In one fell swoop, Dain Bosworth in Minneapolis and Rauscher Pierce Refsnes in Dallas have combined forces to become the nation's 9th largest full-service brokerage firm, just a handful of brokers shy of EVEREN Securities' 1,280 producers.The...
Despite reports that upfront money is back and bigger than ever, recruiting at the wirehouses is tougher than ever, say some branch managers. The long bull market, growth of deferred compensation plans and the shrinking number of competitors take...
On Aug. 7, the SEC gave NASD Regulation the green light to put its new "Code of Procedure" into effect as part of the NASD's broad settlement with the SEC last year.The new code, which governs enforcement actions and disciplinary proceedings, is a...
Canada's effort to regulate its mutual fund distributors has hit yet another pothole. But this one, according to the acting head of the Ontario Securities Commission (OSC), may have been created by the OSC's own boss-the government of Ontario.In a...
The Ontario Securities Commission, Canada's largest provincial regulator, has uncovered numerous regulatory abuses by mutual fund dealers, including poor supervision of salespeople and improper commingling of client funds.According to an internal...
After failing to win much support for its claim that numerous provisions in standard customer agreements are illegal, the Public Investors Arbitration Bar Association (PIABA) is pressing its assault on industry dispute resolution practices on...
In his 13 years as a broker with Prudential Securities, Ellis Prince Jr. figures about seven managers came and went at his branch. Prince sat back and watched only slightly less turnover in the regional manager position. A veteran of several...
Merrill Lynch has launched a new mutual fund wrap fee program incorporating 2,000 funds from 80 fund families. The non-discretionary account uses both load-waived and no-load funds.The new account, Mutual Fund Advisor Selects, was introduced in...
Wit Capital Corp. (http://www.witcapital.com)-the world's first Web-based investment bank (see "New Issues, New Medium," June '97, RR)-opened for business in September, has participated in two IPOs, and is promising to soon originate some of its...
Now that the NASDR has filed its rule proposal with the SEC eliminating its requirement that all discrimination and sexual harassment complaints be subject to arbitration, the question becomes: Will the NYSE follow in the NASDR's footsteps?The...
