Wealth management

The bankrupt Lehman Brothers Holdings Inc. has proposed transforming the remnants of its staff into an asset management business to begin operations by May 1.

Charles Schwab Corp. has formed a partnership with Pacific Investment Management Co. to offer wealthy clients in or approaching retirement a managed municipal bond laddering product.

Single family offices have avoided registering as investment advisers with the Securities and Exchange Commission by considering themselves private advisers. But that could change.

Source: MarketRatesInsight.com

Investors have fled money market funds as they have struggled to offer higher yields than are available for insured deposits.

Bruce Berkowitz, the head of Fairholme Capital Management who was named Morningstar Inc.'s domestic stock mutual fund manager of the decade, said Monday that he has bought "significant" stakes in American International Group Inc. shares, convertible debt and bonds.

Vanguard Group plans to spend more overall on advertising this year as it increases spending on targeted marketing online.

To sell more products through financial advisers, Fidelity Investments is reorganizing hundreds of its employees, it announced Monday.

Union Bank of California is turning to licensed bankers to boost its advisory business.

Kohlberg Kravis Roberts & Co. filed to list its shares on the New York Stock Exchange in a bid to broaden its U.S. investor base.

Convergent Wealth Advisors is closing offices in Atlanta and suburban Philadelphia to focus on regions with stronger potential.

Eighty-five percent of financial services professionals under the age of 50 are using social media such as LinkedIn and Facebook in their work, a survey found.

A recent Fidelity Investments survey of almost 500 tax advisers found that 40% of investors working with tax advisers are eligible for a Roth IRA conversion now that income limits have been removed and 35% were expected to complete a conversion by yearend.

To fuel expansion in its new retail brokerage unit, Huntington Investment in Columbus, Ohio, plans to recruit veteran brokers from national and regional firms, only not with promises of big signing bonuses.

An upstart online financial management firm from Washington has found a unique way to market to low- and middle-income investors: Through water and electric bills.

Citigroup Inc. plans to double the size of its private banker force in North America over the next several years.

MetLife Inc., the insurer spending $15.5 billion to buy an overseas unit from American International Group Inc., said lower growth in the U.S. market is prompting expansion abroad.

Apollo Management agreed to buy Citigroup's real estate investment unit in a move that will more than triple the value of the private-equity firm's property assets, a person with knowledge of the deal said.

Buyout funds sitting on half a trillion dollars committed by investors may need more than a decade to put the money to work if mergers and acquisitions continue at the current pace.

New York Life Insurance Co. bucked industry trends last year, increasing sales by 14% and surpassing $1 billion in sales for the first time in its history.