Wealth management

The Securities and Exchange Commission is examining the procedures certain investment advisers and broker-dealers have in place for safeguarding client assets.

In an industry that increasingly values personal relationships, a growing breed of bank advisers are partnering with spouses.

City National Bank in Los Angeles has hired Richard Gershen as an executive vice president and director of its wealth management services arm.

Scottrade Inc. said it is opening a branch office in Hoboken, N.J.

When Bank of America Corp. acquired Merrill Lynch & Co. Inc., it gained a stronger unified managed account platform than its own and a team of executives well versed in UMAs. Now the Merrill contingent is leading the development of the platform.

Lazard Ltd. has announced that it hired Alexander Doll to be a managing director in its German financial advisory business.

Global investor confidence rose 12.7 points this month, to 72.9, from January's revised level of 60.2, according to an index kept by State Street Global Markets, State Street Corp.'s investment research and trading arm.

Gibraltar Private Bank and Trust, a Coral Gables, Fla., unit of Boston Private Financial Holdings Inc., has announced the hiring of Matthew A. Lapides to be the managing director of its wealth arm.

The stimulus legislation signed Tuesday by President Obama restricts banks' hiring of foreign workers if they take money from the Troubled Asset Relief Program.

Wilmington Trust Corp. of Delaware announced Tuesday that it has hired six executives for its wealth advisory services office in Boston.

Robert W. Baird & Co. Inc. of Milwaukee has opened its first Baltimore-area office.

Bank of New York Mellon Corp. announced Tuesday that it has promoted Art Certosimo to its executive committee, which oversees the company's day-to-day operations.

Northern Trust Corp. of Chicago announced Tuesday that it has hired two lead relationship managers and added them to the company's personal financial services team in New York that will advise high-net-worth individuals and families.

State Street Global Advisors, State Street Corp.'s investment management arm, announced that it has been appointed as a portfolio strategist firm by the Genworth Financial Wealth Management Inc. unit of Genworth Financial Inc.

Early estimates indicate hedge fund assets fell 5.8% in January, to $1.748 trillion, according to HedgeFund.net.

The market's ongoing volatility is making it easier than ever for banking companies' wealth management arms to recruit and retain top brokerage talent.

Puritan Financial Group Inc. of Destin, Fla., has signed a binding letter of intent to buy Union Financial Corp., a small boutique brokerage in Fort Lauderdale, Fla.

Robert W. Baird & Co., a Milwaukee wealth manager, said it has hired Paula Johnson as a senior vice president.

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