North America
Investment | 20 Oct 16
Merrill Lynch ditches US expats in account closures
Merrill Lynch, one of the ‘big four’ investment banks in the US, will no longer work with US citizens living abroad following the closure of all expat accounts earlier this month, a UK-based IFA firm has confirmed.
North America | 20 Oct 16
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.
US asset manager Cohen & Steers initiates UK push
American asset manager Cohen & Steers has initiated a fresh push into the UK investment market and plans to launch two new funds as part of the effort.
Protectionist presidency poses biggest risk to US equities
Rathbones asset allocation strategist Edward Smith has argued that investors should “pay close attention to the insidious creep of protectionism, as US politicians and elsewhere look to harness the disenfranchised.”
BlackRock sees US RDR-style rules impacting investment flows
The US Department of Labor’s planned RDR-style rule change on providing investment advice for retirement planning, will have a major impact on investment flows, fund management giant BlackRock said in its quarterly results statement on Tuesday.