Wealth management

Goldman Sachs Group Inc. and Morgan Stanley have invested almost $20 billion of their own money in private-equity, private-debt, real estate and hedge funds, meaning they may each have to cut those stakes by more than 60% to comply with the so-called Volcker Rule.

According to advisers who have recalibrated their thinking, the benefits of working at the big companies are too important to give up, and many advisers simply do not want to be their own boss.

American International Group Inc., the insurer that turned over a majority stake to the U.S. as part of its bailout, is in talks with regulators to become independent, its chief executive, Robert Benmosche, said.

Rockefeller Financial has named Reuben Jeffery 3rd chief executive. In his new position, Jeffery will assume responsibility over the New York company, as well as its subsidiaries Rockefeller Wealth Advisors, Rockefeller Asset Management, Rockefeller Capital Partners and Rockit Solutions.

BNY Mellon Asset Management has tapped Curtis Arledge, the former chief investment officer of fixed income at BlackRock, to lead the business on a permanent basis.

Drexel Morgan & Co. has acquired McCabe Capital Managers Ltd. to expand its wealth management and client services capabilities.

With many investors embracing target-date mutual funds, Americans are now on the right track with retirement savings, according to a Vanguard study.

Goldman Sachs Group Inc. asked a New York judge to dismiss a $1 billion lawsuit by the Australian hedge fund Basis Capital, arguing that a U.S. Supreme Court decision in June bars the claim.

Raymond James & Associates has hired Eileen Lamchick and Susan Rutrough, both as vice president of investments at its Coral Gables, Fla., operation.

The number of high-net-worth individuals in the top 10 U.S. metropolitan areas rose 17.5% in 2009, the highest growth rate in the last four years, according to the Capgemini 2010 U.S. Metro Wealth Index.

Bank of America Merrill Lynch has hired David Tyrie, formerly with Putnam Investments, as head of personal retirement services.

A survey report from the Institute for Private Investors says high-net-worth investors are using social media more, and other reports say wealth management clients are increasingly using social media to compare notes on advisers, funds, fees, strategies and deals.

MetLife Inc., the largest U.S. life insurer, raised $3.15 billion by selling shares below Monday's closing price to help pay for the acquisition of an American International Group Inc. business unit.

Many women are unhappy with the service they get from wealth managers — and in some cases their attitude, a global study by Boston Consulting Group found.

Union Bank of California's wealth management business has not increased its assets under management for three years, but you wouldn't know it from the unit's overall growth.

Bank of America Merrill Lynch has arranged a $300 million collateralized loan obligation, surprising market participants who, after the worsening of the debt crisis overseas, weren't expecting to see new CLOs for some time.

The number of smaller commercial banks buying leveraged loans rose sharply in the first half of the year and probably will keep rising, and the trend will affect how new deals are structured, market watchers say.

In his personal and professional lives, Hugh S. "Beau" Cummins III, the head of SunTrust's investment bank, is a risk-taker.

Nomura Holdings Inc., Japan's biggest securities firm, offered jobs to 40 students at triple the normal starting salary under a new plan to strengthen its international business, two people involved in the hiring said.

Most affluent individuals still would rather work one on one with a trusted adviser than use online tools for financial planning, a Bank of America Merrill Lynch survey found.