Wealth management

Hedge fund assets may top the previous $2T high by the end of next year as double-digit average returns lure investors, said Barry Bausano, Deutsche Bank's global co-head of prime finance.

American International Group Inc. said Vice Chairman Jacob A. Frenkel has retired; the economist had delayed his departure as the government-controlled insurer recovered from its near collapse.

JPMorgan Chase says it plans to expand its investment banking unit in India as the government prepares to sell shares in state-owned companies and local firms consider overseas acquisitions.

Third-party alternative investment provider Altegris Investments said it had hired former Bank of New York Mellon executive Ken McGuire to be its chief operations officer, a new post.

T. Rowe Price Group Inc. agreed to pay $138 million for a 26% stake in UTI Asset Management Co., an India asset manager.

Two former Bear Stearns Cos. hedge fund managers were found not guilty of misleading investors, in the first major test of a U.S. effort to obtain convictions tied to the subprime mortgage crisis.

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Eighteen months ago, Heather Oliver turned her back on Morgan Stanley to become a Primevest representative at the $6 billion-asset BankAtlantic in Fort Lauderdale, Fla. Despite the recession, smaller clients and less-sophisticated products, her business is thriving.

Bank of America Corp.'s Merrill Lynch and Morgan Stanley Smith Barney were nearly even last month in the race for recruiting brokers, according to the research firm Discovery Database.

The addition of nonmanaged assets to a unified managed account could be the next step in the product's evolution, but some industry providers are skeptical whether the interest in stock-picking right now is enough for this enhancement to take off.

Deutsche Bank said the PowerShares DB US Dollar Index Bullish Fund has run out of new shares and would have to cease issuance until it gets clearance from the SEC.

Primerica Financial Services, the life insurance business that Citigroup Inc. plans to sell in an initial public offering, may have a starting value of $1.6 billion, according to an analyst at Fox-Pitt Kelton Cochran Caronia Waller.

For more information on this data, visit Novantas LLC and Market Rates Insight.

Confidence among millionaire investors fell in October, according to Spectrem Group.

Despite the financial services industry's downsizing, New York Life Investments is building up a sales force to target the defined contribution market.

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Though some banking companies have soured on Florida because of its severe economic problems, BB&T Corp. is expanding its insurance operations in the Sunshine State.

The movement of financial advisers from major brokerages has continued to decline, falling for the third straight month in October, according to data from the research firm Discovery Database.

Wilmington Trust Corp. of Delaware has hired Linda L. Bourn as a managing director in its wealth advisory services business to serve ultra-high-net-worth and family office clients.