Wealth management

SunTrust Banks Inc. plans to aggressively expand its unit providing private banking services to professional athletes and musicians.

Charles Schwab Corp. is reducing its trading commissions and unveiled new portfolios of exchange-trade funds available through a fee-based advisory program.

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Janus Capital Group Inc. announced Thursday that it has hired Richard M. Weil, the chief operating officer of Pacific Investment Management Co. LLC, to be its chief executive officer.

Confidence among affluent investors rose in December but continues to lag levels of a few years ago, a survey found.

After losing one-quarter of their value, on average, during 2008, and sending ripples of outrage and cries for regulation through Washington, target-date funds bounced back in 2009, making up much of their steep losses.

Aberdeen Asset Management PLC is in the final stage of talks to buy parts of Royal Bank of Scotland Group PLC's asset management division, people familiar with the matter said Wednesday, after other bidders, including Schroders PLC, dropped out of the process for the whole division.

One of Morgan Stanley's most senior investment bankers in London quit just days after Chief Executive James Gorman took the reins at the firm.

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Chautauqua Capital Management announced Wednesday that it hired John F. Lynch as its chief operating officer.

Vanguard Group announced it will pay $300,000 to settle a lawsuit brought by the Equal Employment Opportunity Commission accusing it of racial bias in its hiring practices.

December brought an unexpected uptick in adviser movement after months of little action.

Armed with its new name, RBC Global Asset Management is expecting double-digit growth in 2010, as it works more closely with its parent bank and other RBC asset managers to introduce new products.

Senate Banking Committee Chairman Chris Dodd will not seek reelection this fall after months of dismal polling indicated the Connecticut Democrat's chances of winning a sixth term were bleak.

Bank of America Merrill Lynch has hired Chris Gammons as head of financial sponsors for the Asia-Pacific region, according to a memo seen by Dow Jones Newswires on Tuesday.

Morgan Stanley won a crucial legal ruling in its battle with former credit card subsidiary Discover Financial Services over almost $800 million Morgan Stanley says it is owed.

Lower-producing UBS advisers have been given six months to boost their production or face the so-called 'penalty box.'

Voyageur Asset Management Inc. of Minneapolis, which was sold to Royal Bank of Canada in 2008, announced Tuesday that its name is now RBC Global Asset Management Inc.

Huntington Funds, a unit of Huntington Bancshares Inc., has launched a fund that invests in emerging countries that are fiscally responsible and have both strong monetary policies and profitable natural resources.

Lazard Asset Management LLC announced Tuesday that it has launched an actively managed mutual fund that focuses on infrastructure companies.