers-nest-egg/#commentsFiled under: , , ,

Baby Boomers, in some cases already facing the 'double demands' of caring for kids and aging parents, have another economic concern, at least for the next phase of the housing cycle: substantially lower household net worth, as a result of declining home prices, so says a Washington-based think tank.

The Center for Economic and Policy Research says the median households head by those ages 45-54 in 2009 will have about 25% less wealth than the similar demographic in 2004. In dollars, household wealth will decline to $113,268 from $150,113.

Further, the above assume March 2008's housing prices hold for 2009: if they don't and prices fall another 10%, household net worth declines by about 35%; 20%, by about 45%, the CEPR said.

Economist Peter Dawson, who is not affiliated with the CEPR or the study, told BloggingStocks part of the problem was "unreasonable expectations regarding home appreciation rates, the belief that 10-15% real estate gains would continue for decades. It got too many adults out of the traditional saving and investing mode and into thinking their home would serve as a major return on investment." Most homes do appreciate, and they can help build wealth, Dawson said, but homeowners must think in terms of a 6-9% average, annual appreciation rate, "which is a more-realistic return for residential dwellings."

Continue reading Housing sector slump seen decreasing some Baby Boomers' nest eggs

Housing sector slump seen decreasing some Baby Boomers' nest eggs originally appeared on BloggingStocks on Thu, 26 Jun 2008 12:44:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>assetsbaby boomersbondsCenter for Economic and Policy Researcestateshousinghousing sectorinthenewsmedian home pricesMedicarepersonal financeSocial Securitystockswealth managementThu, 26 Jun 2008 12:44:00 EST<![CDATA[FC Stone enjoys weighing the risks of a given situation]]>http://www.bloggingstocks.com/2008/01/15/fc-stone-enjoys-weighing-the-risks-of-a-given-situation/http://www.bloggingstocks.com/2008/01/15/fc-stone-enjoys-weighing-the-risks-of-a-given-situation/http://www.bloggingstocks.com/2008/01/15/fc-stone-enjoys-weighing-the-risks-of-a-given-situation/#commentsFiled under: ,

One of the characteristics of this decade's bull market has been the emergence, use, and growth of derivatives, options and futures products, both for hedging and for pure investing purposes, and a company in this segment worth a review is FC Stone.

FCStone Group, Inc. (Nasdaq: FCSX) provides risk management consulting and transaction execution services to commercial commodity intermediaries, end-users and producers. An FCSX unit also offers grain merchandising services for grain buyers/sellers in the U.S. and overseas; the company also ships about 100 million bushels of grain per year.

Continue reading FC Stone enjoys weighing the risks of a given situation

FC Stone enjoys weighing the risks of a given situation originally appeared on BloggingStocks on Tue, 15 Jan 2008 19:34:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>commoditiesderivativesFC StoneFcStoneFCSXfutureshedge fundsinvestment fundsoptionsrisk managementwealth managementTue, 15 Jan 2008 19:34:00 EST<![CDATA[Sequoia Capital wants in on China's wealth explosion]]>http://www.bloggingstocks.com/2007/10/23/sequoia-capital-wants-in-on-chinas-wealth-explosion/http://www.bloggingstocks.com/2007/10/23/sequoia-capital-wants-in-on-chinas-wealth-explosion/http://www.bloggingstocks.com/2007/10/23/sequoia-capital-wants-in-on-chinas-wealth-explosion/#commentsFiled under: , , ,

Sequoia Capital is a pioneer of the venture capital space, having invested in such game-changing companies like Apple (NASDAQ: AAPL), Cisco (NASDAQ: CSCO), and Google (NASDAQ: GOOG). No doubt, they've helped create many millionaires -- and some billionaires.

Well, the same thing is now happening in China, although the wealth management business in the country is still in the early stages.

As a result, Sequoia wants to be a player and has invested several million for a 20% stake in Noah Private Wealth Management Centre, which is headquartered in Shanghai. With the cash infusion, the firm can expand into other cities as well as add new consultants and perhaps some tech systems.

