GSAM to Use NextCapital for Defined Contribution Foray Goldman Sachs Asset Management (GSAM) is acquiring Chicago-based robo-advisor NextCapital Group to hasten the development of Goldman Sachs’ offerings for the defined contribution market via personalized managed accounts and digital advice, officials say. The transaction is slated to close during the second half of this year, depending… Read More >>
ASX May Delay CHESS Replacement Launch Again
A key Australian Stock Exchange (ASX) executive has announced another likely delay in the launch of the blockchain-based infrastructure that will replace the legacy Clearing House Electronic Subregister System (CHESS) due to new requirements for the core software of the platform to come. The ambitious. cutting-edge operations platform for securities transactions was slated to go… Read More >>
SEC to Scan Private Funds, ESG, Ops & More
It’s that time again. Only this go-round, pardner, there’s a new sheriff at the U.S. Securities & Exchange Commission (SEC). And he’s refocusing priorities. Yup, the SEC Division of Examinations has announced its 2022 examination priorities, which include “several significant areas of focus and many perennial risk areas. The Division will focus on private funds,… Read More >>
Congress Should Rein In Exchanges: SIFMA
SIFMA wants Congress to shake up the legal framework for securities exchanges. This is because some key federal securities laws are preserving advantages for exchanges but may be harming investors, says Ellen Greene, SIFMA managing director, equity and options market structure, in her recent testimony before Congress. But there are ways to fix the situation,… Read More >>
BNY Mellon FSI DAC Fined $12M for Regulatory Breaches
Citing 16 breaches of the regulations governing fund administration outsourcing, the Central Bank of Ireland fined BNY Mellon Fund Services DAC a total of €10,780,000 ($11.9 million), making it the largest monetary penalty to date ever imposed on a fund services provider in Ireland. “BNY DAC is the second-largest fund administrator in Ireland with just… Read More >>
Broadridge Revamps ProxyVote App & Other News
ProxyVote Updates Target Ease-of- Voting & Query Concerns Broadridge Financial Solutions has improved its ProxyVote app to help investors gain easier access to proxy information, officials say. “The enhancements make it easier than ever for investors to access and review proxy information in upcoming annual meetings of the companies and mutual funds they own, and… Read More >>
SEC Advances Climate Risk Disclosure Rules
As many expected it would, the Securities and Exchange Commission (SEC) is pushing for new rules that will require public companies to report more details about the climate-related risks that could “have a material impact on their business, results of operations, or financial condition.” But not everyone is on board with this move, including a… Read More >>
Aladdin Grants BlackRock’s Wish & Other News
BlackRock Lands $150B Mandate with AIG BlackRock’s investment management technology platform Aladdin will play a key role in the $150 billion mandate that the asset manager just signed with insurance giant American International Group (AIG), officials say. The Aladdin platform encompasses portfolio management and risk analytics. The world’s largest asset manager will oversee key AIG… Read More >>
Alpine Securities to Appeal FINRA’s Expulsion
FINRA, the self-regulatory organization (SRO) for broker-dealers, has expelled Alpine Securities Corp. for its alleged misconduct. An attorney representing Alpine Securities, replying to questions from FTF News, took issue with FINRA’s finding, saying, “Alpine will be appealing the decision and, pursuant to applicable regulations, will continue to operate while the decision is reviewed.” Expulsion is,… Read More >>
Average Wall Street Bonuses Hit $257,500
Bonus season on Wall Street is here and it could be quite lucrative for some. For achievements in 2021, bonuses for staff at actual Wall Street firms grew by 20 percent over bonuses for 2020, according to the New York State Comptroller’s office. “The average bonus paid to employees in New York City’s securities industry… Read More >>
