At the Bell

Quant trading unit bought by Schwab

Charles Schwab & Co. Inc. lengthened its reach in the institutional trading business Friday.

Through its affiliate Schwab Capital Markets LP, it acquired the quantitative trading business of Epoch Partners, including a team of 19 traders and technology specialists who are led by Michael Stewart.

The deal came a day after Goldman Sachs Group Inc. bought Epoch Partners from a group that included Schwab.

That transaction gave Goldman the ability to sell IPOs to retail investors through discount brokers Schwab and TD Waterhouse Group Inc.

The companies did not disclose terms.

Cut in SEC fees is seen by Gramm

Sen. Phil Gramm, R-Texas, the ranking minority member of the Senate Banking Committee, predicted that the Senate would accept legislation reducing securities fees by $14 billion over 10 years. The bill was passed last Thursday by 404-22 in the House.

The House bill would cut transaction fees more, while the Senate bill would cut registration fees more, but the dollar amount of proposed cuts is about the same. The total amount of fees collected under the legislation would be brought in line with the amount of money needed to fund the Securities and Exchange Commission.

Both bills would also raise salaries for SEC staff to the same levels as those at other federal financial agencies.

The legislation, strongly endorsed by the financial industry, is a second big win. The industry also won an increase in savings limits for individual retirement accounts and defined-contribution pension plans in the Tax Relief Act.

Putnam to offer tailored accounts

Putnam Investments plans to begin offering tailored accounts to wealthy investors on a trial basis this summer. The Boston fund company, a unit of Marsh & McLennan Cos. Inc., has tapped Jeffrey Miller, a managing director formerly in charge of Putnam’s offshore funds, to oversee the project.

Charity facilitators are joining forces

GivingCapital Inc. of Philadelphia, a developer of technologies to facilitate charitable investment and giving programs for leading financial services companies, has joined forces with Giving Systems Inc. of San Francisco in a new partnership.

Giving Systems offers financial institutions a donor-advised fund solution and wholesale marketing services, which complement the philanthropic product suite provided by GivingCapital.

Phoenix hires head of sales, marketing

Phoenix Investment Partners in Hartford, Conn., has hired Stephen D. Gresham to head sales and marketing for its private-client group. Mr. Gresham, who becomes executive vice president, replaces Barry Mandinach, who left Phoenix recently to go to Brinson Advisors. Mr. Gresham most recently had been the head of his own consulting firm.