BNY Mellon, an investment management and investment services provider, has promoted Donald J. Heberle to be the new CEO of BNY Mellon Wealth Management, succeeding current CEO Lawrence Hughes who is retiring on June 30, officials say. Hughes, who is leaving after 24 years with BNY Mellon, will continue with BNY Mellon in an advisory… Read More >>
Broadridge Hires Execs from UBS, Thomson Reuters
FinTech vendor Broadridge Financial Solutions has appointed two new executives, Liz Pedersen as senior vice president of wealth managed services and Traci Mabrey as head of wealth solutions, officials say. Pederson joins Broadridge from UBS, where she was a managing director and co-head of the securities services group, overseeing post-trade processing. Mabrey joins Broadridge from… Read More >>
Deutsche AWM Goes Live with Eagle Solution
Vendor Eagle Investment Systems, a subsidiary of BNY Mellon, reports that its data management solution has gone live at Deutsche Asset and Wealth Management, where it will support the firm’s EMEA and Asia-Pacific operations, officials say. “Deutsche AWM, with €1.039 billion of assets under management (AUM), is among the 10 largest bank-owned asset and wealth… Read More >>
Survey: Asian Firms Need More IT for Wealth Management
SS&C Technologies Holdings, Inc., a Windsor, Conn.-headquartered provider of financial services software and software-enabled services, reports that a survey examining wealth management operations and technology in Asia has found that “banks in Asia do not have the technology to meet high net worth customers’ reporting and analytics demands,” according to an SS&C statement. Specifically, the… Read More >>
New Asset Management Senior Partner at Caldwell Partners
Toronto-headquartered Caldwell Partners International Inc., an executive search firm, reports that Glenn Buggy has joined as a senior partner in the asset and wealth management practice, and as the leader of the legal, risk and regulatory oversight practice. His mandate is to “focus on leading the firm’s growth in financial services legal, compliance, anti-financial crimes,… Read More >>
Broadridge’s Purchase of Direxxis Paves Way for Product Integration
Broadridge Financial Solutions has acquired Direxxis, a provider of cloud-based marketing solutions and services, in a bid to broaden its offerings for wealth and asset managers, and to provide integration with Direxxis’ marketing management and automation platform, officials say. Direxxis offers integrated enterprise marketing solutions to integrate people, processes and technologies, officials say. Direxxis’s sales… Read More >>
Chartwell to Use Vestmark Offerings
Vestmark, a Jersey City, N.J.-based purveyor of advisory solutions and wealth management technology, reports that Chartwell Investment Partners (CIP) is live on VestmarkONE, Vestmark’s unified management platform, to manage CIP’s separately managed accounts, and the Vestmark business process outsourcing (BPO) solution. Chartwell is a Berwyn, Pa.-based investment firm focused on institutional, sub-advisory, managed account and… Read More >>
Morgan Stanley: Employee Stole Client Data
Personal information was allegedly stolen from roughly 10 percent of Morgan Stanley’s wealth management clients by an employee, and account information related to nearly 900 separate accounts was briefly posted via the Internet before being removed, officials say. Morgan Stanley officials allege that information was taken by a single Morgan Stanley Wealth Management employee, who… Read More >>
Regulators Hit Barclays with $62 Million in Fines
Taken together, Barclays Capital and Barclays Bank will be paying a total of $61,913,453 in penalties to U.S. and U.K. regulators for two past incidents — an inadequate compliance system for wealth management efforts, and a failure to properly protect clients’ custody assets. In the U.S., Barclays Capital is paying a $15 million penalty to… Read More >>
Aite: Firms Need Better Client Reporting
Improving client reporting capabilities is near the top of many wealth management firms’ to-do lists, and if it’s not, according to two recent reports by market research firm Aite Group, it should be. The new reports “Client Reporting in Wealth Management: An Advisor Perspective” and “Client Reporting in Wealth Management: A Vendor Review,” indicate that… Read More >>
