Wealth management

Bear Stearns Asset Management Inc., now part of JPMorgan Chase & Co., and two former Bear Stearns fund managers must defend some claims by Bank of America Corp. in a lawsuit over the collapse of two Bear Stearns funds in 2007, a federal judge has ruled.

Citizens Financial Group Inc., the Providence, R.I., arm of Royal Bank of Scotland Group, says it will aggressively expand its wealth management businesses as some competitors contract.

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For Paul Stetter, an adviser at Fulton Financial Corp. in Lancaster, Pa., moving to a fee-based advisory business was a no-brainer. The 38-year-old adviser "didn't want to wind up at 55 working the same way I've been working for the past four years," starting from zero each month.

In a move to expand its U.S. investment adviser and wealth management operations, Royal Bank of Canada said Tuesday it has agreed to buy JPMorgan Chase & Co.'s third-party registered investment adviser service business; the price was not disclosed.

UBS AG has announced the appointments of Jimmy Neissa and John Wall as global co-heads of investment banking, alongside Rick Leaman.

Credit Suisse Group AG says it may expand its lineup of exchange-traded funds to include commodities such as precious metals.

HSBC Private Bank has announced the naming of Chris Allen to head its alternative investment funds group as the division looks to rebuild its assets.

Pacific Investment Management Co. strategic adviser Richard Clarida said the U.S. savings rate may exceed 8%, hurting consumer spending and weighing on the economic recovery.

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This mentality has helped beef up the credit union's investment business, and it is a cross-selling example that even big companies could learn from.

The Swiss private bank Julius Baer Group, which is divesting its asset management business Oct. 1, said it said it will hire more advisers and consider acquisitions.

Morgan Stanley Private Wealth Management hired Mauricio Sanchez as executive director and head of Latin America operations in Geneva.

The SPDR VRDO Municipal Bond ETF, which began trading Thursday on the NYSE Arca Exchange, has an annual expense ratio of 0.20%.

Sun Life Financial Inc. of Toronto said Colm Freyne, its acting chief financial officer since July 1, now has the title outright.

Steve Lundquist took over distribution of J.P. Morgan Funds' products to registered investment advisers in June 2008, not long before the height of the financial crisis.

To crack down on pay-to-play practices involving public funds, New York State is restricting its pension fund from doing business for a time with anyone who makes a campaign contribution to the comptroller's office.

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BNY Mellon Wealth Management announced Wednesday that it hired Doris Meisteras as regional president for the New York area.

Fidelity Investments of Boston has launched a Canadian clearing business, but it will have its work cut out to gather share in a market dominated by three players.