Wealth management

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."

It sounds like a great deal: an investment that generates guaranteed, tax-free returns that are likely to be well above the inflation rate.

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Fidelity Investments said Roth individual retirement account conversions rose fourfold at the firm in 2010 as investors became better informed about minimizing their tax obligations in retirement — with some help from Fidelity financial advisers.

Whether they call it "aggressive recruiting" or poaching, financial services companies across the board are predicting the practice will intensify in the coming year, forcing many of them to sweeten their offers and actively seek out skilled professionals both within and outside the industry.

Despite the hype around Bill Gates' and Warren Buffett's Giving Pledge last year, the 50 biggest private donors in the U.S. gave less in 2010 than in any year since 2000.

The recession created a rift between wealthy couples on how they view personal finances as well as plan and discuss money, according to a survey by PNC Wealth Management, a unit of PNC Financial Services Group Inc.

Forward Management LLC has just introduced an alternative-strategy mutual fund, and the company's head predicts demand for such funds will help fuel a huge leap in the firm's assets.