Industry

In On Wall Street's sixth annual ranking, the young hotshots of The Street talk clients and strategy. Here's how this year's top 40 advisors under 40 conquered a tough market.

Hirings this month include Morgan Stanley adding Leon Ciobataru, Luiz Boruchowski and Cheryl Young.

Sure, investors still feel nervous, companies are hesitating to spend cash, and all attention is on fixed income and bond funds. But Neil Hennessy of Hennessy Funds insists equity mutual funds are the way to go.

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Analytic Investors is welcoming back a familiar face. The firm has named George Matthews Head of Consultant Relations and Business Development.

The Financial Services Institute elected David Stringer, Stephen Chipman, and Dick Lampen to its board for next year.

Royal Bank of Canada, the first Canadian lender to report fourth-quarter results, said profit rose 22 percent on higher trading and investment-banking fees, beating analysts’ estimates.

John Hancock Financial, the US division of Manulife Financial Corporation, has named Sebastian Pariath as head of John Hancock Operations, effective January 1, 2013.

Treasury Secretary Timothy Geithner offered Republican House Speaker John Boehner a proposal to avert an end-of-the-year fiscal cliff that would trade $1.6 trillion in tax increases for $400 billion in unspecified entitlement program cuts, a Republican aide said.

Merrill Lynch has snapped up 10 financial advisors from rival wirehouse firms who managed a total of $1.07 billion in assets and had $7.7 million in fees and commissions.