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BUSINESS
July 3, 2013 | By Andrew Tangel
NEW YORK -- Thomas Joyce, the longtime head of Knight Capital Group, has resigned almost a year after the major Wall Street brokerage suffered a near-fatal trading glitch. Joyce, who became president and chief executive of what was then Knight Trading Group in 2002, stepped down as executive chairman effectively immediately, KCG Holdings Inc. said in a statement Wednesday. KCG Holdings was formed by the merger of Knight Capital in Jersey City, N.J., and GETCO Holding Co. of Chicago.
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BUSINESS
December 4, 2013 | By Roger Vincent
Fred Sands, whose name once was posted on for-sale signs on houses all over Los Angeles' affluent Westside, quit selling homes more than a decade ago. But he has quietly built another real estate empire. The striving son of a New York cabby and small-business man, Sands built the largest independent residential real estate brokerage in California with 65 offices and 4,000 employees. Fred Sands Realtors and affiliated companies generated $9.4 billion a year in sales when he sold it in late 2000.
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BUSINESS
March 4, 2013 | By Andrew Tangel
NEW YORK -- Bullish retail investors are helping push stocks near all-time highs, according to retail brokerage TD Ameritrade. Retail investors have steadily been increasing their exposure to the stock market over the last seven months, said Steve Quirk, senior vice president of TD Ameritrade's Trader Group. Investors seemed to have shrugged off the looming spending cuts because of U.S. budget "sequestration" and the recent Italian election that threatened to rekindle European instability as the continent tries to overcome its debt crisis and recession.
BUSINESS
November 24, 2013 | By Kenneth R. Harney
WASHINGTON - For the growing numbers of home purchasers who care about energy efficiency, it's the ultimate "green" goal: Lenders should recognize the net savings that energy improvements provide to property owners and take them into account when they underwrite and set the fees for mortgages. Appraisers should also recognize the added value. The rationale: Owners of homes that reduce energy consumption pay lower utility bills than owners of energy guzzlers, so why not factor these out-of-pocket savings into calculations of household debt-to-income ratios and appraised valuations?
BUSINESS
July 10, 2012 | By Tiffany Hsu
It feels like doomsday at mid-size Iowa futures brokerage PFGBest, where $220 million in customer funds have gone missing, accounts have been frozen by an industry regulator and the company's chief executive attempted suicide Monday. Less than a year after Wall Street brokerage MF Global imploded under similarly suspicious circumstances , the National Futures Assn. said it took “emergency enforcement action” against PFGBest parent Peregrine Financial Group Inc. and and its Peregrine Asset Management Inc. unit.
BUSINESS
June 12, 2010 | By Roger Vincent, Los Angeles Times
One of the country's largest commercial real estate brokerages, Marcus & Millichap Real Estate Investment Services, has named a new president and chief executive. John J. Kerin, 54, will replace Harvey Green at the helm of the company July 1. Green announced his pending retirement in April after leading the company for a decade. Marcus & Millichap is headquartered in Palo Alto, but Green directs operations from his base in the Encino office and so will Kerin. Kerin joined the company in 1981 as an agent and rose through the ranks.
NEWS
June 26, 1986 | Associated Press
A federal grand jury today indicted Shearson Lehman Bros. Inc., a major Wall Street brokerage house, a former Shearson employee and six other individuals on charges they were involved in a gambling and money-laundering scheme. Included among the seven individuals was Joseph Mastronardo Jr., son-in-law of former Philadelphia Mayor Frank Rizzo. U.S. Atty.
BUSINESS
July 29, 1986
Lynch, Jones & Ryan will continue to operate as an independent business, Citicorp said. Terms of the acquisition were not disclosed. LJR currently has membership on 15 stock exchanges, including London and Tokyo, and has 85 employees. Citicorp also announced that its tender offer for Quotron Systems has been successful and that it has purchased a majority of Quotron's outstanding shares.
BUSINESS
May 15, 2001
Toy Gregory, formerly senior vice president and director of asset management of CNA Enterprises Inc. in Los Angeles, has formed an independent brokerage and asset management company called GregoryAdvisors. The Santa Monica firm provides services for office, retail and industrial property investors and occupants in the 11 Western states.
BUSINESS
December 18, 2005
I have to laugh at the example given for a "discount brokerage shake-up" ("Low-priced Brokerage Is Shaking Up Real Estate," Dec. 1): The seller's townhome sold for $780,000, a whopping $1,000 above the asking price. By her own admission, similar models had already sold for above $800,000. A competent full service brokerage (agent) would have in all likelihood secured an offer far in excess of the previous sale comps. One wonders whether Kathryn Lemon would still be crowing about a fall cruise if she knew that she could have sold her property in excess of $840,000, more than making up for the cost of a "high-priced brokerage."
