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Bob McCann lures four Merrill Lynch vets to UBS
Just A few weeks after officially joining UBS AG as the head of its U.S. wealth management business, Bob McCann has snared four veterans from his former firm, Merrill Lynch & Co., to help improve UBS' financial advisory business here.
New UBS wealth czar McCann: Industry is "ripe for reinvention’
Ending months of speculation, UBS AG last week officially appointed Robert McCann as head of wealth management in the Americas — and he is wasting no time identifying new opportunities for the firm's 8,000 financial advisers.
Morgan Stanley zeroing in on the ultrawealthy
Morgan Stanley Smith Barney is broadening its network of advisers who serve ultrahigh-net-worth clients — an area in which the brokerage has experienced some recent success.
Morgan Stanley’s incoming CEO, James Gorman, says focus is on trading, not wealth management — for now
James Gorman, in some of his first remarks since being tapped as Morgan Stanley's incoming chief executive, has said wealth management will be a priority for the brokerage firm — just maybe not its top priority.
Citigroup to cut 75 wealth management jobs, including advisers
Citigroup will reportedly make cuts in its personal wealth management group that will involve the elimination of some branch-based financial advisers.
As insurers gain in wealth management race, hurdles remain high
In the long battle to position themselves as wealth managers, life insurance companies still have to prove to financial advisers that they can do more than sell annuities.
Boston Private’s shares jump on buyback of preferred securities
Boston Private Financial Holdings Inc. last week announced that it repurchased $44.5 million of publicly traded convertible-trust preferred securities at a 44% discount to their issuance price in 2004.
Many of the firm’s clients made their fortune in the investment world
While high-net-worth clients often tend to be more sophisticated than the average investor, Silvercrest Asset Management Group LLC claims that its clients are even more investment-savvy than the typical wealthy investor.
Firm based in smaller market has eye on the wider world
In 1986, Thomas A. Muldowney was discouraged by what he was seeing in the financial services industry.
New York asset manager a family firm in more ways than one
At 83, Robert B. Deans Jr. still comes into the office every day.
Interns can make the leap to professional level with coaching
More than a dozen years later, Ryan Huey still remembers cornering the father of a college classmate and asking him for a summer job.
Firm’s new leader has his sights set on new frontiers
Rolling out of the recession, Aspiriant LLC's newly chosen leader has set his sights on eastward expansion, turning the steering wheel away from sunny California and toward the Midwest.
True love’s gifts rise 0.9%
Your true love's cost of buying all of the gifts in the holiday classic song “The 12 Days of Christmas” has risen only 0.9% from last year to $87,402.
Serving the stewards is focus of firm with Christian clientele
Ronald Blue & Co. LLC and its chief executive, Russ Crosson, have put their faith in charity.
JP Morgan takes over joint venture from British brokerage
U.S. bank J.P. Morgan Chase & Co. said Thursday it has bought full control of J.P. Morgan Cazenove in a 1 billion pound ($1.67 billion) deal with its joint venture partner, the venerable London financial house Cazenove Group Ltd.
Citigroup brokers have unanswered questions
Citigroup's announcement that it will convert most of the brokers in its bank-based network into fee-based advisers has many of them wondering how they will be compensated and what they will be selling.
Boston Private Financial’s sale of Westfield to management should buoy bank, repay bailout bill
Recent and upcoming unit sales at Boston Private Financial Holdings Inc. will give the bank holding company enough cash to repay government bailout funds without a capital raise, an analyst said Wednesday.
In debt? Don’t buy gifts
Consumers with any debt at all need to channel Ebenezer Scrooge this holiday season and avoid buying presents altogether, cautions a credit counseling organization.
Wealth firm worker accused of running $12M Ponzi scheme
A Denver man allegedly defrauded people in a national Ponzi scheme involving more than $12 million that was supposed to go real estate investments, the Colorado securities commissioner said.
Cincinnati shuffle: Mark Man jumps from Reds to MSSB
When it comes to providing financial advice to athletes, Morgan Stanley Smith Barney is relying on a little inside baseball to gain an edge in this ultra-competitive sector of the wealth management market.
