Wealth management

Bank of Montreal agreed to sell its Europe, Middle East and Africa asset management unit to Ameriprise Financial for 615 million pounds ($847 million), marking CEO Darryl White’s biggest move yet to trim the bank’s portfolio of noncore businesses.

Too many Americans lack a sound grounding in personal financial management, which limits their opportunity to build long-term financial independence.

Jordan Summers, formerly the Detroit bank's chief fiduciary officer, succeeds Robert Sajdak as CEO. Sajdak recently retired after leading Credit Union Trust since its 2018 launch.

Business First Bancshares is counting on its acquisition of Smith Shellnut Wilson to help it offer more advisory services to commercial clients.

JPMorgan Chase said it plans to hire 300 additional Black and Latinx wealth advisers by 2025 to serve more clients from those communities and allow employees from diverse backgrounds to advance in their careers.

Free investment education and testing for risk tolerance are among the ways financial firms can better reach underserved consumers, former SEC chief Jay Clayton and Operation HOPE’s John Hope Bryant say.

Smith Shellnut Wilson has managed Business First's investment portfolio since the bank was formed 15 years ago.

Goldman Sachs Group’s plan to move part of its asset management unit to Florida is gaining momentum, as the Wall Street bank discreetly seeks volunteers for the first wave and prepares office space.

Citigroup’s dealmakers have been keeping busy with family offices looking to get in on the blank-check frenzy. Now the lender wants to bring its private bank a piece of the action.

Wells Fargo is dropping the Abbot Downing name for managing ultrarich clients’ money as wealth and investment management head Barry Sommers remakes the unit.