The all-stock takeover adds E*Trade’s $360 billion of client assets to Morgan Stanley’s $2.7 trillion, in the biggest acquisition by a Wall Street firm since the financial crisis.
The $4.5 billion deal between Franklin Resources and Legg Mason will create a firm with a combined $1.5 trillion in assets.
International wealth management co-head Iqbal Khan may not be in the running because of his relatively brief tenure at the bank.
Roughly half of Stifel's revenue growth is likely to come from wealth management this year, according to CEO Ronald Kruszewski.
Some 233,000 savers held seven-figure 401(k)s as of Dec. 31, up about 17% from the prior quarter.
BlackRock said Wednesday that the $600 million investment in its iShares ESG MSCI EM Leaders ETF came from Ilmarinen, Finland’s oldest pension company.
Treasuries now make up more than half of the world’s haven assets, double the share they accounted for during the global financial crisis.
Active managers aren’t doing themselves any favors with their picks.