Compliance December 16, 2011

Backing FINRA, FSI Speaks Up

Dale E. Brown, president and CEO of the Financial Services Institute (FSI), issued a statement regarding Boston Consulting Group’s report about the potential costs of a new self-regulatory organization (SRO) for investment advisers.  
Reported by

Responding to the claim made in BCG’s report that FINRA oversight of investment advisers could cost more than twice as much as an expanded Securities and Exchange Commission (SEC) program, FSI issued the following statement:

“The simple fact is, FINRA is the only entity with the capacity, funding and know-how to effectively examine retail investment advisers, which is not happening now. When the SEC’s own chair and commissioners acknowledge that an SRO is necessary, and that the SEC can’t do the job, then it doesn’t make much sense to keep pushing the improbable. The status quo simply continues to keep investors at risk.”

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For more about the study, see “Study Promotes Expanded SEC Oversight, Not New SRO”.

 

Deals & People December 16, 2011

BlackRock Names Chief Strategist for Fixed Income

Jeffrey Rosenberg has joined BlackRock as a managing director and chief investment strategist for fixed income. 
Reported by

In this newly created position, Rosenberg will support the expansion of the firm’s U.S. Retail Fixed Income business and will report to Robert Stanley, head of retail fixed income with BlackRock’s Portfolio Management Group. He will also work closely with Rick Rieder, chief investment officer of fundamental fixed income, in supporting fixed income offerings in the Americas region, something BlackRock names as “a strategic priority.”

Rosenberg joined BlackRock from Bank of America Merrill Lynch where he was head of global credit strategy research. In this role, his responsibilities included global macro credit strategy across corporate credit markets, coordination of U.S. fixed income strategy across credit, ABS/RMBS/CMBS, interest rates, FX and commodities. He also formulated tactical and strategic risk-taking recommendations for external clients and internal trading desks.

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Prior to joining BAML in 2002, he was director of U.S. investment-grade strategy for Credit Suisse Group AG.

 

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