Wealth management

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

Putnam Investments is counting on its client servicing capabilities to help transform its defined contribution business into an industry leader, according to the head of that business.

Most 401(k) and other defined contribution plan administrators and sponsors like the automatic-enrollment feature in the retirement savings plans they manage because it gets more people saving earlier, but the fact that sign-up for these plans is automatic doesn't lessen the burden on the administrators who run them.

Morgan Stanley, preparing for a resurgence in securitized debt sales, has hired former Merrill Lynch executive David Moffitt to lead the effort within the firm's capital markets division.

The Securities and Exchange Commission will focus on financial instruments such as derivatives as it broadens a crackdown on insider trading by hedge funds, Robert Khuzami, the agency's enforcement director, said.

Goldman Sachs Group Inc.'s fourth-quarter earnings-per-share estimate was raised 15% by Sanford C. Bernstein & Co. analyst Brad Hintz, who said he expects the firm to reduce its compensation expense.

ALPS Advisors said last week that it had launched a long-short fund. The company said the fund is part of an ongoing effort to broaden its offerings for investors.

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

New York Life Insurance Co. is changing its wholesaling model, citing distributors' desires and the opportunity to increase its sales of investment, annuity and guaranteed-income products.

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Citigroup Inc.'s private bank has hired Steve Bodurtha from Bank of America Corp.'s Merrill Lynch as head of investments for North America, as the firm continues to fill management roles.

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Two college-savings companies are borrowing a page from banks' cash-back loyalty playbook, offering customers rebates on services including refinancing mortgages or opening online bank accounts.

Among major investment banks, Citigroup Inc. and Goldman Sachs Group have made the biggest strides to deleverage their balance sheets, according to JMP Securities analyst, but Deutsche Bank AG is a "clear laggard" that may be forced to recapitalize.

Spain's Banco Santander SA has decided to merge its asset management and global private banking divisions and is naming Javier Marin to head the new unit.

Wilmington Trust announced the hiring of D. Jack Sawyer Jr., Michael A. Mohr and Todd A. Tautfest for its wealth advisory services business in the Southeast.

Pacific Investment Management Co. has introduced its first actively managed, exchange-traded fund, the Pimco Enhanced Short Maturity Strategy Fund.

MassMutual Financial Group's retirement services division has recorded a 76% increase in nonprofit retirement plan sales in the first 10 months of this year as compared with the year earlier.

Steve Dowden has big shoes to fill as the new chief executive of Invest Financial Corp., and his strategy is to switch to an older, more comfortable pair.

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