BUSINESS
October 30, 2013 | By Roger Vincent
When he heard about a shake-up at company headquarters, Mark Sprague got a knot in the pit of his stomach. It wasn't his executive job that was at stake at the international real estate brokerage CBRE Group Inc. It was his spacious office of 11 years, his cherished file cabinets and his trophies. They all had to go. Sprague and everyone else in the company's 200-person office were given no choice by management. Everyone was to be part of an experiment to create the company's first completely "untethered" office in the United States where employees roam freely.
BUSINESS
October 29, 2013 | By Roger Vincent
CBRE Group Inc., the world's largest commercial real estate brokerage, turned a $94-million profit in the third quarter of this year led by growth in lease activity in the United States and the overall real estate recovery in Europe. The Los Angeles firm said Tuesday that income from arranging transactions to buy or rent space in offices, warehouses and other commercial properties helped revenue increase 11% from the third quarter last year to $1.73 billion. Revenue from brokering property sales was up 29% over the same period.
BUSINESS
July 3, 2013 | By Andrew Tangel
NEW YORK -- Thomas Joyce, the longtime head of Knight Capital Group, has resigned almost a year after the major Wall Street brokerage suffered a near-fatal trading glitch. Joyce, who became president and chief executive of what was then Knight Trading Group in 2002, stepped down as executive chairman effectively immediately, KCG Holdings Inc. said in a statement Wednesday. KCG Holdings was formed by the merger of Knight Capital in Jersey City, N.J., and GETCO Holding Co. of Chicago.
BUSINESS
June 26, 2013 | By Paresh Dave
This post has been corrected. See bottom for details. The data-mining industry, which tracks down all kinds of personal information about consumers, faced a renewed demand Wednesday from a Federal Trade Commission member determined to get the vast databases opened to consumers. Data brokerages gather information, including shopping histories, arrest records and credit reports. The information is then sold to other companies, such as marketers and manufacturers. Last year, FTC Commissioner Julie Brill suggested that the companies create a website where consumers could go to see the information that's been collected about them.
BUSINESS
May 2, 2013
Los Angeles stock brokerage Crowell, Weedon & Co. on Wednesday said it was acquired by a larger rival, though terms were not released. Chief Executive Andrew Crowell said his firm was bought by D.A. Davidson & Co. The deal would further strengthen the firms, Crowell said. Combined, they will hold $43.5 billion in client assets, with Crowell Weedon bringing in $9 billion of that. Discussions of a combination began about three years ago, Crowell said, but really took off in the last year and a half.
BUSINESS
March 26, 2013 | By Andrew Tangel and Stuart Pfeifer, Los Angeles Times
NEW YORK - The legal fallout from Facebook Inc.'s botched initial public offering last year isn't over, although regulators approved the $62-million plan by Nasdaq OMX Group Inc. to repay brokerages that lost money in the debacle. The U.S. Securities and Exchange Commission's approval Monday does not stop the government or other parties from taking further legal action against Nasdaq for losses suffered in the Facebook IPO fiasco in May. Swiss banking giant UBS, for one, tallied its losses at $357 million and wants more money back than the settlement could offer.
BUSINESS
April 10, 1987
Michael H. Fusco, a former PaineWebber Inc. executive, has been named president of Morgan, Olmstead, Kennedy & Gardner Inc., a Los Angeles-based securities brokerage and investment banking firm. He succeeds Bryan L. Herrmann, who becomes vice chairman of the brokerage. Herrmann will also continue as president of its parent company, Morgan, Olmstead, Kennedy & Gardner Capital Corp.
BUSINESS
September 10, 1985
The acquisition from Josephson International Inc. will make New York-based Gruntal & Co. the nation's 16th-largest securities brokerage and investment banking firm. Josephson paid $17.5 million for Herzfeld early last year; Gruntal Financial will pay $4 million in debt, plus issue warrants on 2 million shares of its stock for the loss-plagued brokerage.
BUSINESS
March 4, 2013 | By Andrew Tangel
NEW YORK -- Bullish retail investors are helping push stocks near all-time highs, according to retail brokerage TD Ameritrade. Retail investors have steadily been increasing their exposure to the stock market over the last seven months, said Steve Quirk, senior vice president of TD Ameritrade's Trader Group. Investors seemed to have shrugged off the looming spending cuts because of U.S. budget "sequestration" and the recent Italian election that threatened to rekindle European instability as the continent tries to overcome its debt crisis and recession.
BUSINESS
March 1, 2013 | By Andrew Khouri, Los Angeles Times
The gig: Nick Segal is president and a founding partner of real estate brokerage Partners Trust, which specializes in the high-end, luxury markets of the Southland. It's his latest endeavor in a real estate career that has spanned decades and included stints with Sotheby's International Realty and DBL Realtors, which Sotheby's acquired in 2004. Partners Trust has offices in Santa Monica, Brentwood, Beverly Hills, Pasadena and Rancho Mirage. The firm, with about 100 agents, deals in expensive properties; last year, the average sale price was $1.65 million.
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