Paul Murans, who owns Kentucky Derby thoroughbreds and reportedly produced around $2 million at a wirehouse, has moved to independent firm Thurston, Springer in Indianapolis.
Securities and Exchange Commission wrests penalty for sale of expensive mutual fund share classes from 2010 to 2015 that reaped $18.5 million for Swiss bank’s U.S. broker-dealer.
Firm tells managers that as of Friday it will drop out of the Protocol for Broker Recruiting, opening the gates to potential litigation if people who leave contact clients within a year.
Customers pulled a net $2.3 billion from their Wealth Management Americas accounts, related mainly to “financial advisor attrition,” Swiss banking giant says.
The wirehouse decimated a top producer’s business by falsely telling his former clients that he had overcharged them and by “reimbursing” their fees, according to his lawyer.
Broker with big “institutional” business takes at least three people with him to Walnut Creek branch, while 10-year Merrill broker in Modesto takes some of his team to Raymond James.
Chief Executive Tom Naratil has told advisors there will be no surprises in the pay plan the company will release in coming weeks, in contrast to last year’s whirlwind of changes.
Bay Area bank has been rapidly expanding its private wealth business with the help of experienced wirehouse brokers.
A senior executive acted appropriately in firing broker for reasons unrelated to his allegations of elder abuse by a colleague, firm says in legal filing.