Wealth management

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.

Confidence among affluent investors sank in June, according to a survey by Spectrem Group in Chicago.

In the past few years most banks have been moving from a commission-based investment sales model.

Hall Capital Partners LLC of San Francisco investment adviser, said it had promoted John W. Buoymaster to president.

Hartford Financial Services Group Inc. sued rival Arch Capital Group Ltd. and three former employees, alleging they used trade secrets in an effort to "destroy" a subsidiary of the Connecticut insurer.

The new president of Munder Capital Management, James V. FitzGerald, said the investment manager will pursue acquisitions in the next three to five years as part of an aggressive growth plan.

Charles Schwab Corp. said that beginning today it will waive commissions on electronic equity trades and reimburse transfer of account fees charged by brokers for up to one year for new-to-Schwab clients of independent advisers.

Scotiabank Group announced that it has opened an office for private client services in Miami.