It's debatable if the fiduciary standard is 'higher' than suitability. But the better question might be, who's holding the bar?
NEW YORK, Dec. 3 -- Wells Fargo issued the following news release:
Wells Fargo Securities, the capital markets and investment banking business of Wells Fargo & Company (NYSE: WFC), today announced the name change and rebranding of Merlin Securities, LLC to Wells Fargo Prime Services, LLC. Additionally, its web-based suite of prime brokerage technology solutions known as MerlinPRIME, MerlinSHARP and Merlin COMPASS have been renamed Wells Fargo PRIMESM, Wells Fargo SHARPSM and Wells Fargo COMPASSSM, respectively.
"Wells Fargo Prime Services fills an important niche in our product set," said John Shrewsberry, head of Wells Fargo Securities. "The addition of prime services enhances our ability to meet client needs and generate earnings for our shareholders; all while adhering to our disciplines of prudent risk management and controlled growth."
"Our new name reinforces Wells Fargo's commitment to providing superior prime brokerage services and industry-leading technology to the alternative investment community," said Stephan Vermut, co-head of Wells Fargo Prime Services. "We look forward to continuing to provide financial and technology solutions while growing our product offerings to meet the needs of the marketplace."
Wells Fargo Prime Services is a premier technology solutions and prime brokerage services provider offering integrated solutions to the alternative investment industry. The business serves more than 500 single- and multi-primed managers, providing them with a broad suite of solutions including dynamic performance reporting, attribution analytics, real time P&L analytics and seamless multi-custody services, capital development and 24-hour international trading. Wells Fargo Prime Services has offices in New York, San Francisco, Boston, Chicago, San Diego and Toronto.
TNS-LE 121204-4126450 StaffFurigay