Late Monday, Morgan Stanley confirmed its board had authorized management to pursue a spinoff of Discover, which it says "reinforces" its strategy to be an integrated firm focused on institutional and retail securities and asset management.
Many commercial banks have therefore tried to enter businesses trading and selling securities, asset management and the provision of merger advice that seem destined to grow along with the globalisation of the world economy and its financial markets.
Central to the U.S. pension problem is the fact that the U.S. Securities and Exchange Commission, charged with protection of investors in the securities markets, has seldom provided advice specifically for protection of participants in pensions and the U.S. Department of Labor lacks sufficient understanding of the securities and asset management industries to provide guidance to sponsors of and participants in pensions.
FORBES: International Campaign to Eliminate Pension Consultant Abuses (November 2, 2004 )
All three are now deeply motivated to focus on their securities servicing and asset management divisions.
By shedding retail, Renyi would be taking a step that two other so-called processing banks have made in recent years to concentrate their businesses on securities servicing and asset management.
Other stockholders include investment firms Trueway Company and Gainway Enterprises, JPMorgan Securities Japan and Nomura Asset Management, and banks holding stakes for Japanese mutual funds.
FORBES: Why Trend Micro Founder Eva Chen Is Not On The List Of Taiwan's 40 Richest
Others include leasing, credit and debit cards, asset management, securities broking, pensions and insurance.
DG's Mr Thiemann has been instrumental in centralising the mutual banks' asset-management, payments and securities businesses, which should boost efficiency and reduce problems at outlying banks.
Citigroup (nyse: C - news - people ), which epitomized the diversification trend by combining insurance underwriting, securities, retail brokerage, consumer banking and asset management under one red umbrella in 1998 moved earlier this year to shed its life and annuity business.
The company through its bank provides traditional commercial, retail and mortgage banking services, as well as other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance and other specialty financing.
The transaction will leave a stub Wachovia with its brokerage and asset management units behind, AG Edwards and Evergreen Securities.
Mark Asset Management President Morris Mark, who started as a securities analyst more than 40 years ago, stands behind homebuilder Toll Brothers as his pick to beat.
Toscafund Asset Management disclosed in a filing with the U.S. Securities and Exchange Commission that it had acquired a 6.0% stake in Washington Mutual, giving a lift to the bank's impoverished shares.
Toscafund Asset Management disclosed in a filing with the U.S. Securities and Exchange Commission that it had acquired a 6.0% stake in Washington Mutual (nyse: WM - news - people ), giving a lift to the bank's impoverished shares.
应用推荐