Industry

UBS AG had a culture that overlooked trading limits and other rules "as long as you were making money," according to Kweku Adoboli's lawyers.

"A lot of advisors say they have a team," said Jeff Fishman, who heads JSF Financial in Los Angeles. "When you talk to them, you find out they have a bunch of people who came from wirehouses. We have a real team: people from different backgrounds who play different roles."

In an effort to bolster its recruiting with financial institution, Securities America announced Thursday it has hired William J. Lavender as regional director of financial institutions.

The agency is targeting Summit Wealth Management, a registered investment advisor, and Angelo Alleca, who is charged with defrauding investors in what the SEC describes as a scheme that sought to conceal losses from trades that went bad through the creation of new private funds that were used to repay the original investors.

Emily Colella has joined Palmer Square Capital Management as a managing director, business development, Money Management Executive has learned.

Hatteras Funds has added Yuri Khalif as Executive Director for the Northeastern region.

FSC Securities Corp., an Atlanta-based broker-dealer, announced that Eric Burton and Ron Whittingham and their practice, Megent Financial, have joined FSC from LPL Financial.

Lloyd C. Blankfein, chief executive officer of Goldman Sachs Group Inc., said he would invest in real estate as central banks around the world focus on avoiding deflation.

Franklin Resources, the parent of Franklin Templeton Investments, has agreed to acquire a majority stake in K2 Advisors Holdings, a fund of hedge funds manager, from private equity shop TA Associates.

Wall Street firms turned out in force Tuesday night to celebrate a political development that for some hit close to home: the one-year anniversary of the repeal of the "Don't ask, don't tell" policy for gays serving in the military.