Wealth management

SEI Advisor Network added 406 new registered investment advisers last year as it increased assets under management to $31.1 billion.

HSBC will halt its push for new clients of HSBC Premier, its flagship banking service aimed at wealthy international clients, as it tackles company-wide cost overruns.

IMGCAP(1)]

The financial services industry is still reluctant to embrace social media, even as demographics make a compelling case to do the opposite.

Young American investors feel well prepared to handle their own budgets and are optimistic about the future — but that does not mean they trust financial advisers.

Investment bankers, whose institutions have already been bailed out to the tune of $817 billion across the globe, now have something else to thank taxpayers for: deals.

IMGCAP(1)]

Assets overseen by registered investment advisers such as O'Brien more than tripled in the decade that ended Dec. 31, 2009, to $1.7 trillion, according to Cerulli Associates.

Morristown Financial Group, the largest branch of LPL Financial in gross production, hopes a planned hybrid registered investment adviser will help it continue its heady expansion.

Stuart Hendel is heading to Bank of America Corp.'s Merrill Lynch unit to head its global prime brokerage unit, the company said Monday.

Eager to escape more scrutiny and red tape from regulatory reform, some hedge fund managers are closing shop to concentrate on managing money for themselves, relatives and essential employees as unregistered family offices.

Bank of America Corp.'s head of U.S. wealth management, Lyle LaMothe, is retiring after 24 years at Merrill Lynch, according to an internal memo.

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)]