Wealth management

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Morgan Stanley plans to break off its largest proprietary trading group, Process Driven Trading, to create an independent advisory firm by the end of 2012.

State Street Global Advisors announced Monday that it has completed its acquisition of Bank of Ireland Asset Management.

Morningstar Inc. announced Monday that its chief operating officer, Tao Huang, is leaving the company at the end of the month.

Smartleaf Inc. announced Monday that U.S. Bancorp has chosen it to provide a unified overlay platform for its nonbrokerage wealth management investment relationships managed through the private client reserve and private client group.

Investors kept pulling cash from municipal bond mutual funds at a record pace last week as frightened money continued to flee the market.

Instead of reaping the extraordinary gains promised by many banks, reverse convertibles fell 1% on average, according to data compiled by Bloomberg.

Renewed growth in asset management will help lift the fund administration business this year, Confluence has predicted.

Consumers' evaluation of banks' reputation has fallen four points since February, to 77 points on the biannual BAI/Finacle Index of Bank Sentiment.

Grail Advisors, a provider of actively managed exchange-traded funds that was started in January 2009, has indicated that it may be in the process of being acquired.

Janus Capital Group has announced the introduction of global bond fund and emerging markets fund portfolios — the firm's first stand-alone strategies in these categories.

Morgan Stanley named Colm Kelleher to lead operations in Europe, the Middle East and Asia outside Japan, while Paul J. Taubman will take on responsibility for Latin America and Japan.

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As 401(k) balances rebounded in 2010, the executives running defined contribution plans named retirement readiness one of their top priorities, according to the 10th Annual 401(k) Benchmarking Survey conducted by Deloitte and the International Society of Certified Employee Benefit Specialists.

The Financial Industry Regulatory Authority's arbitration panel raised its credibility in the securities industry when it imposed a hefty penalty on a unit of Ameriprise Financial Inc., Securities America, for its role in selling an elderly woman private placement notes from Medical Capital Holdings, industry professionals say.

RBC Capital Markets, the top arranger of Canadian government-bond issues for seven years, saw its market share fall to its lowest level since 2007 as National Bank Financial gained on higher sales outside Quebec.

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The Certified Financial Planner Board of Standards has appointed Edward Mora chairman of its Disciplinary and Ethics Commission, which polices the behavior of CFP designees.

Wells Fargo Insurance Services USA Inc. of Chicago has acquired Prestige Professional Plans, a single-office employee benefits insurance brokerage in Dayton, Ohio.

Only half as many municipal advisory firms are registered with the Municipal Securities Rulemaking Board as with the Securities and Exchange Commission, even though advisory firms are required to sign up with both regulators under the Dodd-Frank Act.