Wealth management

U.S. Trust plans on adding more than 200 people this year to expand its wealth management team.

Growing up in Honduras, Maria Chrin heard the story of how her grandmother, a widow lacking financial savvy, lost a large amount of money because she could not figure out what to do with the stocks her husband owned in U.S. banks.

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When they talk about the recovery in the bank loan market, many market participants make much of the gains in prices, the drop in yield premiums and the decline in corporate defaults.

Goldman Sachs Group Inc., fighting a lawsuit from U.S. regulators who accuse it of misleading investors, is trying to convince more Americans that they can trust the firm with their retirement funds.

BNP Paribas SA of Paris said Tuesday that it is buying the U.S. boutique investment banking company Hill Street Capital LLC, to increase its heft in the corporate advisory sector in the Americas.

European Union finance ministers approved draft rules to tighten hedge fund regulations as the U.K.'s new chancellor of the exchequer, George Osborne, raised concerns about the law's impact on the industry.

Morgan Stanley shareholders voted against a proposal Tuesday to require that the chairman be an independent director who had not previously been an executive officer of the company.

With the start of a municipal bond underwriting operation, U.S. Bancorp is moving ever so slowly toward the business model of its bigger brethren.

The unit has set goals of contributing 20% to 25% of the company's total revenue within three years and of expanding client assets by 20%, to $1.5 trillion, said David Carroll, its head, at a conference Friday.

Expansive, diverse and home to many wealthy people, Southern California is a tantalizing market for BNY Mellon Wealth Management.

Lawrence E. Gore has joined Wilmington Trust Corp. as a managing director and senior private client adviser for its wealth advisory services business in the Northeast.

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."