It's a very savvy move. And, yet again, it should result in a big payday for Sequoia.

Visit DealProfiles.com if you want to check out other recent venture capital fundings.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements.

Sequoia Capital wants in on China's wealth explosion originally appeared on BloggingStocks on Tue, 23 Oct 2007 15:02:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ChinaSequoia CapitalSequoiaCapitalVenture CapitalVentureCapitalWealth ManagementWealthManagementTue, 23 Oct 2007 15:02:00 EST<![CDATA[Wachovia buys A.G. Edwards]]>http://www.bloggingstocks.com/2007/05/31/wachovia-buys-a-g-edwards/http://www.bloggingstocks.com/2007/05/31/wachovia-buys-a-g-edwards/http://www.bloggingstocks.com/2007/05/31/wachovia-buys-a-g-edwards/#commentsFiled under: , , , , , , ,

In a move to make it one of the largest retail brokerage operations in the country, banking giant Wachovia (NYSE: WB) has bought AG Edwards (NYSE: AGE). The combined operations will become second only to Merrill Lynch (NYSE:MER), and ahead of Citigroup's Smith Barney. The new operation should have about 15,000 brokers.

It is easy to say that the move is simply a cost consolidation play. Wachovia says that it can take out [subscription required] about $400 million in duplicate costs, which should add to the profitability of the acquired assets.

Wachovia, however, is cleverer than simply making the purchase as a simple earnings play. Retail brokers are huge collectors of assets. The new, combined operation will manage $1.1 trillion.

Rival banks, including Bank of America (NYSE: BAC) and JP Morgan (NYSE: JPM) do not have networks of brokers anywhere near this scale. That gives Wachovia an edge in wealth and asset management that Citigroup already has. While Wachovia's stock is flat over the last year, Citi is up about 12% and JP Morgan has climbed well over 20%.

Perhaps Wachovia needs a little edge.

Douglas A. McIntyre is a partner at 24/7 Wall St.

Wachovia buys A.G. Edwards originally appeared on BloggingStocks on Thu, 31 May 2007 08:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>a.g. edwardsA.g.Edwardsagebacbanksbrokersccitigroupjpmmermergersmerrill lynchMerrillLynchwachoviawbwealth managementWealthManagementThu, 31 May 2007 08:20:00 EST<![CDATA[Bank of America still not hip with the super wealthy]]>http://www.bloggingstocks.com/2007/04/04/bank-of-america-still-not-hip-to-the-super-wealthy/http://www.bloggingstocks.com/2007/04/04/bank-of-america-still-not-hip-to-the-super-wealthy/http://www.bloggingstocks.com/2007/04/04/bank-of-america-still-not-hip-to-the-super-wealthy/#commentsFiled under: , , ,

Back in November, Bank of America Corp. (NYSE: BAC) agreed to shell out $3.3 billion for U.S. Trust, a bank that focuses on the super wealthy. Only five months later and the deal is already going sideways [subscription required]. The CEO of U.S. Trust, Peter Scaturro, is going to leave by summer.

I'm not surprised. When the deal was struck, several friends of mine from U.S. Trust left to go to other private banks. They told me that there would be a culture clash, so why jeopardize clients?

This was exactly the case with contended issues ranging from serious to funny. For example, one dispute was whether to charge clients ATM fees (to me, if a client has $100 million with your bank, it does sound kind of petty). Another issue was investment selections -- should Bank of America push its own products?

This is not to say that the deal will implode. It's smart that Bank of America is taking quick action, but to get things back on track, it may mean letting U.S. Trust have its own identity - lest more financial advisors and perhaps clients move elsewhere.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Bank of America still not hip with the super wealthy originally appeared on BloggingStocks on Wed, 04 Apr 2007 13:53:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bacbank of americaBankOfAmericaU.S. TrustU.s.TrustWealth managementWealthManagementWed, 04 Apr 2007 13:53:00 EST