U.S. regulators have fined Morgan Stanley’s wealth management division $280,000 over failures in its know your customer (KYC) processes that led to a fictitious hedge fund – in reality the front for a U.K.-based Ponzi scheme – being able to open accounts despite numerous red flags, officials say. The CFTC fined Morgan Stanley Smith Barney… Read More >>
FinTech Incubators Bring Back Innovation
Regulatory compliance doesn’t usually make for scintillating dinner party conversation, but that’s how Adam Sodowick, founder and CEO of gamification training and data analytics vendor True Office, got his big break. He’d just started his company about a year and a half ago and was trying to figure out his next move when Sodowick bumped… Read More >>
Tom Joyce Exits after Overseeing Knight-GETCO Merger
Knight Exec Departs after Merger with GETCO Is Official Earlier this month, Thomas M. Joyce left KCG Holdings, the company resulting from the merger of Knight Capital Group and GETCO, according to media reports. Joyce’s most recent post was as executive chairman, helping oversee the merger of the two firms.“With the transaction with GETCO completed,… Read More >>
Wall Street Layoffs and Bonuses Are Back as Colin Powell to Speak at Fiserv Forum
DiNapoli Report: Upward Spiral for Bonuses and Layoffs Bonuses for 2012 will rise by 9 percent during this year’s bonus season as profits for broker/dealer operations of NYSE Euronext exchange members tripled compared to profits earned in 2011, according to report from the office of the New York State Comptroller Thomas P. DiNapoli.At the same… Read More >>
RIAs and Outsourcing
Over the past year, back office services provider BridgePortfolio has seen an uptick in demand for its outsourced offerings—which weave in Fiserv’s software—among registered investment advisors (RIAs). But BridgePortfolio is also seeing more RIAs willing to outsource front, middle and back office operations, says Mike Ruane, national sales manager for the Chicago-based vendor.“I manage the… Read More >>
Welcome to Clawback Season
In theory, we are in bonus season. But it’s looking more like clawback season as banks give bonuses more in line with performance. A case in point is UBS, which for the first time in its history is taking back part of the bonuses slated for its investment bankers, according to a report in the… Read More >>
