Exclusive: Wells Fargo cuts approved list of money
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Posted On: 04/15/2013 1:56:35 AM
Exclusive: Wells Fargo cuts approved list of money managers
By Jed Horowitz NEW YORK (Reuters) - Wells Fargo & Co is slashing an approved list of money managers and investment vehicles that its stockbrokers market to the firm's wealthy clients, a change of direction that has rattled the third-largest U.S. brokerage network. Executives said the clampdown protects clients from exposure to a plethora of investment models that have received little oversight. It will also reduce the firm's risk at a time when litigation and compliance costs are rising industry wide. ...
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