Industry

A group of financial advisory teams in Oregon, led by Brett Davis, Steve Altman, Todd Gescher, and Jason Herber, have combine to form True Private Wealth Advisors.

MNA Group and Anderson & Delutri are the ninth and 10th teams to join HighTower this year, and the 34th and 35th teams to enter into the partnership since its inception. Both teams were previously part of Bank of America Merrill Lynch.

Programs to strengthen bank liquidity, facilitate credit and buy mortgages were good moves, though it is hard to say how much worse things would have been in their absence, Federal Reserve Board Chairman Ben Bernanke said at the Jackson Hole summit.

A run down of hirings and promotions, including advisor team Andrew Cappello and Christie Roberts moving to Merrill Lynch from Morgan Stanley.

The two Republican members of the Securities and Exchange Commission said they are not opposed to further reform of the money fund industry, but that changes advocated by Chairman Mary Schapiro "were not supported by the requisite data and analysis.''

Stephen Barbaro, co-portfolio manager of the Columbia Small Cap Value Fund I, is retiring at the end of the year, according to a Securities and Exchange Commission filing.

Alternative mutual fund shop Pyxis Funds has hired John Caron as a regional sales director responsible for wholesaling Pyxis (formerly Highland) mutual funds, closed-end funds and alternative investments throughout New England.

After founding his own financial planning practice in 1983, Thomas Morrison has rolled up his firm, Morrison Financial Services, this year and joined St. Louis-based Benjamin F. Edwards as vice president-investments.

Despite record income for the whole company, RBC's wealth management division reported a significant drop in revenue and net income.

Investment advisory shop Arnerich Massena has promoted Scott Dunbar to managing director of advisory services.