Industry

Morgan Stanley is seeking Federal Reserve approval to buy the remaining 35 percent of its brokerage joint venture with Citigroup Inc. this year.

Morgan Stanley, the top global equity underwriter last year, reported profit that beat analysts’ estimates as brokerage earnings more than doubled and margins from that unit surpassed the firm’s goal for this year.

Legg Mason, the money manager best known as home to stockpicker Bill Miller, is folding Miller’s Legg Mason Capital Management division into its ClearBridge Investments equity unit as assets have tumbled.

U.S. Bancorp’s wealth management and securities services business contributed $41 million to the bank’s bottom line in the fourth quarter of 2012, down $2 million, or 4.7%, from the previous quarter, but unchanged from the same quarter a year earlier.

Nasdaq OMX Group said it hired Bradley J. Peterson as its global chief information officer.

“This is the first significant change to our grid during my almost 20 year tenure at Raymond James,” Tash Elwyn, president of the firm’s Private Client Group, said. “With this new grid we have achieved our goal of continuing to offer a very competitive payout within an environment and culture at Raymond James that’s unique in that we treat our advisors with respect.”

UBS financial advisor Bryan Mountain, number 24 on the Top 40 Under 40 list, helps clients find a balance between finding retirement income and taking on the risks that can grow their portfolios.

EIG Global Energy Partners has reached a deal with the TCW Group whereby EIG will publicly support the buyout of TCW by the Carlye Group.

This year, Duran said the company plans to aggressively expand its business model, and its brand -- aiming to look more like Starbucks and less like rivals HighTower and Dynasty Financial.

Pyxis Capital is ramping up its sales force with the addition of four wholesalers to cover Texas, Illinois, California and the Northeast.