Wealth management

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.

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.