Mitsubishi UFJ Financial Group (MUFG) quietly announced what could turn out to be a major wave in the global asset management industry. MUFG, the holding company for commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing services, recently announced that it has begun implementing an asset management (AM) business strategy that… Read More >>
Millennial Wave Coming for Financial Advisors: Survey
Apparently, there’s at least one thing that the Millennial generation likes that their Boomer parents also like — enlisting financial advisors. This might be good news for securities trading firms worried that the wealth of young America was heading down a cryptocurrency rabbit hole. This was uncovered via a new study sponsored by post-trade systems… Read More >>
DataRobot Taps Rob Hegarty for General Manager Post
Hegarty to Head Financial Markets and Fintech Unit DataRobot reports that Rob Hegarty has been appointed its general manager of financial markets and fintech. Hegarty, a financial technology veteran, will lead DataRobot’s expansion in the capital markets and fintech industries by “empowering even more organizations to leverage machine learning and become AI-driven,” according to the… Read More >>
Firms to Cut 400,000 Jobs by 2030: Report
As securities firms move toward the new Nirvana of digital transformation, the result will be an acceleration of staff cuts resulting in “an enormous reduction in staff with more than 400,000 full-time employees lost by 2030,” according to a report from market research firm Opimas. In fact, asset management firms may see the greatest impact,… Read More >>
Piper Jaffray Sells Off Asset Management Businesses
Investment bank Piper Jaffray Companies is leaving the asset management realm via the sale of its Advisory Research Inc. (ARI) businesses, which will help the firm sharpen its IB focus, officials say. Piper Jaffray acquired ARI in 2010, and during the past nine years, “the asset management industry has continued to evolve in terms of… Read More >>
Asset Managers Must Disrupt Hiring Practices: Report
The disruptions rocking the securities industry — fee compression and consolidation, artificial intelligence, big data, analytics and social media — are rippling through the asset management sector and compelling many to reconsider hiring practices for core business functions. This is according to a report from Greenwich Associates, “Top Asset Management Talent Will Need to Evolve…… Read More >>
Pagaya Raises $25 Million in Series C Funding
Pagaya Investments, an asset manager for alternative investments, has raised $25 million in Series C funding that will help the firm achieve its goal of reshaping asset management via cutting-edge, disruptive IT, officials say. Oak HC/FT led the $25 million round with participation from: Pagaya’s seed investor Viola Ventures, a venture capital firm that manages over… Read More >>
World Bank Signs Licensing Agreement with SimCorp
World Bank Deployment to Cover Middle and Back Offices SimCorp, which provides investment management products and services to the financial services industry, reports that the World Bank has licensed SimCorp Dimension, the vendor’s investment management system. The agreement was signed in late 2018, per SimCorp. Under the agreement, the World Bank has licensed SimCorp’s “middle… Read More >>
BB&T Securities Settles SEC Charges of Misleading Clients
BB&T Securities and the SEC have settled charges that a firm acquired by BB&T’s parent company allegedly misinformed advisory clients that they were getting discounted full-service brokerage services internally “while significantly less expensive options were available externally,” according to the SEC. Ultimately, the agreement requires BB&T Securities to return “more than $5 million to retail… Read More >>
Asset Managers ‘Massively’ Mismanage Corporate Actions Decisions: Report
Asset managers are not optimizing corporate action decisions “on a massive scale” and causing losses to beneficial holders in excess of $1 billion annually, which is likely to spur regulatory and litigation risks, according to a new white paper published by international law firm Greenberg Traurig and commissioned by Scorpeo, a company specializing in capturing… Read More >>
