Large brokers, hurt by oversight, look for exits

Large brokers, hurt by oversight, look for exits

An inability to sell proprietary funds is driving large brokerage firms out of the asset management business, according to speakers at a conference on mutual funds. Citigroup, for example, is moving toward a fiduciary model and away from a brokerage model in search of higher margins and less costly regulatory environments, Michael Sharp, general counsel of Citigroup's Global Wealth Management sector, said.

Full Story
http://r.smartbrief.com/resp/dimwjjvHhXASdJltQd