Industry

The Financial Planning Association, anxious to build its cache of student chapters at colleges across the country, set aside time at the organization’s annual conference in San Diego this week to instruct young attendees how to start their own chapters.

“It’s hard to approach someone" — a prospective employer, for example — and say, ‘I want to be an owner,’” confessed Brett Spencer, a 23-year-old masters student in financial planning from Texas Tech University.

Raymond James & Associates has hired a four-member financial advisor team that was previously producing more than $3.6 million in annual fees and commissions at Robert W. Baird & Co.

After underperforming its benchmark and losing two-thirds of its assets under the watch of Harry Lange, the Fidelity Magellan Fund has a new manager. Jeffrey S. Feingold is now running the $17.4 billion fund.

Morgan Stanley has announced that John J. Mack will step down as chairman of the firm and leave the board of directors at the end of this year, and James Gorman will take over that position.

UBS said it estimated it had lost $2 billion from unauthorized trading, by one trader. In connection with the case, London Police arrested a 31-year-old man, in the middle of the night.

Morgan Stanley Smith Barney has hired three financial advisors from RBC Capital Markets and UBS Financial Services in Connecticut and South Dakota.

Morgan Stanley this week said Vincent Reinhart will join the firm as its chief U.S. economist next month and lead a team that includes U.S. fixed income economist and managing director David Greenlaw.

Deloitte Consulting has promoted Elizabeth Krentzman from principal to head of its mutual fund practice, a new position at the firm that oversees its auditing, tax, financial advisory and consulting businesses for the fund industry.

SS&C Technologies Holdings has completed its acquisition of BDO Simpson Xavier Fund Administration Services Limited, in Dublin, Ireland.