Wealth management

Sun Life Financial Inc. of Toronto has established a proprietary mutual fund company in Canada.

Since joining the national donor-advised fund organization as its president in the spring of 2000, Kim Wright-Violich has helped Schwab become one of the top 10 charities in the U.S., with over $3 billion in contributions.

Morgan Stanley's chief executive, James Gorman, said there is "no substance" to any allegations that the bank misled investors about mortgage derivatives it sold them.

As markets continued to rise in April, assets held in U.S. exchange-traded funds increased for the third consecutive month.

When the leaders of the wealth management firm Keller Financial Group decided to charter a bank three years ago, they could not have known what gut-wrenching times lay just ahead.

UBS Wealth Management Americas plans to further reduce attrition among financial advisers and continue cutting costs, its head, Bob McCann, told investors at a UBS conference in New York Tuesday.

The suit alleges that Ivy Asset Management LLC, its former chief executive officer, Lawrence Simon, and its former chief investment officer, Howard Wohl, deliberately "kept clients in the dark about damaging financial information about Madoff so Ivy could bring in millions in advisory fees."

Unsophisticated institutions and their beneficiaries need to be protected, and innovation that is little more than gambling with other people's money needs to be "stifled."

Fidelity Investments promoted Abigail Johnson to president of personal, workplace and institutional services — effectively in charge of all distribution channels — and hired BNY Asset Management President and Chief Executive Ronald P. O'Hanley to head asset management and corporate services.

T. Rowe Price is gaining new market share as banks and other intermediaries move to a fees-and-advice model, and as the mutual fund company makes a concentrated push overseas to rebuild its assets under management.

Citigroup Inc. plans to hire more than 100 financial advisers over the next three years for its personal wealth management group, according to a person familiar with the situation.

Repricings have been a fact of life in the bank loan market for a while, but while there's little doubt that they can be good news for the issuer, they are beginning to irk investors, who are tiring of seeing coupons slashed by more than a third, Libor floors sliced in half and pricing grids being added to deals.

The Securities Industry and Financial Markets Association is in discussions with the Securities and Exchange Commission and the Financial Industry Regulatory Authority to establish the first training, licensing and continuing education program for operations executives at financial firms.

Amid stock market gyrations, stagnant employment numbers and uncertainty about interest rates, a significant majority of online investors polled by the Web-based brokerage TradeKing are still counting on the U.S. to lend horsepower to a global economic recovery.

New rules and technology, trends among baby boomers and the Great Recession have led to a burst in Roth individual retirement account conversions.

Ryan Specialty Group, a start-up insurance brokerage founded by the former chief executive of Aon Corp., has recruited about 100 employees from an insurance unit of BB&T Corp., according to people familiar with the matter.

In retirement, employees will need 15.7 times their final pay when factoring in inflation and postretirement medical costs, according to a study by Hewitt Associates.

Investment managers rely on an array of electronic tools to execute the most complex program trading and algorithmic trading strategies. And brokerage firms and banks can pretty much communicate with their institutional clients electronically in a matter of minutes if not seconds or even microseconds.

Democratic lawmakers on Tuesday mulled whether investment bankers should be subject to additional criminal liability, including jail time, for misguiding customers on investment decisions.

To attract more assets, kaChing, an online provider that connects investment managers with investors, has launched a platform for small and midsize registered investment advisers.