Matt Ackermann

Reliance Financial Corp. announced Tuesday that its subsidiary, Reliance Trust Co., bought Harrington Wealth Management Co. from Pacific Western Bank.

The CFA Institute announced Tuesday that 46,644 people globally took the exam, which is the first of three exams required for someone to become a CFA.

Crowe was formed in 2003 as a joint venture between Oxford and Crowe Horwath LLP to offer Crowe's existing clients access to Oxford's investment advisory services.

Fewer wealthy Americans are using mutual funds, and among those investors who continue to use these investment products, allocations are down significantly.

The much-anticipated study found that many investors are confused about the roles of brokers and advisors and are unsure of their protections when they receive advice. The study recommended a new standard would simplify the client experience.

According to an internal memo released late Thursday, the company is restructuring the unit into five areas.

The Bank of America unit increased its total client assets 6% to $1.58 trillion as revenue rose 13% to $3.55 billion from a year earlier as the country’s second largest U.S. brokerage company added to its advisor force.

The third largest broker-dealer by headcount and the fifth largest by revenue has grown into a powerhouse of a financial services company over the past decade. Its top executive said in an interview Thursday it plans to add at least 400 more this year.

The Palm Beach Gardens, Fla., investment advisory firm bought Weiss Capital Management Inc, an independent registered investment advisory firm.

Morgan Stanley Smith Barney, the retail brokerage joint venture with Citigroup, generated $166 million in the fourth quarter, up from $29 million a year earlier. Morgan Stanley holds a 51% stake in the business.

Net income declined to $157.1 million, or 64 cents a share, from $200.3 million, or 82 cents a share, a year earlier. It missed analyst estimates by seven cents.

Boosted by a pair of acquisitions last year, Bank of New York Mellon Corp. reported Wednesday that fourth quarter earnings rose 10%.

The company reported earnings of $2.39 billion, or $3.79 per share, as revenue declined 10% to $8.64 billion. Analysts polled by Thomson Reuters expected earnings of $3.76 per share and revenue of $9 billion.

The 84% decline was caused by a repositioning of the investment portfolio and a restructuring charge, which included 1,400 in layoffs and real estate consolidation.

Client trading activity increased 17% from the third quarter due to stronger market conditions and an upbeat economic outlook.

According to a study by SEI, advisors hope to spend more time this year on business growth.

In an effort to develop jumpstart its exchange-traded fund business, Russell Investments announced Wednesday it plans to buy U.S. One Inc., a registered investment advisor and ETF provider.

The investment platform is aimed at investors with at least $200,000 in investable assets.

Assets held in domestic exchange-traded funds increased 28% last year to $994.7 billion.

BMO Financial Group announced Tuesday that it has signed a definitive agreement to buy Hong Kong-based Lloyd George Management.