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(Reuters) - Bank of America Corp’s wealth management arm Merrill Lynch said on Thursday it is reintroducing commissions for its retirement accounts, reversing a policy put in place to comply with Obama-era regulation. Merrill Lynch, along with JPMorgan Chase & Co, effectively banned brokerage retirement accounts last June and began moving clients into advisory accounts to prepare for the U.S. Department of Labor’s so-called fiduciary rule meant to curb conflicts of interests for financial advisers.
The fiduciary rule was overturned in March by the 5th U.S, Circuit Court of Appeals, At that time, Merrill executives said the firm would keep the policy in place to serve the best interests of its clients, The company is now rim and tire cufflinks reversing that policy and expects to add a brokerage option back to individual retirement accounts by Oct, 1, “In response to client feedback, we’re announcing steps today that will provide our clients with greater choice and flexibility, while maintaining our support for a best-interest standard for investment advice across all accounts,” Andy Sieg, head of Merrill Lynch Wealth Management, said in a statement..
Advisers may have also felt limited by the policy, according to Frank LaRosa, chief executive of recruiting firm Elite Consulting Partners. “The rule that they were implementing had to do with a law that wasn’t even on the book,” he said. When the policy was implemented Merrill Lynch, which manages $2.3 trillion of client assets, had roughly $150 billion of individual retirement accounts in brokerage format. Wealth management firms tend to prefer fee-based accounts over commissions because the revenue is more predictable and easier to budget for, LaRosa said. Fees are usually set based on asset levels while commissions swing based on trading volume and market conditions.
LONDON (Reuters) - An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S, sanctions and a new rally in prices, Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S, sanctions in early November, which in turn has helped drain a glut of unsold oil, The millions of unsold barrels of crude that had pooled around northwest Europe, the Mediterranean and West Africa rim and tire cufflinks over July and August are rapidly draining..
A months-long surplus in the West African market that depressed prices to their lowest in months has almost vanished. Traders had said just one week ago that leftover crude from the August and September loading schedules amounted to some 30 cargoes, equivalent to an average 930,000 barrels per day (bpd). Now, that overhang has dwindled to a handful of unsold cargoes, while demand for October-loading Angolan oil, the favored West African grades for Chinese refiners, has been even more robust than that for September.
“The overall situation ., is that U.S, sanctions toward Iran are now increasingly kicking in, which will help to dry up the physical crude oil market and place it back into solid backwardation,” SEB head of commodities Bjarne Schieldrop said in a rim and tire cufflinks note this week, “This will shift the front end Brent crude oil price into the higher $70s range with a touch of $80s.”, GRAPHIC: Surplus of unsold WAF crude cargoes dwindles - reut.rs/2LGD9FK, The belief that supply will fall short of demand is reflected in the futures market when the price of a prompt-dated contract rises above that of a longer-dated one, a situation known as backwardation..
With a little over nine weeks until possibly more than 1 million bpd of Iranian supply is off the market, Brent futures are now at their closest to backwardation in almost a month, leaving the front-month October contract LCOc1 just 35 cents below November LCOc2, nearly half what it was in late July. Concern over oil demand, particularly in China, has been put to rest, for now at least. Consumption by China’s independent refiners, or teapots, has picked up sharply in August to around 1.4 million bpd, up 40 percent from near-record lows in July, as plants return from prolonged summer maintenance.
Shipments of West African crude to Asia generally have hit record highs rim and tire cufflinks of 2.59 million bpd in August, thanks in large part to Indian demand, while European refineries’ appetite for crudes similar to Iran’s has pushed the price of Russian Urals to its highest in nine months, “Looking at the spreads, it’s starting to appear as if the market is somewhat tightening, The West African overhang has disappeared, so it looks as though that ramp-up in OPEC output in June and July is starting to be eaten into,” ING commodities strategist Warren Patterson said..