FINRA’s National Fraud and Financial Crimes Detection Programs has sent 50 cases to the SEC involving potential fraud by public companies related to COVID-19. So reports Think Advisor.
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Since the turmoil that seized the banking sector with the mid-March failure of Silicon Valley Bank, at least 21 advisors have left First Republic Bank, with 13 heading to Morgan Stanley. So reports AdvisorHub.
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Private equity group Reverence Capital Partners is courting suitors for a minority stake in wealth management firm network Osaic, previously known as Advisor Group, according to sources with knowledge of the situation. So reports Bloomberg.
The people said that Reverence was looking to sell up to 20% of Osaic in a deal that could be valued at up to $2.5 billion.
Osaic said in June it was rebranding under the new name as it brought together eight wealth management businesses into a single organization.