The lawsuit, which seeks a class action, was filed in New York federal court last week. It follows similar suits brought against UBS, Ameriprise and LPL Financial.

According to the federal complaint calling for a class action, the firm’s policies “maximize profits for UBS while at the same time disregarding its clients’ best interests.”

Morgan Stanley CEO Ted Pick said fee-based flows remained a “growth space” for the business, while Merrill CFO Alastair Borthwick said high asset management fees offset the NII dip.

BlackRock’s plans to leverage its recent acquisition of Preqin to build private market ETFs have drawn skeptics, reports the Financial Times. Fortune profiled nine executives in the burgeoning private credit arena. These are among the investment...

REIT total returns rose for the second straight month and are approaching a break-even point for the year.