Wealth management

Jeffrey Gundlach looks set to follow another bond fund star, Bill Gross, into the business of actively managed exchange-traded funds.

Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, was subpoenaed by the Manhattan District Attorney's office for information on the company's activities leading into the credit crisis, two people familiar with the matter said.

A former Wachovia Bank manager in Virginia who admitted to stealing $14.1 million from bank clients through a bogus wealth management scheme was sentenced to seven years in prison.

Goldman Sachs Group Inc. will not face criminal prosecution tied to sales of mortgage-linked securities as such a move could threaten the U.S. financial system, according to Brad Hintz, an analyst at Sanford C. Bernstein & Co.

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Emigrant offers art- and antique-related services that most banks do not. "It's not cost-effective for many of the big banks to invest in the expertise and infrastructure to offer art advisory services or to underwrite loans," says Andy Augenblick, the president of Emigrant Bank Fine Art Finance.

Years after they were first launched, in-plan annuities, meant to help retirement-plan participants turn their nest eggs into regular income streams, remain fairly rare.

Lehman Brothers Holdings Inc. is proposing a wide-ranging settlement of its outstanding derivatives trades with more than a dozen of its largest counterparties, including some of the biggest banks.

HighTower Advisors of Chicago has hired a three-member team of Morgan Stanley Smith Barney veterans to its Palm Desert, Calif., office.

The State Street Investor Confidence Index rose 6.8 points in May, to 104.1, its highest reading since December. The increase was led by North American investors, whose confidence rose 7.7 points, to 106.3, from April.

Big brokerage firms are inching into social media, but the industry is still miles away from making full use of all that Facebook, Twitter and other such sites have to offer.

Wells Fargo & Co., a giant bank that already runs the fifth-largest insurance broker in the world by revenue, is seeking to double that revenue in the next decade.

DWS Investments, the retail mutual funds arm of Deutsche Bank, named Michael J. Woods as regional head and chief executive, adding those titles and responsibilities to his current role as U.S. head of distributions.

The Financial Industry Regulatory Authority issued an alert to investors to look carefully into the potential risks of nonrecourse stock-based loan programs before participating in them.

Financial advisers closely guard their clients. Now a web-based upstart hopes to nudge its way into the relationship.

Citigroup Inc. President John Havens is working to overcome the injuries, many self-inflicted, its investment bank suffered in the financial meltdown.

Exchange-traded funds represent just a small portion of the portfolios of corporate and public pensions, endowments, foundations and asset managers, but a growing number of these institutions are using the funds for key functions and plan to increase their use of them, a survey found.

New rules proposed by the Securities and Exchange Commission could shrink the pool of investors for hedge funds and limit opportunities for some fund advisers to reap performance-based rewards.

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For a growing group of acquisition-minded community banks, fee-based businesses are looking like a more attractive way to bolster revenue and the bottom line than are traditional bank deals these days.