Wealth management

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.

Whether spurred by the pursuit of innovation and business success or simple greed, financial companies will always be pushing the envelope of good sense and fair competition.

UBS Wealth Management of New York plans to lay off more than 150 rookie financial advisers and cut some support staff next month, according to people familiar with the situation.

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Banc of America Securities-Merrill Lynch Research announced that it has hired Michael Hanson as a senior U.S. economist.

Putnam Investments has launched a suite of target-date funds that integrate target absolute return strategies with traditional mutual funds.

With the anniversary of the collapse of Lehman Brothers in the rearview mirror and the economy improving, industry executives and analysts are questioning whether the wealth management industry still needs to undergo substantial regulatory change, and what changes, if any, could be beneficial.

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