Wealth management

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Jefferies & Co. said on Wednesday it hired Michael Anderson as a managing director in its global equity capital markets group, responsible for coverage of financial institutions.

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TIAA-CREF announced that as part of a "new client-focused organizational structure," Edward Van Dolsen will become chief operating officer, succeeding Maliz Beams, who will be leaving the firm, one of the largest private retirement systems in the United States.

Investor behavior has changed dramatically amid the market rebound and signs of economic recovery, according to the 14th annual World Wealth Report released Wednesday by Merrill Lynch Global Wealth Management in conjunction with Capgemini.

Schwab Advisor Services is taking steps to ensure that it and its adviser clients move in lockstep to avoid running afoul of the IRS' broader cost-basis reporting rules.

Goldman Sachs Group Inc. is now considering a corporate branding campaign in a bid to improve its battered reputation, and has even discussed placing its chief executive, Lloyd Blankfein, on the "The Oprah Show," a spokeswoman said Tuesday.

Bank of New York Mellon Corp. announced Tuesday that it has started a unit to clear futures and derivatives trades.

When American Tower's senior unsecured debt was upgraded to investment-grade last year, the chief financial officer saw an opportunity to refinance some debt and slash debt-service costs.

ICP Asset Management LLC and its founder were sued by regulators for their role in overseeing mortgage-linked investments insured by American International Group Inc. as the housing market declined.

In a survey of 350 investors and 218 brokers and advisers, Fidelity Investments and its National Financial unit found 36% of investors expect — and believe — that their adviser has the know-how to steer them to profits should there be a repeat of the financial downturn that took markets to near-historic lows in 2008-9.

Financial advisers are starting to turn their backs on the idea of going independent and are instead favoring the benefits of working at wire houses, a survey found.

The Securities and Exchange Commission voted 5 to 0 last week to require target-date funds to do a better job of explaining the purpose of their retirement date, how their asset allocation glide paths change over time and, in a new twist, to include easy-to-understand visuals in ads.

The holding company of Boston Private Bank & Trust and Borel Private Bank & Trust said it would raise about $6.3 million from selling 1.1 million shares to the Carlyle Group.

Putnam Investments plans to continue to aggressively expand its array of products even as market volatility has forced some competitors to retrench.

Invesco PowerShares plans to roll out its second exchange-traded fund devoted to Build America Bonds, highlighting both the proliferation of municipal ETFs and the growing importance of taxable state and local government debt.

The wealth management group at $61 billion-asset Bank of the West of San Francisco, while it has benefited from the market rebound, owes much of its growth to new assets.

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Equity investors could not shake off their anxieties in May about the European sovereign debt crisis and what that would mean for credit markets here.

KBW's managers say they see an opportunity, essentially, to take over serving banks, insurers and other financial firms in China, Japan, Korea, India, Indonesia and the rest of Asia.