Wealth management

According to the Chicago company's monthly newsletter, millionaires under 45 said they prefer self-directed investing and they find the services of a professional adviser to be too expensive. The newsletter was released last week.

WASHINGTON — The Financial Industry Regulatory Authority has fined Raymond James Financial Services Inc. and Neuberger Berman LLC for municipal bond rules violations.

Baby boomers will make sacrifices now if that's what it will take to live well in retirement, a survey found.

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Artworks from the collection of Lehman Brothers Holdings Inc. may raise another $16 million for its creditors as collectors and souvenir hunters snap up remains of the collapsed bank.

The Merrill Lynch unit of Bank of America Corp. has agreed to pay $728,260 in civil penalties for letting unregistered client associates sell securities in states where they were not permitted to do so, New Jersey Attorney General Paula Dow said on Wednesday.

Exchange-traded fund investors shook off the summer slump and put their money back to work in July, reportedly finding investment opportunities overseas and in favored funds with large-cap investment styles.

Flows into U.S. open-end funds grew overall in July, to $14.1 billion, from $13.5 billion, according to numbers from the Morningstar research firm. But within that increase were mixed messages regarding investors' risk appetite.

Fiduciary Trust Co. in Boston is hoping a high-profile ad campaign will help burnish its image as more than just a venerable old trust company.

Wealth management firms have some retirement planning of their own to do: Their advisers' average age is just shy of 49 and 14% of advisers are over 60.

Since Howard Hammond joined Fifth Third Securities four years ago as president and chief executive, his top priorities have been to hire advisers and management personnel and shift to a full-service, relationship-driven advisory model.

Barclays PLC plans to cut about 300 administrative and support jobs in its investment banking division, according to a person briefed on the discussions.

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Weiss Group, of Jupiter, Fla., has three operations, including Weiss Capital Management, a fee-based registered investment advisory firm that oversees $350 million of discretionary and nondiscretionary assets for individuals, businesses, trusts and charities.

The service, available to private bank clients, aims to help older people maintain their independence and quality of life.

Hedge funds posted their biggest gains in four months in July as a rally in equity, commodity and bond markets contributed to positive performances across all regions, according to Eurekahedge Pte. Ltd.

Apollo Management LP, a private-equity firm co-founded by Leon Black, closed its metals hedge fund in London, according to two people with direct knowledge of the matter.

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Ivy Asset Management, the embattled hedge fund of funds, is shedding one of its most prized employee assets — Patrick Thomson — as it prepares to close down.

Advisers at large wire houses and smaller broker-dealers will be the wealth management players hit the hardest by regulatory reform.