Wealth management

BNY Mellon Asset Management has promoted Gabriela Parcella to chief executive of Mellon Capital Management Corp., and hired Bart Grenier as chairman and CEO of Boston Company Asset Management LLC.

Fewer hedge funds opened their doors in the fourth quarter, according to HFR Hedge Fund Research. Hedge fund launches slipped to 220 in the quarter, HFS said.

Financial institutions of all sizes are finally realizing that a full-service website, complete with interactive marketing and registration functionality, will help them increase total assets under management.

Scott Page, who manages the top-performing bank loan fund over the past five years, says the debt is still attractive after a two-year rally. Investors pouring record amounts into funds like his might want to temper their expectations, however.

Highbridge Capital Management LLC, a hedge fund owned by JPMorgan Chase & Co., is liquidating its $1.4 billion Asia Opportunities Fund after manager Carl Huttenlocher resigned and may set up his own fund, according to people with knowledge of the matter.

IMGCAP(1)]

Northern Trust is bulking up on stocks of big U.S. companies and energy producers, while hanging on to an oversized holding of gold.

IMGCAP(1)]

T. Rowe Price has named Scott B. David director of third-party distribution, charged with overseeing distribution, sales and marketing, and expanding and deepening the company's relationships with financial intermediaries in the U.S.

New York Private Bank & Trust Co. announced Tuesday it hired Kevin J. Batterton as a managing director of business development and portfolio management.

Citigroup Inc. announced Tuesday it has expanded its OpenWealth platform to include a complete package of trust accounting, operations outsourcing and custody services.

Rising markets and belt tightening boosted asset managers' net margins to 23.4% in the fourth quarter, up from 21.1% in the third quarter, kasina reported Monday.

Union Bank of California enjoyed a steep increase in brokerage revenue last year as a result of referrals to its financial advisers from a beefed-up corps of licensed bankers.

UBS Wealth Management Americas has added Bank of America Merrill Lynch financial adviser Louise F. Gunderson to its midtown New York private client branch.

Despite the recent stock boom, nearly half of investors said they trusted financial services companies less in 2010 than in 2009, according to an Edelman survey released Thursday.

Two years after completing its takeover of Merrill Lynch, Bank of America is refining its strategy to get banking products such as debt, liquidity and cash management to the clients of financial advisers.

Financial advisers who clearly disclose how they are paid say they are finding more credibility among crisis-tinged consumers.

American International Group Inc., the giant insurer selling assets to repay its federal bailout funds, reported its first profit in three quarters on gains from the divestitures.

State Street Global Advisors introduced the SPDR S&P Emerging Markets Dividend ETF and the SPDR Barclays Capital Emerging Markets Local Bond ETF on Thursday.

Only 10% of Americans with $5 million to $25 million in investable assets described themselves as "very wealthy" in a recent survey by Spectrem Group, and 28% considered their wealth just "moderate."