Industry

Morgan Stanley gave Chairman and Chief Executive Officer James Gorman a compensation package for 2012 that’s 30% less than his 2011 award, excluding a new incentive package, a person familiar with the decision said.

Houston-based Salient Partners earlier this month added the Pure Trend Fund, a managed futures offering, to its growing list of alternative mutual funds.

Northern Trust Corporation is expanding its middle office outsourcing service with a brand new position.

Aspiriant, the industry’s third largest RIA, promoted Michael Kossman, the firm’s chief finance officer, to chief operating officer and hired Bret Magpiong as CFO.

Morgan Stanley financial advisor Devin Condron, who lands at number 20 on the Top 40 Under 40 list, works to help younger members of ultra high net worth families understand everything from choosing a mortgage to donor-advised funds.

President Barack Obama will nominate former US attorney Mary Jo White to lead the Securities and Exchange Commission, replacing incumbent Chairman Elisse Walter, the New York Post reports.

Revenue and net income rose slightly from last quarter as the Morgan Keegan integration progressed.

Jacques Longerstaey has joined F-Squared Investments as a senior vice president of investments.

LPL Financial is pushing to expand services for high-net-worth clients. In the company's most recent move, its wholly owned Private Trust Co. subsidiary has announced strategic plans to build on its rapid growth of 25% over the last three years.

Morgan Stanley financial advisor Bruce Munster, number 21 on the Top 40 Under 40 list, says that sitting down with a local billionaire was a tipping point for understanding what wealthy clients want.