Retail investment and robo-advice top SEC’s 2017 priorities
The US Securities and Exchange Commission has put retail investor protection and robo-advice at the centre of its examinations programme for 2017.
SEC
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PEOPLE MOVES: Axa, James Hambro, Fidelity Int’l
After 10 years with the business, the chief executive of Axa Global Asset Management has announced she is stepping down. James Hambro & Partners has made three senior staff members partners of the business, with Fidelity International handing five multi-asset open range funds to a new portfolio manager.
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US funds must disclose fees under DoL adviser reforms
US mutual funds will be required to fully disclose all their fees and asset allocation as a result of the Department for Labour’s (DoL) upcoming investment advice rule, according to the Securities and Exchange Commission (SEC).
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SEC charges US fund manager over $2.5bn pay-to-play scheme
A US pension fund manager has been charged by the Securities and Exchange Commission (SEC) for a $2.5bn (€2.3bn, £2.02bn) pay-to-play scheme, including cocaine and hookers.
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Departures continue with SEC enforcement head to step down
The US Securities and Exchange Commission (SEC) has confirmed that enforcement director Andrew Ceresney is to leave the agency by the end of the year, the latest in a series of high-profile departures from the regulator.
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Pimco fined $20m for misleading investors on active ETF
Investment manager Pimco has been fined nearly $20m (£15.9m, €18.9m) by the US Securities and Exchange Commission (SEC) for misleading investors about the performance of its actively managed Total Return ETF.
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Maseco Wealth targets ‘gaping hole’ for US citizens in Asia
UK-based Maseco Wealth, the specialist wealth manager for US expat clients, is to target Asia with the launch of an independently owned business in Hong Kong.
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PEOPLE MOVES: Julius Baer, US SEC, JP Morgan
Swiss private bank Julius Baer is reportedly hoovering up bankers from the defunct Singapore branch of BSI Bank. The US Securities and Exchange Commission has announced two more resignations, while JP Morgan Asset Management has created a chief executive and country head role in Australia.
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PEOPLE MOVES: US SEC, Zurich, LGIM
The list of jobs to be filled by president-elect Donald Trump just got longer after the SEC’s chair confirmed she will step down at the end of the Obama administration. Zurich has named the new chief executive of its UK business, with Legal & General IM making senior appointments in the US.
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US adviser faces CFP ban for conning athletes out of $33m
A professional body representing financial advisers in the US has temporarily banned one of its members for siphoning over $33m (£22.5m, €29.2m) from professional sports stars in an alleged Ponzi scheme.
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Hong Kong regulator bans adviser for 10 years
Hong Kong’s Securities and Futures Commission (SFC) has cancelled the licences of Richmond Asset Management and its owner Graham Frank Bibby and banned him from re-entering the industry for 10 years.
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SEC fines Israeli bank for offering advice without a licence
Israel-based Bank Leumi will pay $1.6m (£1.3m, €1.45m) and admit wrongdoing to settle charges from the US Securities and Exchange Commission that it provided investment advice to US customers for over 10 years without registering as an investment adviser or broker-dealer.