Wealth management

The securities industry added almost 7,000 jobs in June, and revisions to previous months' figures mean there were 4,000 more positions created than had been reported at the time, according to BrokerHunter.com's latest employment trends report.

After two years of economic and market volatility, consumers surveyed by the Certified Financial Planner Board of Standards are more concerned about their finances.

Belvedere Capital Partners LLC, a bank-focused private-equity fund, has raised far less than expected for its most recent fund. The fund had originally targeted $500 million. It held a $44 million closing in 2008 and is no longer in the market, said two people familiar with the situation.

LaCrosse Global Fund Services announced Monday that it has agreed to buy Bank of America Merrill Lynch's global alternative fund administration business.

UBS AG has hired two more advisers from Morgan Stanley Smith Barney. The hiring, along with a handful of others recently, goes somewhat against a longer trend as UBS has been under pressure in the face of massive defections in recent months.

Bank representatives' productivity declined in May, according to the latest Bank Insurance and Securities Association monthly sales productivity benchmark.

Charitable contributions by Americans dropped in 2009 for the first time since 1987 as the financial crisis cut into giving.

Charles Schwab Corp., the largest independent brokerage by client assets, reported second-quarter profit that beat the average analyst estimate as revenue from earned interest offset a drop in trading.

Murphy Capital Advisors has expanded its assets under management by 107%, to $50 million, since mid-2007. Like many of his peers, President Matthew J. Murphy said he thinks using technology plays an important role in practice management.

Charles Schwab Corp. is suing units of three banks over the sale of mortgage-backed securities to the brokerage company's bank, alleging that the units made false statements or omitted facts about the credit quality of loans backing the investments.

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Closed-end funds devoted to stocks, bank loans and taxable bonds have taken a wild ride this year, but closed-end municipal bond funds have avoided the turbulence.

Financial advisers helping their clients ride out tough and volatile equity markets might be interested in reading a recent FundQuest study that found just five mutual fund categories generated positive real alpha in both bull and bear markets.

Affluent investors ended the first half of the year on a sour note, their confidence slipping seven points in June, to minus-12 on Spectrem Group's Affluent Investor Confidence Index, but advisers say that falling confidence presents an opportunity rather than an obstacle.

UBS Wealth Management Americas has struck an agreement with Richard Bernstein Advisors, which it says will enhance its research capabilities.

Enlarging the operation has been a key initiative for the Charlotte company for the past year, and its "recommitment" to the business is really beginning to see results "in terms of sales traction in the marketplace," Andy Sieg, head of B of A Merrill Lynch retirement and philanthropic services, said in an interview last week.

Bank of America Merrill Lynch has recruited David Oman from UBS AG to serve as chief risk officer for Europe, the Middle East and Africa.

A loss of confidence among wealthy clients and a lack of efficiency in banking business models have hit the global wealth management industry.

The Morningstar 2010 Investment Conference in Chicago was chock-full of sessions on international investing, and the hallways were abuzz with talk of emerging markets. Yet some fund managers damped the excitement, saying that although emerging markets are hot, these investments will not be able to live up to expectations.

Fifth Third Securities' investment program was primarily platform-driven. Now advisers lead the program, creating a product diversity that has allowed it to thrive.