Wealth management

Mirroring the mixed performance by equities, the Credit Suisse/Tremont Hedge Fund Index rose 0.5% in June, while HedgeFund.net reported a 0.4% increase.

Eastern Investment Advisors, a unit of Eastern Bank of Boston, announced Monday it is launching a managed account platform developed by FundQuest.

Merrill Lynch Global Wealth Management, a unit of Bank of America Corp., has recruited a team of financial advisers from UBS AG.

First Tennessee Bank's investment advisers and clients are only slowly warming up to its fee-based registered investment advisory platform.

Assets held in exchange-traded funds have increased this year, and executives expect a surge when more products are introduced this fall — if markets are ready for them.

Aladdin Capital Holdings of Stamford, Conn., announced it has hired Merrill Lynch & Co.'s head of emerging markets syndicate, Carlyle Peake.

Active traders expect markets to rebound, despite the recent volatility, according to a survey by Charles Schwab Corp.

Ten former employees of Stanford Financial Group, the Charlotte wealth management company whose founder was indicted on charges of securities fraud, have created an advisory company based in Charlotte.

BATS Global Markets announced Wednesday that it plans to start a U.S. equity options exchange by early next year, as the electronic equities market operator expands into derivatives.

Invest Financial Corp., a Tampa unit of Jackson National Life Insurance Co., has announced the retirement of Lynn Niedermeier as president and chief executive officer.

MFC Global Investment Management, a unit of Toronto's Manulife Financial Inc., announced that it had named Françoys Levert a managing director of sales and relationship management.

Bank of America Corp. replaced UBS AG as the world's biggest wealth manager last year after buying Merrill Lynch & Co., according to a survey released Monday by Scorpio Partnership of London.

Wells Fargo & Co. announced Monday that its investment banking and capital markets businesses, formerly operating under the Wachovia Securities and certain Wells Fargo brands, will now operate under the brand Wells Fargo Securities.

Bank of America Corp., the biggest U.S. bank, promoted two investment bankers to strengthen relationships with its largest corporate clients amid departures following the Merrill Lynch & Co. takeover.

Great-West Retirement Services of Greenwood Village, Colo., promoted Cindy Knight to regional sales director.

Fidelity Investments aims to double its assets under administration in the next five years, and stepped-up sales through banks will be a major contributor, company executives said in interviews.

First Trust Advisors LP in Wheaton, Ill., has introduced an exchange-traded fund based on community banks listed on the Nasdaq.

Barclays PLC says it plans to hire up to 200 high-end investment representatives in the next four years to expand its wealth management business in the Americas.

VantisLife Insurance Co. in Windsor, Conn., has announced that Astoria Federal Savings in Lake Success, N.Y., will sell its products.