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- FINRA RegNote 17-40: AML/KYC Requirements Under FINRA Rule 3310
- Trump defends Roy Moore: 'He totally denies it'
- Barclays CEO Staley's New Investment Banking Strategy Falters
- FIFO: Senate Plan Lets Mutual Funds Skip A Tax Change That Hurts Individual Investors
- FINRA Introduces New Functionality and Design to Fund Analyzer
- Oyster Bay, NY, and Former Top Official Charged with Defrauding Muni Investors
- State Street Challenging BNY Mellon As Largest Custody Bank
- Changes to FINRA Advisory Committees: Phase 1
- SEC Approves CAT Fee Dispute Resolution Process
- Boston-Area Consultant & Friend Settle SEC Insider Trading Charges
- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
- Goldman to Launch $5bn Fund with China Investment Corp.
- Wells Fargo Launches Robo-Adviser Targeting Millenial Investors
- Barclays Fails to End U.S. 'Dark Pool' Class Action
- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
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NEWSLETTERS & ALERTS
No More ‘Chinese Walls’? Morgan Stanley Puts Brokers Alongside Bankers
Reuters reports that Morgan Stanley is creating a new private wealth management flagship office at its Times Square headquarters in New York. To do so the firm is moving 90 of its financial advisers from its 522 Fifth Avenue location to Times Square. Some top wealth executives, including Vince Lumia, will also make the move to Times Square. Until now, Morgan Stanley's Times Square location has housed its institutional business which includes banking, trading and research.
Morgan hopes to generate more business between its investment bank and wealth management units by encouraging more interaction.
- e.g., an investment banker might introduce an executive whose company is about to go public to an adviser to manage his wealth;
- e.g., an adviser might introduce a corporate client to an M&A banker to get advice on a transaction.
The plan is the brainchild of Morgan Stanley's "strategic client management" unit, which is now run by Mr. Lumia, who also heads up the private wealth management group.