Rochdale Securities is struggling to secure a deep-pocketed buyer three weeks after a former trader, identified as David Miller, saddled the firm with $1bn in 'unauthorized' Apple trades that it wasn’t able to cover.
The New York Post reports that CEO Dan Crowley has been working around the clock to identify a 'white knight' willing to save the 55-person broker dealer, according to sources. But staffers of the 37-year old firm worry ongoing investigations will turn off suitors and impede the firm’s ability to operate as a broker dealer.
Finally, Reuter reports that money manager Legg Mason, which has eight main investment subsidiaries, is reviewing its business strategy and is 'prepared to modify it as appropriate', Chief Financial Officer Pete Nachtwey said on Tuesday.
Legg Mason, which is the fourth-largest publicly traded U.S. fund manager, has been roiled by customer outflows and mixed investment performance over the past few years and is currently searching for a new chief executive. Some of Legg Mason's subsidiaries have been displeased with the parent company's sales efforts.
image: © Jan Krömer